Xero is beautiful easy to use online accounting software which enables your business team to collaborate simultaneously across the Internet. Xero enables the business owner to access useful data in real time. Xero has the ability to talk (integrate) with many other solutions, thus massively reducing data entry. As a Certified Xero advisor and author of Xero for Dummies I know Xero and am ready to support all your businesses Xero needs!
Xero utilises activated bank feeds, with businesses bank, credit card and payment gateway accounts such as PayPal accounts which populate your accounting system with business transactions, reducing the need for data entry.
How do bank feeds work?
Hamish Edwards’ founder of Xero describes bank feeds as ‘the secret sauce of online accounting solutions’. How do bank feeds work? The online accounting product is linked to the businesses bank, credit card and PayPal accounts. Transactions that happen within these bank accounts feed into the online accounting package either live or batched overnight depending on the financial institution. Once the transaction has arrived in your software it needs to be coded. However once a transaction has been coded future similar entries will recognise the coding rules and will be automatically coded. For example once you have allocated an account and tax code to a bank charge transaction all future bank charges will be coded the same way. Of course if necessary the memorised coding can be overridden.
Once business transaction feed into Xero they still need to be coded. However once a transaction has been coded future similar entries recognise the coding rules and are automatically coded. For example once you have allocated an account and tax code to a bank charge transaction all future bank charges aree coded the same way. Of course if necessary the memorised coding can be overridden.
Reconciled Xero accounts enable the business managers to access useful dashboards in real time wherever they are in the world. It also allows you the business owner to share your financial information you’re your accountant and bookkeeper and any other parties that may require access. Furthermore Xero has the ability to talk (integrate) seamlessly with other business management solutions, enhancing productivity and reducing processing time.
Other features of Xero accounting software are you never need to waste time upgrading the software; it’s done automatically for you. Your data is also back up securely online, but it’s worth making your own back-ups as well.
The online accounting solution Xero offers the same sort of security as Internet banking. The data is backed up online offsite and is probably more secure and reliable than many businesses current backup solution.
Will my data be secure online?
Do you use internet banking? Online accounting solutions will typically offer the same sort of security as internet banking. Like your bank password, you need to be sensible about keeping your password to access your online accounting solution secure. But the data itself is backed up online offsite and this in itself is probably more secure and reliable than many businesses current backup solution.
What do I need to get started with online accounting software?
For cloud accounting to work effectively the user needs to access a reasonably fast and reliable internet connection. The mistake I see many micro businesses make is they mix up their personal and business spending in a single bank account. I recommend to all clients that no matter what software solution they choose they need to have dedicated business bank and credit card account. Whether or not you intend to use a cloud accounting solution, you will still benefit from focused and dedicated bank and credit card accounts; record keeping and reconciliations will be so much easier.
If you are a micro or small business I would encourage you to explore these cloud solutions. Contact me and lets’s get started.
I’ve written Xero for Dummies, a comprehensive guide to using the game changing online accounting system Xero. I’ve written this book, like I’m sitting with you working you through every question you may have about Xero.
The story behind the writing of Xero for Dummies
I’ve been a writer since I could put pen to paper, and I love to write about everything small business. I have written Learn MYOB in 7 Days (yep I’m a MYOB Certified Consultant), and I have written Learn Small Business Start-Up in 7 Days (a brilliant book which I’m really proud of!).
Then on 30th May I was contacted by Rod Drury CEO and co-founder of Xero
I took a proposal to my publishers and here we are a year later, with a yellow, black and CYAN Dummies guide to Xero.
Here we are on iTunes:
Here we are on Amazon:
Google tells me that a WHALE has a gestation period of around 365 days which is about how long it took from Rod contacting me to the arrival of the physical book…in fact it took about 4 months for me to write…but there are a lot of hoops to jump through to get a book approved, edited, published and distributed. In fact Mamma WHALE has produced quadruplets!! There are another 3 Xero for Dummies titles launched, in the Dummies In A Day series.
I’ve also been asked if I work for Xero. No, I don’t work for Xero. I’m an independent Xero Certified Advisor. I think it is important for everyone involved, especially you the user, that I was totally independent. I hope you agree…however saying that, Xero have been incredibly supportive and have technically checked every corner of the book!
If you would like to hear more about the writing process you can listen to this interview I did with Tim Reid on the Small Business Big Marketing podcast and Pete Williams on the Preneurcast show. I hope you find them entertaining interviews. I have received some lovely feedback about them.
Extract from Author’s Acknowledgements from Xero for Dummies
Many thanks to Xero who have kindly endorsed the book. Xero staff around the world have answered queries into the wee hours of the morning, and the elite Xero training team have technically checked the book. So thanks to the extraordinary staff and partners of Xero — from Sue Pak, Tim Wright, Gayle Abou Maroun, Colleen Diver, my magnanimous account manager Jason Forbes, the ORANGILICIOUS Catherine, and Xero consultants Cassandra Scott, Melanie Morris, Gillian Rossouw, to everyone else in-between, and especially those who provided the technical check of the material and responded to my pesky night-time queries! Thanks to Rick Van Dyk and Matthew Addison and the team at the ICB Australia. Thanks to my writing mentor and friend Valerie Khoo and her Australian Writers’ Centre community — in particular, Alistair McKillop, who challenge and believe in my writing.
In the book you’ll learn:
- How to do your accounting online anywhere, any time.
- Reduce data entry utilising bank feeds and seamless integrations with add-on solutions.
- Use dash boards to track your business performance in real-time
- Create and send invoices via your mobile devices
You can buy Xero for Dummies from all good book stores – you should find it one the book shelves with all the other yellow and black books. Or you can by it on-line here. I guess it all depends on how you learn; If your the type of person who likes to read and work through detailed precise steps, then you’ll love this book, and hopefully it will find a nice place on your business book shelf for it.
An elderly client surprised me the other day – she had already bought the e-book and told me she much prefers to have books on her iPad so she can take them with her where-ever she is. She made me feel like such a Luddite – I would never have thought of that – but buy it in what ever format works for you!
Hopefully now you are feeling compelled to buy a copy of the book, your business will love you and so will my mortgage