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.