One of the great questions we’ve been asked.
Xero is an outstanding piece of software but it is often completely misused by users who only enjoy reconciling the bank transactions.
To be fair it has been designed to get you excited to reconcile transactions through the process of ‘gamification’ making the reconciliation like a game(how else were they going to make accounting fun?).
Many business owners have no idea where else to look so without getting into too much detail, this video touches on some great places to look and why.
The profit and loss statement is a great place to start where you can assess the profitability of your business and in formats you prefer like month to month.
Of course ‘debtors’ – who owes you money! More so, is this overdue (get those automatic reminders turned on and sent to your clients). You don’t want to get exposed to non payers.
Your Xero ledger even has it’s own e-mail you can send documents to, to store things.
It really is everything you need so don’t just use it for the basics.
As always, we are here to help,
Luke & Phil