01 Sep Save 10 Hours A Month By Using Xero
Xero will save you lots of time in bookkeeping, financial review and admin anyway – but imagine shaving another 10 hours a month (that’s over 2 hours a week) off it!
Think of all the other things you could be doing instead of the business admin!
It’s all completely possible …… but only if you’re using as many of the tools available as possible.
Below is a selection of our best “top tips” to achieve this – run things efficiently and avoid duplication and hunting-for-paperwork like the plague!
- Set up a bank feed. This automatically pulls through the bank transactions each day, and they will be ready for you to reconcile. Without the bank feed, you’ll be entering transactions manually, either line by line or CSV, which takes both a lot of time and patience!
- Use the app. When you have a few minutes, make the most of the app rather than waiting to do it from the PC – reconcile the bank, keep up to date with who owes you what, snap photos of your receipts before you lose them, and even make phone calls to customers.
- Email payslips to employees. All you need to do is add their email address – this saves time as they get it instantly, and saves paper and ink costs.
- Use the employee time sheet functionality. Employees enter their hours each day and payslips are automatically populated. Time sheets can be approved before payment. Employees have access to their own portal, where they can view their employment information and all previous payslips (no more asking you for back copies).
- Send purchase orders to suppliers. The purchase orders then populate the purchase invoices with all the details and prices, saving you the duplication work later down the line.
- Create quotes. These details are then transferred onto sales invoices when the quotes are accepted, saving you the duplication work.
- Make it easy for customers to pay you. By using payment services such as Stripe, eWay, Go Cardless and iZettle, you make it really easy for customers to pay you – meaning you get paid faster, and reduce the time it takes you to chase for money.
- Use invoice reminders. Another way to reduce the time taken to chase customers for money, by automatically reminding customers to pay their outstanding invoices. For further sophistication and functionality, use Chaser.
- Set up account watch-lists. When you first log in, you’ll see the most important types of income and expenses, assets and liabilities – easy monitoring means you don’t have to go searching elsewhere.
- Use the dashboard shortcuts. The dashboard itself has several links that will take you straight to various sections, again to ensure you find what you need immediately.
- Attach the purchase invoice to the transaction. Either by using Files Inbox or Receiptbank, this means that when you view the transaction you have the PDF invoice attached – paperless, no more hunting for paperwork, it can’t get easier.
- Attach other documents to suppliers and customers. It doesn’t have to be financial data that’s attached to either transactions, suppliers or customers. For example, contracts or PDF of emails can be linked to the individual supplier or customer, meaning no more hunting for paperwork, it can all be stored in one place for easy reference.
- Use the reporting function. View current and historical financial data, comparisons, budgets and forecasts – all with a few clicks.
- Submit VAT returns. When everything’s reconciled and in there for the period, click the File VAT button. It’ll also update all the financials and it’ll store a copy of the return figures that were submitted for future reference.
Give our top tips a go, and enjoy your extra 10 hours a month – what will you do with that extra time?
Want to know more about how Xero can help you be more productive and reduce your business admin time? Click here to contact us and find out.