Here at Pulse we are pretty flexible. But one thing we do insist on, is that our clients use Xero. And that’s because we honestly believe it is the best accounting software out there. We live and breathe Xero!
We are all Xero certified (which means we are Xero experts) and therefore not only do we believe it is the best Accounting software available, we also feel we would be doing our clients a disservice if we didn’t recommend they use the software we are most familiar, and most likely to be able to help them with.
Whilst the list of reasons we love Xero is almost endless, here are our top 5 ….
1. Bank Rules
Not only can you set up a direct bank feed so that your transactions automatically appear in Xero each day, but you can also go one step further and create bank rules for those frequent bank transactions.
Based on the Payee or the amount, you can tell Xero to always treat certain transactions the same way – assign them to the same customer or supplier, code them to the same account, etc.
This is especially useful for transfers between bank accounts, monthly direct debits, as well as customers or suppliers that you deal with on a regular basis.
2. The “Plus” Icon
When you log into Xero, you’ll see a small plus icon (+) at the top right of the screen. By clicking this icon, you can quickly access several different functions including creating a purchase order, invoice, or contact. This little shortcut saves so much time!
3. The inbuilt calculator is an instant timesaver
Not many people know this…. but Xero has an inbuilt calculator that allows you to perform basic math functions directly in certain fields. This reduces entry error and helps you perform quick calculations when doing more complicated accounting.
To use it, type an equation directly into a field. Press enter or tab and Xero will calculate the result. You can use this calculator in more or less every part Xero (invoices, bills, quotes, etc).
4. Repeating Invoices and Bills
Xero’s repeating invoice function lets you create a template, from which you can automatically create an invoice or bill. This can be done at any frequency you want – weekly, monthly annually. Xero will put it in the Draft tab if you need to vary the amount or any another field. If everything is the same each time, it can be automatically approved and sent direct to your customers, saving you yet more time.
Regular invoices and bills can be accessed through the “Repeating” tab in each category. From there, click “New Repeating Invoice/Bill” and you can create a new template or use an existing one.
5. Invoice Reminders
A helpful little tool that sends reminders to your customers when their invoice becomes overdue. You switch them on by going into Invoices and next to the Export button along the top is a little alarm clock icon. Click on this and set up your email invoice reminders. You can word the email and set when they are to be sent - we would recommend after 1 day, after 5 days, and after 10 days because the longer an invoice is unpaid the harder it is to get the money.
Just remember, if you decide to use this feature (and you should), be sure to reconcile your bank accounts daily – you don’t want to be sending invoice reminders to customers who have already paid!
The number one reason we hear people give for not using Xero is price, however packages start at $27.50 for the starter subscription or $60 a month for a standard subscription. But Pulse Accountants clients get a discount!
If you would like to move your business to Xero, or set your business up on Xero from the start, get in touch and we can help.
