It is often said that (almost) no one starts a business to do their own accounting. So it’s no wonder many entrepreneurs rely heavily on the support of trusted advisors, especially during busy times like the end of the year when tax, compliance, payroll, and other business obligations arise.
If you’re using the Xero platform, you can easily collaborate with your accountants and bookkeepers via the cloud. But there are also many tools and tricks you can learn to a) impress your advisor and b) make life easier for you and your advisor as you approach tax time. Below is a roundup of four features that will save you time and increase your efficiency in the coming weeks (and throughout the year). Which Xero tips would you like to add to this list? Let us know in the comments.
Complete bank recs faster with automatic updates
Every small business owner knows that bank reconciliation (the process of ensuring that all transactions in a bank account are recorded in the company’s financial records) is one of the tasks you should always keep on top of. why? As tax time approaches, finding unreconciled transactions from months ago can feel like looking for a needle in a haystack.
To make things easier, we’ve added an auto-update to bankrec on EOFY.[作成]As you complete transaction details on the tab, Xero will enter the same information for similar transactions without refreshing the screen. This means you can match multiple records faster while minimizing manual data entry errors.
Store tax time records in one central file library
zero file library It’s where you store everything you need for EOFY: receipts, bank statements, rental summaries, and even important emails. Under “Files” there are existing folders titled “Inbox” and “Agreements”. You can upload files directly or email them directly to your inbox folder. When doing so, we recommend creating a custom folder specifically for the tax season (such as the end of 2023).
Let your advisor know you’re using the File Library so they can find and share your documents. Storing everything in one place means you never have to email back and forth or lose important records in the chain (everyone has experienced this before).
Notes to myself: track contacts using free text fields
From customers and suppliers to vendors and advisors, it’s easy to forget action items, memorandums, follow-ups and all sorts of details. Especially when he wraps up the unfinished business in June. So why not replace your mental notes with actual notes? No, it’s not like paper and pen. I’m talking about a free text field under contacts. The next time you use Xero,[連絡先]Click a name under the tab and add relevant information, such as when you asked your supplier for a statement. This will help you keep track of what you requested and what to do before her EOFY.
Use the global search feature to find missing puzzle pieces
Xero’s Global Search features a new and improved search bar, drop-down menus, and filter icons. In addition, the functionality has been upgraded to detect more hits.in the filter menu[すべて]The search results page has a new look with more options and columns for easier navigation. So if you’re looking for the final piece of the year-end puzzle, global search allows you to match words in invoices and purchase descriptions without running reports.
Whether you’re a seasoned tax season pro or just learning the ropes, we’ve got all sorts of resources and hacks to help you along the way. Visit Xero’s EOFY Resource Hub For more information, register for the following webinar. Get your business ready for the end of the year.