How To Use Xero Accounting Software 13-Step Guide

If you raise invoices in Xero you only need to add GoCardless to your invoices and no further change to your workflow is required. Check if the customers are matched to the customers in your Xero account. Here is a link to our support article that provides you with everything you need to know. The Designer allows you to easily drag-and-drop metrics and visualizations from any data source right into your dashboard. We take care of complex data integration by connecting to Xero platforms (Accounting, Practice Manager, WorkflowMax) as well as a variety of other solutions. We’re experts at combining business consulting and data analytics to provide tailored solutions, maximising your operational efficiencies.

• Every transaction on GoCardless Dashboard needs to be manually entered into Xero to account for it.
• You also need to link to any active payment services to your Xero account.
• We combine the best of visually stunning dashboards with real-time data.
• If you move your payments entirely to our GoCardless for Xero integration, transactions are automatically accounted for and reconciled.
• All pricing plans cover the accounting essentials, with room to grow.

Payments are also automatically reconciled so you don’t need to spend time on manual data entry anymore. If you are switching from another accounting software, then you can import your chart of accounts into Xero, or modify the default chart of accounts. In order to prevent duplicate payments from occurring, you will need to cancel your existing payment plans for merchants in GoCardless Dashboard. If you were to do it yourself, your customers would receive an email updating them about the cancelled payment plan which would most likely confuse them. Just a few minutes a week spent approving pre-matched items ensures your data is up to date.

Get a tour of how GoCardless works with Xero

Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast. Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments. The Xero dashboard includes graphs showing total cash in and out, invoices owed to you, and bills you need to pay, to give you insights into your business cash flow. Once automated collection is enabled, every time you raise an invoice in Xero to that customer, the payment will be automatically collected on the invoice due date.

• With so much data it is hard to understand what should be included on your Business Dashboards.
• You can do this in the invoice or payments services section of your Xero account.
• Here is a link to our support article that provides you with everything you need to know.
• With a larger variety of payment options, it is easier for customers to pay you.
• With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments.
• However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts.

However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts. You can add, customise, or delete these accounts to match the needs of your business. We’ve had a really positive response from customers who have tested the new dashboard as part of our design research panel. Explore Xero accounting software and its tools for small businesses, accountants, and bookkeepers. Sync Xero with software you already love or easily find and try new apps designed to save your business time and money at the Xero App Store. Get a snapshot of cash coming in, going out, and bills that are due, to gain insights into business cash flow.

Dashboard Insights + Xero

You also need to link to any active payment services to your Xero account. With a larger variety of payment options, it is easier for customers to pay you. Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. If you have an accountant, you can seek their help with this decision.

Follow up on outstanding invoices

Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis.

Small businesses, accountants and bookkeepers locally and across the world trust Xero with their numbers. Access all Xero features for 30 days, then decide which plan best suits your business. Stay up-to-date with your business and see how different aspects are tracking and different areas performing.

Time tracking apps

This function allows you to keep payroll costs in one place rather than having to pull in information from a separate system. The first step to learning how Xero works is to watch the ‘Xero Dashboard’ video, which can be found in the top left corner of your Xero dashboard. Here are 13 steps to get you started using Xero to get a better handle on your finances.

Every transaction on GoCardless Dashboard needs to be manually entered into Xero to account for it. If you move your payments entirely to our GoCardless for Xero integration, transactions are automatically accounted for and reconciled. Once your customers are matched with the Xero customers, please ensure that automated payments are enabled. You can do this in the invoice or payments services section of your Xero account. Enjoy an automated and integrated experience of GoCardless for Xero by following the following 3 steps. No problem, just click here – your login details are the same as for our standalone GoCardless app.

We analyse your needs, create insightful dashboards, teach you how to use them, and support you along the journey. Finally, if you work with one, ask your accountant to check your set up. They may need to add year-end conversion balances and can ensure that your year-to-date figures are as expected. Setting up payment reminders and organising your credit control systems can help you to get paid faster. The payroll overview is a comprehensive guide to take you through each step of the setup. You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible.

Positive cash flow

We combine the best of visually stunning dashboards with real-time data. Xero offers apps with a wide range of functionalities from cash flow forecasting, to document management, and many more. The Xero app marketplace is the best way to explore your options. legitimacy theory of accounting Only set up payment reminders when you get into the habit of reconciling receipts daily. Chasing payment from customers that have already paid can tarnish your reputation. You can come back to this step once daily reconciliation is part of your routine.