Make XERO your library for all finance related files and documents

Since XEROCON 2017 in early Autumn I have been spending a lot of time thinking about “frictionless finance”. How do we use technology to do finance related activities; better, faster and more accurately?

There is a lot of scope to add apps and set your systems and procedures up in an integrated way that will help with this but there are ways that you can work too that will also help you save time.

For me one of the best features in XERO is the ability to store an image of a purchase invoice or other documents actually with the transactional details. Not revolutionary but if used a real time saver. How often do you need to go and look for a purchase invoice, either because you want the supplier details or want to know how much “that” cost?

One question I often get asked when talking to clients about this is “Don’t  I need to keep paper copies for the taxman?” The simple answer to this is no. In the VAT section of the .gov website under record keeping guidance says:

“You can keep VAT records on paper, electronically or as part of a software programme. Records must be accurate, complete and readable.”

https://www.gov.uk/vat-record-keeping

So it seems logical that if you can copy documents and files to transactions and make them available when you need them, then why wouldn’t you?

XERO enables you to attach files to lots of different kinds of transactions such as; invoices, quotes, manual journals, accounts in your chart of accounts and stock items. You can even send attached files to customers with their invoices and you can attach the same file to many transactions.

Files or documents can be uploaded from your computer or other shared location or stored in the file library in XERO. To do this click on the little file icon next to the inbox icon on the header bar.

You can then create folders just as you would on your computer and manage your documents.

Another neat feature allows you to email documents to your file library.  You are allocated a unique email address and can create a V Card to store in your email address list. You could also share the V Card with colleagues making the process of getting emails to XERO; better, faster and more accurate!

For more information about files visit the XERO help centre by clicking on the image below.

If you want to learn more about XERO and how it can help your business please contact either myself or colleague Stephanie Smith on 01522 81 51100.


Three tips for better bank reconciliations in XERO

Ever since seeing a demonstration of XERO I’ve always liked the bank functionality. It’s a key feature that is at the centre of the app and an important one to get right. We know that when bank accounts are reconciled the whole book keeping dataset is more accurate and with more accurate data going in we get more accurate information out.

So how can you take a step forward towards perfect bank reconciliations? Here are three top tips.

  1. Get your automatic bank feeds set up. Having bank data to hand when you log in means you can get to matching off bank transactions straight away.
  2. Use rules to post regular standing orders and direct debits. Rules are a great way of automating the posting of bank transactions. Rules can be set up quickly and easily and mean you can “ok” regular transactions.
  3. Check in two to three times per week. “How do you eat an elephant?… in small pieces” goes the saying. By logging in two or three times per week there will be less transactions to match meaning you don’t need to spend a lot of time in front of your computer.

For more information about how you can benefit from XERO or for help getting more out of it please call Stephanie Smith our XERO specialist on 01522 815100.