A business owner sometimes needs to put on many hats. There is not only sales to take care of, but also a multitude of paperwork to complete. Luckily, a good accounting software such as Xero can help to make light work of the tasks on hand.
Invoice your customers via the sales invoicing function in Xero and never worry about missing out on an invoice in your accounts. Your invoices will be taken up in your accounts once you have entered the invoices into the system. Xero also allows you to send the invoices out to your customers via its in-built function. You can also track payment and send reminders.
2. Automatic bank feed
Did you know that you can link your business bank account to your Xero account? More Singapore banks are now supplying direct bank feeds into Xero. Some of the banks include DBS, UOB, HSBC. Once you have linked up your bank account with Xero, your bank transaction details appear in your Xero account automatically. This eliminates the need for you to download CSV bank statements every month or to key in bank transactions manually.
3. Bank reconciliation
Bank reconciliation is made more intuitive and easier via Xero’s platform. With your bank transactions appearing on the left and accounting entries on the right, you can review the comments left by your accountant for each entry and provide your input. Features such as match, transfer, create and discuss allow for flexibility during the reconciliation.
4. Employee claims
If you have employee claims, you can make use of the expense claims feature in Xero to manage this process. Employees can create a claim in the system, inputting the relevant details and upload receipts. You can then approve the claims via Xero when they have been submitted to you. These claims get captured in your accounting software, saving you the need to key them in.
These features make paperwork more streamlined and free up time for you to drive your business. There are also other functions that are useful. If this is something that can help your business, drop us a note. We can help with setting this up and assisting you with the bookkeeping for your business.