Make informed decisions
Use tracking categories and tracking options instead of department codes or cost centers. This keeps your chart of accounts manageable and makes reporting on different departments very easy. You can have two active tracking categories with many tracking options for each tracking category.
Thank you for reading this post, don't forget to subscribe!
Tracking categories and tracking options is additional to setting up departmenst and/or cost centers wihtin the chart of accounts.
GL Dimension Tracking
Budget Management
Sales Tax Management
Automatically calculate sales tax rates
Xero automatically calculates rates for you, ensuring your records are accurate and up to date. Rates are updated automatically to reflect changes to tax rates and tax boundaries.
Quickly file sales tax returns
You can prepare and submit sales tax returns in minutes using Xero’s integration with Avalara TrustFile, saving time and ensuring you comply with regulations.
Set a tax default for sales or purchases
Set your tax default for sales or purchases.
Tax rates for whatever your business needs
Each tax rate can have multiple components and you can have as many rates as you need. For example, sales tax and state tax.
Manage Contacts and Smart Lists
Drive more business
Get complete visibility of the business you’ve done with your customers and suppliers. It’s never been easier to grow relationships, make better decisions and develop opportunities.
See a customer’s transaction history including invoices, bills, and most purchased products or services. See how quickly they pay you, add notes about the customer for other staff and add a standard discount rate to any customer to ensure it gets added to their future invoices.
Better understand your customers by integrating your email
See emails from your contacts directly in Xero. Connect your Gmail or Office 365 account to see all communication. Keep your emails private, or share specific emails with other users in the organization when you need to.
Connect to your bank so your bank transactions flow effortlessly into Xero
1. Get daily bank feeds
Bank transactions automatically flow securely into Xero each business day.
2. Reconcile bank transactions
Tell Xero what each transaction was for – or simply confirm what Xero suggests.
3. View the dashboard
See a complete up-to-date picture of your cash flow and business finances on the Xero dashboard.
Reduce work at tax time
Not only will you be more in control of your business finances, come tax time most of the hard work is done – you’ll already have categorized income and expenses, and matched payments to invoices.
Xero Bank Feeds
Payment Service Integration
Save time with more ways to get paid
The more ways you give your customers to pay you and the easier you make it, the less time you’ll spend chasing the payment. Add a payment service to your online invoice and your customer can pay it with just a few clicks.
Simply email your invoice, then when your customer views it online, they can use the ‘Pay now’ button to pay you securely using one of your chosen payment services.
Accept PayPal and Stripe for easy invoice payments
Make the payment process as easy as possible. Add trusted favorites like PayPal or Stripe as payment options to make it easy for your customers to pay you on any device. Enable the payment service you prefer and accept payments quickly and securely.
Get paid using Apple Pay
Make it even easier for your customers to pay you. Accept Apple Pay as a payment option when you add Stripe. Allow customers to pay you securely through their iPhone, iPad, and Apple Watch.
Xero Bank Reconciliation
Know your cash position when you reconcile daily
Xero automatically and securely imports your bank transactions every business day. You save hours on admin and get daily updates on the state of your business finances. Xero connects with numerous banks globally so, chances are, your bank is one of them.
Reconcile easily with coding suggestions
Was it payment of an invoice? Was it spending on travel? Or stationery? Simply confirm what Xero suggests. You can also set up rules for matching your bank transactions automatically to invoices, bill payments and purchases that are already recorded in Xero, making reconciliation seamless.
Make it your morning routine
Match and categorize your bank transactions on your phone from bed, over a coffee, or on the train, and start your day knowing exactly where you stand. The Xero dashboard shows you all the key figures.
Reconcile large numbers of transactions quickly
Tired of reconciling each transaction? Cash coding lets you group similar transactions together so you can match them in one go. That’s especially useful if you’re moving to Xero and importing back-dated transactions.
Record and update your assets
Track business assets for accounting purposes, such as vehicles, machinery, hardware and office equipment.
Manage depreciation and disposals
Work with your accountant or bookkeeper to manage the depreciation and disposal of business assets.
Get a full picture of your finances
Know the financial position of your business any time of the year. You and your advisor can share information and run reports in Xero to show what fixed assets are on the books and their value whenever you want.
Xero Fixed Assets
Multi-currency Management
Benefit from automatic currency conversions
Get paid in over 160 currencies with easy-to-use, multi-currency accounting software. Accept payments and receive bills. Send invoices, quotes and purchase orders.
Set currency preferences to contacts
Add a default foreign currency to a specific contact. Then all your invoices, bills, quotes and purchase orders for that contact will default to that currency. You can also view any amounts they owe in their currency.
Use flexible currency reporting
Remove complicated reconciliations and exchange rate guesswork with foreign currency reports. Just choose which currency you want reports in, and your reports will automatically be revalued using the latest currency conversions and exchange rates.