As trusted Xero advisers to our clients, we are often asked the benefits of using Xero. One of the top benefits is the time that can be saved on data entry.
So why is data entry quicker using Xero?
Here are 3 areas where you can definitely save time entering your transactions in Xero:
1) Repeating invoices – if you issue monthly invoices to your customers for the same amount, you can set up repeating invoices so that they are sent out automatically.
2) Create default nominal codes for your customers so that they are entered automatically as you prepare a sales invoice.
3) If you are preparing an invoice that is similar to a previous invoice you can select the previous invoice and then copy the layout.
4) If you issue a Quote to a customer, once it has been approved it can be converted to an invoice with a few clicks.
1) Repeating bills – if you receive a regular bill for the same amount (e.g. your monthly mobile phone bill) you can set up a repeating bill in Xero and all you need to do is complete the date, invoice number and then approve.
2) Create default nominal codes for your suppliers so that their invoices are coded automatically as you enter the details.
3) Use the Files option in Xero to save copies of bills as you receive them and then do the data entry in batches. Your bills can be emailed or uploaded to Xero.
4) If you use Purchase Orders in Xero, once your order has been fulfilled the PO can be converted to a bill with a few clicks.
5) Use a Xero Add-on such as Receipt Bank, your bills will appear as drafts in Xero for you to approve.
With Xero, monthly bank reconciliations are a thing of the past. Your bank can be reconciled daily and here’s how your data entry will take no time at all.
1) Your bank transactions can be automatically fed into Xero on a daily basis. An increasing number of UK banks now have direct feeds to Xero.
2) When you receive payment from a customer, Xero will try to match the cash to an outstanding invoice. This works great if you are paid for one invoice only. If your customer is paying several invoices, it is still very straightforward to find and match the invoices.
3) Xero recalls previous bank transactions, and will make a suggestion on how to code a transaction if it is similar to one before.
4) You can create Bank Rules in Xero for recurring transactions such as bank charges and HP payments. Xero will then enter the transaction if you accept the suggested rule.
These are only some of the reasons why you will definitely save time on data entry if you switch to Xero.
If you are interested in finding out more about Xero do get in touch.
If you are already a Xero user we would love to hear what your tips for saving time on data entry are!