Think Tank

Are you getting the most out of using Xero?

21st January 2020

So you’ve signed up to Xero, you’re thinking ahead and using technology to streamline your business processes and save time – great! But are you getting the very best experience from the system in a way that suits you and your business?

As Xero Platinum Partners, we are invested in assisting, re-educating and ensuring you’re getting real value from your Cloud Accounting experience. We’ve been investigating the use of Xero within our client-base and have found three key trends that will help to improve your experience within the software, maintain the financials of your business and allow us to better advise you in the future. Get ready to enhance your Xero experience…



Trend 1 – Invoice automation

We cannot recommend enough the value that comes with having automated invoicing. Say goodbye to hours and hours of manually entering data and annoying inconsistencies. Invoice automation digitally captures and extracts the information from your supplier bills so you can concentrate on the more important aspects of running your business. You’ll benefit from:

  • Saving hours of manual data entry
  • Capturing invoices electronically and attaching them to the transaction in Xero, reducing the amount of paperwork you have to store
  • Increasing accuracy and consistency of transactions captured in Xero
  • Increasing the amount of VAT and business cost deductions you can claim by reducing ‘lost’ paperwork.

Receiptbank is the current market leading invoice automation tool in the Xero App Marketplace. We highly recommend using this tool to enhance your experience of Xero. If you would like to know more about this tool, or explore how invoice automation can help your business watch this short video below…



Want to jump right in? Sign up to our webinar here.

Trend 2 – Bank accounts & bank feeds

With the appearance of Xero and the rise in tech-savvy streamlining, it always seems to be a game of catch-up and, historically, not all banks have been able to connect to Xero directly. But times are changing; since August 2019 the banking industry have been making a big shift in the way that they share data. There is a new initiative known as Open Banking which means that there are now more direct bank feeds available to connect into Xero. As part of this, some personal accounts and credit cards can now be connected directly which is great news for you. There are some useful benefits to this too:

  • The feeds under Open Banking are free and therefore will not add any cost to your subscription
  • They create considerable efficiency and convenience for the business user
  • You will have enhanced accuracy of the bank data going forwards.

Details of the accounts that can now be connected under Open Banking can be found here.

Whilst we’re on the topic of bank accounts, we’ve found another useful tool for you to help manage your petty cash. Gone are the days where money gets misplaced and funds are misappropriated, you can now accurately track small sundry items by using pre-loaded cards – take a look at Soldo and Pleo which all link into Xero. This can be used by staff to purchase small items for the business, without the risk of funds going missing.

Trend 3 - Regularity of use

Last, but certainly not least, keep your financial data updated on a monthly basis. We’ve noticed that our clients that do this have far greater experiences using Xero. Here’s why:

  • This will give you more familiarity with Xero on a regular basis, making it easier to use and navigate your way through
  • It allows us to assist with things like cash flow forecasting or budgeting
  • Very soon you will maintain ‘live’ data that can show you the day-to-day performance of your business, so you can make more accurate business decisions.

With features such as live bank feeds and tools such as Receiptbank, keeping your data up to date throughout the week should become a simple and quick task.

Xero can also assist with:

  • Quotes, sales invoicing, statements and automatic reminders for customers
  • Fixed assets
  • Trackers – reporting on the profitability of key areas within your business such as enterprises, sales managers, rental properties, geographical locations etc.

Are you ready to enhance your Xero experience? Sign up to our webinar here.