Xero can help you with your efficiency when it comes to Bank Reconciliation. Gone are the days of printing your bank statement and ticking as you manually write the transactions in a ledger or enter them into a desktop software.
Why do we recommend Xero?
Here are some simple reasons why we recommend Xero:
Convenience and Security
Unlike desktop based software or general ledger books, Xero is accessible anywhere you have access to the internet. It is as secure as internet banking with 2 step authentication processes imposed upon all users.
No Software Updates
There is no need to install software updates as Xero takes care of this behind the scenes.
Xero can help you with your efficiency when it comes to Bank Reconciliation. Gone are the days of printing your bank statement and ticking as you manually write the transactions in a ledger or enter them into a desktop software. With Xero you can Automate Bank Feeds from most banks. This will mean that all transactions that take place on your bank account will feed through to Xero ready for you to allocate.
With the new regulations surrounding Payroll Reporting, Xero can help you easily transmit your payroll data to the ATO with a click of a button. if you would like assistance with becoming Single Touch Payroll compliant, please don't hesitate to contact our office for further information.
Once you've reconciled your bank account and processed your payroll, you will be able to produce reports to see real time results. No more waiting until 30 June to know what your trading results are, you can access this information as frequently as you please.
Further to the reporting capabilities of Xero, you can also allocate transactions to specific jobs, which will enable you to see profitability of Divisions with ease.
If your business has a lot of bills streaming in each week, you can integrate other programs, like Receipt bank, to automatically extract all the data and send the same through to Xero as a Bill to be paid with your PDF attached. This helps when you have to cross check supplier statements / payments at month end. There are many more Xero Add-on’s which can help streamline your bookwork.