Are you in the business or about into the business here in the UK? You know that the UK accountancy is now going mostly digitalised. You may need experts’ hand to help on your digital accountancy records. In this article, we have a brief about how to maintain your digital records with Xero software.
Maintain Accountancy Records with Xero:
- Xero Set Up: First you need to have the subscription with Xero and then set up your business with them in just few minutes. Xero has default Chart of Accounts that ready to use for you. You can setup your business not only for accounts, but also for VAT, PAYE, CIS and much more.
- Bank Connection: You can connect your bank securely with Xero software so that all real time transactions will feed with Xero and ready to reconcile rather than manual import.
- Bank Reconciliation: Once the bank transactions are in place with Xero, you can reconcile them on daily, weekly, monthly or at your own choice. The correct reconciliation leads to accurate readymade trial balance with profit and loss accounts and balance sheet so that you can prepare your management and final accounts.
- Invoices and Bill Entry: Do you worry about manual invoices or invoicing software with extra costs. You can create your customised invoices with Xero and send to your clients digitally in such few clicks. You can also see online the amount unpaid from your clients that help you to accelerate your cash flow management. You can also do the bills entry with Xero to have the report of accounts payable.
- File Stores: Worry about to keep your income and expense invoices that need file storage with extra costs? You can keep your files in Xero and have access anytime from anywhere as you like.
- Data capture: If you have subscription with Xero, you can connect your company with Hubdoc with no extra costs so that you can capture data digitally. From Hubdoc, the data will integrate into Xero automatically once they are connected and upload data in Hubdoc correctly.
- Expenses claims: You can manage your expenses with Xero and reimburse the spending of your employees. Even you can manage the expenses on the go including the mileage.
- VAT Returns: All VAT registered businesses here in the UK must submit their VAT returns with MTD (making tax digital) compatible software and you can do so with friendly Xero software. Preparing your VAT returns and submitting digitally is just with a click.
- Much more: Using Xero means you have much more benefits including contacts, accept payment, financial reporting, easing multi currencies, connect with POS (point of sales) and so on.
The Stan Lee is Xero Certified Accountants based in Canary Wharf, London. We are ready to assist you on your cloud-based accounting with Xero software. We offer setting up your business with Xero software at no costs for our clients.