Xero Cloud Accounting Tips & Hacks
Xero Cloud Accounting Tips & Hacks for Small Business Owners
Our Newcastle & Maitland Offices:-
- Newcastle Accountants & Advisors – 45 Hunter Street, Newcastle.
- Maitland Accountants & Advisors – 93 Lawes St, East Maitland.
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- In Person: Visit our conveniently located office at 45 Hunter St, Newcastle, NSW, 2300.
- Online: Schedule a virtual appointment via Zoom or Teams for added convenience.
- Mobile Tax Services: Benefit from the flexibility of having our expert CPA Newcastle accountants come to you for tax assistance.
- Onsite Services: Enjoy personalized services delivered directly at your place of business.
At Bottrell Accounting, we’re more than just consultants and accountants; we’re your strategic financial partners. Contact us today to discover how we can help you achieve your financial goals and secure a prosperous future .
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Bottrell Accountants Main Website – www.bottrellaccounting.com.au
Accountant Newcastle – 45 Hunter St, Newcastle, NSW, 2300
Accountant Maitland – 93 Lawes St, East Maitland, NSW, 2320
Our Accounting Services
Taxation
Our experienced tax professionals at Bottrell Accounting ensure that your tax obligations are met efficiently. We also focus on maximizing your tax savings through strategic planning. Our services include:
-Personal Tax Returns: Accurate preparation and lodgement of personal income tax returns.
- Rental Property Tax Returns: Expert handling of tax matters related to rental properties.
- Business Tax Returns: Comprehensive support for business tax planning and compliance.
Bookkeeping
Maintaining organized financial records is crucial for informed decision-making. Our bookkeeping services cover:
- Bookkeeping Processing: Timely and accurate record-keeping for your business transactions.
- Bookkeeping Data Entry: Efficient data entry to keep your financial records up-to-date.
Cash Flow Management
Optimizing cash flow is essential for financial stability. Our tailored solutions include:
- Cashflow Forecast: Predictive analysis to help you manage cash flow effectively.
- 3Way Cashflow: Comprehensive insights into your inflows and outflows.
Payroll Processing
Let us handle payroll processing for you. Our services ensure accurate and timely payments to your employees while staying compliant with relevant regulations.
Financial Reporting
Financial Reporting
Gain valuable insights into your financial performance with our comprehensive reporting services:
- Company Tax Accounting: Accurate preparation of tax-related financial statements.
- Business Tax Accounting: Detailed reporting for business tax purposes.
- SMSF Tax Accounting: Specialized reporting for Self-Managed Superannuation Funds.
Financial Control Services
Our financial control services help businesses establish robust systems and controls, ensuring accuracy, transparency, and compliance.
1. Automate Bank Feeds for Real-Time Financial Tracking
- Step 1: Log into your Xero account and navigate to the “Bank Accounts” section under the Accounting tab.
- Step 2: Select “Add Bank Account” and search for your bank from Xero’s list of supported banks.
- Step 3: Follow the prompts to connect your bank account securely to Xero.
- Step 4: Once connected, your bank transactions will be automatically imported into Xero each day.
2. Set Up Invoice Reminders to Get Paid Faster
- Step 1: In Xero, go to the “Business” menu and select “Invoices.”
- Step 2: Open the “Invoice Settings” and choose the “Invoice Reminders” tab.
- Step 3: Turn on automatic invoice reminders and customise the timing. You can set reminders to be sent, for example, 7 days before the due date, on the due date, and a few days after the due date if the payment is still outstanding.
Accountants Newcastle – 45 Hunter St, Newcastle, NSW, 2300
Accountants Maitland – 93 Lawes St, East Maitland, NSW, 2320
3. Utilise Xero’s Expense Tracking for Better Budgeting
- Use Xero’s Mobile App: You can upload receipts directly into Xero by taking a photo with your phone. This ensures that no expenses are missed and that they are categorised correctly.
- Set Up Expense Categories: Tailor your expense categories to your business’s specific needs, making it easier to see where your money is going and to generate reports for tax time.
- Track Employee Expenses: Xero allows you to set up expense claims for employees, ensuring that any business-related expenses they incur are recorded and reimbursed accurately.
4. Create Customised Financial Reports
- Step 1: Go to the “Accounting” tab and select “Reports.”
