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View Richards video on Xero, tips and much more

1.    Bank Feeds
When you login to your Xero, on the dashboard, on your bank account, there will be a green button saying get bank feeds. Here you need to follow through security procedures similar to your online banking!
Xero will then integrate with your bank, and import your banking transactions daily. This then results in a simplified process of reconciling monies received and paid against invoices.

2.    Bank Rules
Inevitably you buy things from similar places, what Bank rules in Xero does, is treat the transaction in a certain way every time it appears! You specify for example when, ASDA Petrol pops up, it goes to the Motor Expenses Code with Vat on. Every single time an ASDA Petrol, bank transaction is imported, all you need to select is okay!

3.    Repeating Invoices
Repeating invoices can be used for both sales and purchases. For example if you have clients that pay you on a retainer basis, you can populate an invoice to be created automatically every month.
If you have a 12 month agreement, you can set an end date on the repeating invoice as well!

4.    Disbursements
Xero have made the process of billing on purchases to customers easier! When you raise a bill, there’s an option on the bottom to assign the purchase to a customer. All you have to select then, is the customer’s name who will be paying for the expenses! When you then go to raise a sales invoice to that customer, just below the contact name, a blue line pops up suggesting the expenses that have been marked as disbursements. When you select the expense, it populates a line on the sales invoice for you!

5.    Chart of Accounts – Enabling Codes for payment
There are times when you end up paying for things personally. Either on your own personal bank account or in cash that you have in your pocket. If you don’t intend on withdrawing the money from the bank, the easiest option is to put it paid against your director’s current account to be taken at a later date. To do this, you need to go into your chart of accounts in settings. If you select the account, then edit, on the bottom, there is an option to enable payments. Tick that box. Now, when you are looking at a bill, and want to make a payment. On the bottom in the make a payment section, within account, you know have the option to make the payment to Director’s Current Account.

6.    Inventory
Xero’s inventory system has a dual functionality. The untracked side of the system, means that you can speed up the creation of sales invoices and purchases. You create an item which the information is stored against, then populate the description, the amount and the tax treatment. On the tracked front, you can use Xero as a basic inventory system. If you buy and sell a product, you can set it up as a tracked item, and use the code when you raise your purchases and sales. When you buy the item, your stock level in Xero increases and decreases when you sell them!

7.    Xero Touch
Xero has a fantastic smartphone App! One of the biggest benefits to it, is the fact that you take pictures with the App and they get uploaded to the file area within your Xero. The App also gives you the availability to create expense claims on the go and an overview of your bank accounts and monies owed to you!

8.    File Area
Nicely following on from the app, there are a couple of ways of sending items into the file area! You can drag and drop from folders on your desktop, and you can also forward e-mails to your individual e-mail address here. You can then create items directly from the picture or pdf and the picture will be attached.

9.    Tracking
This is very useful for monitoring profitability on a department for example, or a specific store in a group. You can set the tracking category, and then add in as many options as you want. When raising sales and purchases, you then get an extra column towards the left-hand side, which will be titled the same as the category. When running a profit and loss statement, you can know see it broken down based on your category options. It can be extremely useful in breaking down sales by services!

10.    Xero-to-Xero
With over 100,000 UK subscriptions you never know who uses Xero. Xero has the availability to send your invoices straight into your customers and vice versa. Within your settings, there is a Xero-to-Xero option that produces a template e-mail with the required network key to connect with other Xero users. The recipient then copies the network key into your contact information, which means they can send invoices into your system!