If you’ve been using Xero for a while, you’re likely familiar with its basic functionalities. It’s a powerful tool that has become a staple in the Australian accounting industry. But did you know that Xero has a range of advanced features and tips that can make your work even more efficient and precise? Whether you’re an experienced accountant or just looking to refine your processes, there’s always something new to discover in Xero that can save you time and effort. Let’s explore some of these features that might just become game-changers in your daily routine.
What is Xero?
Xero is a leading cloud-based accounting software designed for small to medium-sized businesses. It offers a comprehensive suite of tools to manage invoicing, bank reconciliation, bookkeeping, and more. Xero is known for its user-friendly interface and robust functionality, making it a preferred choice for accountants and bookkeepers in Australia. With its ability to integrate with a wide range of third-party apps and automate routine tasks, Xero has revolutionized the way businesses handle their accounting needs.
Now, let’s discover some advanced features that can help you get even more out of Xero:
- Customising Reports to Suit Your Needs
One of the most underutilised features in Xero is the ability to customise reports. While the standard reports are helpful, you can tailor them to better fit your specific requirements. By adjusting the layout, adding or removing columns, and setting up specific filters, you can create reports that provide exactly the information you need, without any extra clutter. For example, if you frequently need to present data to clients or stakeholders, you can create a clean, professional report template that you can reuse time and time again. - Automating Routine Tasks
Xero isn’t just about manual data entry; it’s about making your life easier. One of the best ways to do this is by automating routine tasks. For instance, you can set up bank rules that automatically categorise transactions based on your criteria. This means less time spent on data entry and more time focusing on what really matters—helping your clients. Additionally, Xero’s repeating invoices feature is a lifesaver for those recurring bills. Set them up once, and Xero will handle the rest, sending invoices out automatically according to your schedule. - Managing Multiple Currencies
If you have clients with international dealings, Xero’s multi-currency support is an essential feature. It allows you to handle foreign transactions with ease, automatically updating exchange rates and providing real-time insights into how currency fluctuations might affect your financials. This feature can be particularly handy if you manage accounts for businesses that operate across borders, ensuring that your reporting is both accurate and up-to-date. - Utilising the Xero App Marketplace
Xero’s functionality extends far beyond what’s available within the core software itself. By exploring the Xero App Marketplace, you can find a variety of add-ons that integrate seamlessly with Xero. These apps cover everything from payroll management to advanced data analytics, allowing you to build a more robust accounting system tailored to your specific needs. Whether you’re looking to optimise your payroll process or gain deeper insights into your business’s performance, there’s likely an app for that. - Optimising Cash Flow with Xero’s Short-Term Cash Flow Tool
Xero’s Short-Term Cash Flow tool is another hidden gem that can provide tremendous value, especially for small to medium-sized businesses. This tool offers a clear, visual representation of your cash flow over the next week or month, allowing you to quickly identify any potential issues and address them before they become problems. It’s a simple yet effective way to keep your finances on track, ensuring that you always have a clear view of your cash position. - Using Smart Lists for Targeted Marketing
While Xero is primarily an accounting tool, it also has features that can help you with your marketing efforts. Smart Lists allow you to create custom lists of contacts based on specific criteria, such as spending habits or payment history. This can be particularly useful for targeted marketing campaigns or simply keeping track of key clients. By segmenting your client base in this way, you can tailor your communications to be more relevant and effective. - Keeping Track of Projects with Xero Projects
Xero Projects is a feature that many users overlook, but it can be incredibly useful if you’re managing multiple projects or clients at once. It allows you to track time, costs, and profitability on a per-project basis, providing clear visibility into how each project is performing. This feature can help you ensure that your projects are staying on budget and that you’re accurately billing your clients for the work you’ve done.
Hidden Features to Explore
Beyond the basics, Xero offers a suite of advanced features that can take your accounting efficiency to the next level. Here are some quick tips to enhance your workflow:
- Customised Roles: Tailor user access for specific team members, ensuring everyone has the right tools without compromising security.
- The “Plus” Icon: Use this shortcut for quick access to creating invoices, bills, and contacts, saving valuable time.
- Open Multiple Organisations: Manage different client accounts simultaneously without logging out, perfect for multitasking.
- Invoice Reminders: Automate invoice follow-ups to ensure timely payments, reducing manual effort.
- Google Sheets Sync: Export data to Google Sheets for detailed analysis and reporting.
- Quick Login Shortcut: Set up a desktop or mobile shortcut for faster access to your Xero account.
- Split-Screen Functionality: Compare reports or manage multiple tasks with ease by viewing two screens side by side.
- Cash Coding: Speed up bulk transaction reconciliation, ideal for handling large volumes efficiently.
These are just a few of the advanced tips and hidden features of Xero that can help you make the most of this versatile software. By taking the time to explore and utilise these tools, you can simplify your processes, improve accuracy, and ultimately provide better service to your clients. Whether you’re managing multiple currencies, customising reports, or automating routine tasks, Xero has something to offer that can enhance your efficiency and effectiveness in the world of accounting.
If you found this article helpful, be sure to check out more of our Business Toolkit articles for additional insights and tips to further enhance your accounting practice.