- Step 2: Choose the report you want to customise (e.g., Profit and Loss, Balance Sheet).
- Step 3: Click “Customise” at the top of the report and adjust the date ranges, columns, and filters to display the data you need.
- Step 4: Save your customised report for easy access in the future.
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Specialist Services
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5. Reconcile Transactions with Ease Using Xero’s Reconciliation Suggestions
- Step 1: Go to the “Reconcile” tab under the Accounting menu in Xero.
- Step 2: Review the suggested matches for each transaction. Xero will automatically propose matches based on the transaction amount, date, and description.
- Step 3: Confirm the matches by clicking “OK” or create new transactions if no match exists.
6. Integrate Xero with Other Business Tools
- Payroll Systems: Integrate Xero with payroll software like Deputy or KeyPay to automate employee payments and ensure compliance with Australian tax laws.
- Inventory Management: If your business deals with inventory, consider integrating Xero with apps like Unleashed or TradeGecko for better stock management.
- CRM Systems: Sync Xero with customer relationship management (CRM) tools like HubSpot or Salesforce to streamline sales tracking and invoicing.
7. Leverage Xero’s Cash Flow Forecasting
- Step 1: Go to the “Business” menu and select “Short-Term Cash Flow.”
- Step 2: Review the forecast based on your current bank balance and upcoming bills and invoices. Xero will predict your cash flow over the next 30 days.
- Step 3: Adjust your payment schedules or invoicing to ensure you have enough cash on hand to cover expenses.
8. Set Up Recurring Invoices for Regular Clients
- Step 1: In Xero, go to the “Invoices” section under the Business menu.
- Step 2: Create a new invoice and scroll down to the “Repeat this transaction” option.
- Step 3: Set the frequency (e.g., weekly, monthly) and choose how long the recurring invoices should continue.
- Step 4: Save the invoice, and Xero will automatically generate and send it to your client at the designated intervals.
9. Stay Compliant with GST Reporting
- Step 1: Go to the “Accounting” tab and select “BAS.”
- Step 2: Xero will automatically generate the necessary fields based on your income and expenses, showing the GST you owe or are owed.
- Step 3: Submit your BAS electronically to the ATO directly from Xero or export the form and lodge it manually.
- Set Up GST Codes: Ensure that all your transactions are categorised correctly using GST-inclusive or GST-exclusive codes to avoid errors in reporting.
- Track All GST Liabilities: Use Xero’s built-in reporting tools to track both the GST you’ve collected from sales and the GST you’ve paid on purchases.
- Reconcile Regularly: Regularly reconcile your transactions to ensure your GST reports are accurate, making your Business Activity Statement (BAS) submissions seamless.
10. Stay on Top of Payroll with Xero’s Payroll Features
- Step 1: Set up your employees in the Xero Payroll system, including their tax file numbers (TFNs), superannuation details, and wages.
- Step 2: Schedule payroll runs, and Xero will automatically calculate wages, tax withholdings, and superannuation contributions.
- Step 3: After each payroll run, Xero will lodge your STP report directly with the ATO, ensuring compliance with Australian payroll regulations.
11. Maximise Cash Flow with Xero’s Payment Services Integration
- Step 1: Go to the “Settings” menu in Xero and select “Payment Services.”
- Step 2: Choose a payment provider, such as Stripe, PayPal, or Square, and connect your Xero account to the service.
- Step 3: Once connected, Xero will automatically include a “Pay Now” button on your invoices, making it easy for customers to settle their bills quickly and securely.
12. Use Multi-Currency Functionality for International Transactions
- Step 1: Go to the “Settings” menu and enable the multi-currency feature.
- Step 2: When entering invoices or bills, select the appropriate foreign currency, and Xero will convert the transaction at the current exchange rate.
- Step 3: Xero will track the gains or losses resulting from currency fluctuations, making it easier for you to manage international transactions.
- Set Up GST Codes: Ensure that all your transactions are categorised correctly using GST-inclusive or GST-exclusive codes to avoid errors in reporting.
- Track All GST Liabilities: Use Xero’s built-in reporting tools to track both the GST you’ve collected from sales and the GST you’ve paid on purchases.
- Reconcile Regularly: Regularly reconcile your transactions to ensure your GST reports are accurate, making your Business Activity Statement (BAS) submissions seamless.