Research reports and insights

Again, this feature can be set up for both invoices and bills and is done by accessing the Repeating tab in each respective category. From there, click “New Repeating Invoice/Bill” and you’ll be able to create a new template or use an existing one, and set up the specifications you require. This Xero capability, found in many invoice software, will ultimately facilitate your bill pay and invoicing process. If you have regular invoices to send or bills to pay, save yourself the trouble of having to repeat the same process again and again with this Xero trick. Utilize the repeating invoice function by developing a template and Xero will automatically create an invoice or bill for you based on the frequency you specify.

Publish reports for a snapshot in time

Choose a converter that offers high accuracy, formats CSVs to meet Xero’s requirements, and supports OCR for scanned documents. Look for batch processing capabilities to handle multiple files efficiently, and ensure the tool provides strong security for safeguarding sensitive financial data. DocuClipper is a top OCR software that converts PDFs to CSV for Xero, efficiently handling bank, credit card, and brokerage statements and even invoices and receipts. Supplier and contractor record templates are identical to customer record templates.

Do I need accounting software for my small business?

• Viewing both virtual bookkeeping files at once can make sure this happens correctly, but logging in to multiple Xero organizations at the same time might be problematic.
• You can see your company’s financial situation quickly on the main dashboard.
• Soon, you’ll also be able to build your own report pack from scratch by combining the reports you need.

With all of the different software and tools you use as a business owner, it’s all the better when the platforms can work together — and that’s where the final point in our list of Xero tips comes in. You can sync your Xero account to your Gmail and thereby export Xero reports or budgets to Google Sheets. To implement this, all you have to do is go to a report or budget that you’d like to export. Then, click the menu icon (the three little dots) to the right of that document. If you’re not already logged into your Gmail account, you’ll be asked to do so, and then you’ll need to confirm that Xero is a trusted site each time you initiate a Google Sheets session. These tips are applicable to all general Xero users and do not include features that are only available to users under the Advisor (accountant) role.

Small business guides

D) Repeat the same steps for another tab or window you want to split and move it to the opposite half of the screen. C) Release the Windows key and press the up or down arrow key to adjust the size of the tab or window. B) Press and hold the Windows key and press the left or right arrow key to move the tab or window to the left or right half of the screen.

One of the most affordable accounting services for small businesses is Patriot Software Accounting, at $30 per month for an equivalent tier. Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.

If you want to track the performance of different aspects of your Business, such as projects, departments, locations, or products, you can use the tracking feature in Xero. Tracking allows you to assign tracking categories and options to your transactions, such as invoices, bills, payments, etc. You can then use the xero blog tracking categories and options to filter and analyse your reports, budgets, and more. Xero has retired the Xero Expenses app and folded its features into the new Xero Me app, which also offers some payroll data. Xero Projects lets users who don’t need access to the main Xero app still contribute to projects.

The demo company allows you to test out transactions and features completely separate from your business’ data. Utilizing the demo company, therefore, won’t affect anything you already have set up, nor will anyone else be able to see data you enter or import into the demo company. If, therefore, you want to see how your retail store’s accounting would be affected by a large transaction, for example, the Demo Company feature allows you to do so. You can publish your annual and interim financial statements, as well as other reports and save them directly within Xero. Though your accounting information changes daily, it’s sometimes helpful to have a frozen snapshot of a certain period of time available at your fingertips. Publishing these reports inside Xero lets you securely save this information right within your accounting software.

Hubdoc is a cloud-based platform that streamlines document management by automating OCR data capture and organization. It imports financial documents, including bank statements, and extracts essential data for seamless syncing with accounting tools like QuickBooks and Xero. The Early tier ($20 per month) has monthly limits of 20 invoices and five bills. The Growing plan ($47 per month) adds unlimited billing, invoicing, and quotes. The Xero Established version I tested ($80 per month) is the only one that supports multiple currencies. Integrating Airwallex into your business processes is essential for strengthening your accounting operations, especially as your company scales globally.

Xero integrates with a number of banks and financial institutions, including DBS, OCBS, UOB, and Airwallex. Both Quickbooks and Xero offer a range of solutions catering to businesses of different sizes. However, the best option and price point will depend on the specific capabilities and features you are looking for. Elevate your Financial Management game and stay ahead in the world of smart accounting. See our overall favorites, or choose a specific type of software to find the best options for you. After you’ve completed this process, you can now re-reconcile the bank statement line.

In addition to its invoicing capabilities, Xero also offers a payroll feature that helps SMEs streamline their online pay runs and keep their payroll records organised. The investment in new reports comes as Xero recently launched Xero Analytics Plus, bringing powerful predictions and accurate forecasting to customers. The features are all part of Xero’s mission to bring insight-led analytics tools to small businesses and advisors. It allows three users for its Essentials plan ($55 per month) and 25 users for its top plan, the Advanced ($200 per month). This can be helpful if your company is growing fast, or you simply want the reassurance that there’s no limit to how many people can be part of the team.