6 Tips to Get the Most Out of Your Xero Subscription

Xero is one of the global leaders in the cloud-based accounting software market. Its appeal, especially for small businesses, is not difficult to see. 

By streamlining your accounting process, providing real time access to updated financial information, and automating repetitive, time-consuming tasks, Xero makes it easier for you to manage your business finances.

Throughout the years of working exclusively with businesses that use Xero accounting software, our team at Telfords Chartered Accountants noticed that almost all of our clients are not taking full advantage of the features of this powerful online accounting software. 

Your monthly subscription is a deliberate investment into your business, and just like any other investment, you would want to ensure that you’re getting the most out of it. So here, we’ll share some tips from our expert accountants and bookkeepers on the best ways to use Xero:


Familiarise yourself with the dashboards.

Xero is not just for crunching numbers. More than that, it’s a tool that can provide you with an overview of your business performance. 

So by getting familiar with the dashboards that present key financials and drilling down further, you’ll gain valuable insights that you can use for your decision-making and running your business better. 


Set up bank rules.

As an experienced accountant, this is pretty basic. However, we found out that not all Xero users have bank rules set up.

We believe that it’s one of the greatest timesaving features that you should take advantage of. Basically, it lets you reconcile regular bank transactions that don’t have bills set up for more easily. 

All transactions affected by the bank rules you create will now automatically have the rule applied. You just need to have confidence that you’ve set up your rules correctly so you can just select ‘OK’ when doing your bank reconciliation.


Set up repeating invoices.

One of our favourites is Xero’s invoicing feature. As a service provider with a fixed monthly fee, this saves us a lot of time.

We know you also have a lot on your plate and it’s easy to accidentally forget to invoice a client. Your clients won’t mind for sure, but it’s not the best for your business. 

Setting up repeating invoices will require you to choose how often to repeat the transaction, the due date, and the end date if it’s only required for a certain period. The end date is important to indicate so Xero won’t invoice clients more than it should.


Automate sending of invoice reminders.

Everyone hates chasing unpaid invoices. Xero helps with this by integrating a feature that allows you to set up invoice reminders.

You can configure Xero such that it automatically sends reminders to clients based on how far the invoices are past due. Just go to Settings, then click on General Settings, and then Invoice Settings.

Here, you should see the Invoice Reminders button. Simply choose from the predetermined days past due or create your own reminder. You can also personalise what the reminder email says.


Upload receipts through the mobile app.

Receipts printed on thermal paper can fade quickly. So instead of photocopying or scanning your receipts, you can download Xero’s mobile app and upload them in your account. 

You can either take a photo or choose a photo from your gallery. However, our personal favourite is taking a photo so it doesn’t save a copy in the gallery and we won’t have a heap of random photos of receipts hogging our phone storage space.

If there’s no existing transaction to attach your receipt, you can also create the transaction on the go while you’re uploading the new receipt. Simply select the “+” icon located at the top right-hand corner of the receipts page. This created transaction will then just sit in Xero for you to allocate when you’re doing your bank reconciliation.


Work with a Xero accountant.

We know that accounting is not your forte, and as a business owner, you’re not expected to spend all your time learning the ins and outs of Xero. So to get the most out of your Xero subscription, the most practical approach is to work with experts in the system to ensure that your business is getting all the benefits that it has to offer.

Telfords Chartered Accountants is an award winning accounting firm that specialises in working with small businesses that use Xero or those willing to convert to Xero. Our Chartered Accountants in Kent have been using this reliable cloud-based accounting system since 2010 and not once did it fail us.

Aside from accountancy and tax services, Xero also enables us to deliver effective business advisory solutions by helping us gain insights and provide data-supported advice to our clients.

If you want to learn more about how we can help you and how Xero can work wonders for your business, get in touch with us today!


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