Xero - 3 Tips To Help Improve Your Cashflow Using Our Favourite Accounting System!
We are a Xero Partner.
That means we have teamed up with the accounting software provider called Xero that offer a cloud-based solution for owner-managed businesses that we really love and recommend to everyone we meet.
We think it has lots of features to help improve any business's cashflow. Read on to find how our top tips can help you!
WHAT ARE THE BENEFITS OF XERO?
Xero comes with many benefits.
Lets remind ourselves what some of the main ones are:
- It is cloud-based and therefore can be accessed from anywhere;
- It has automatic bank feed capability. That means transactions from your bank account are automatically fed into the software without the need for you to tediously enter them manually;
- It automatically matches payments and receipts to purchase and sales invoices, saving you the task of manually matching receipts and payments to invoices;
- If you send out regular invoices each month to the same client for the same amount and service you can automate your invoicing to them. Saving time manually entering the same invoice each month;
- etc etc etc
See our full list of benefits which even after it was produced a few months ago, is already out of date and looking like we need to add many more!
Our Top Xero Cash Improvement Tips
Here are 3 more great tips from us to really boost your cash flow using Xero that you will not come across from normal use:
- Invoices can be sent by email as attachments, which means that invoices are sent instantly, rather than by snail mail. Plus Emailed invoices are harder to ‘lose’, and a copy invoice is just a click away.
- Repeating invoices can be created and emailed automatically in Xero (or ‘automagically’ as I like to say).
- Clients can log in to their account online and see what they owe. Clients can pay easily online. GoCardless can integrate with Xero, offering a fantastic Direct Debit service. Paypal can be set up as your default payment service too, and that is often a very easy payment prompt for many people.
Two bonus cash flow improvement tips using Xero:
- Automated reminder emails (worded to your liking) can be sent out to overdue debtors.
- Instant bank feeds (a much loved feature of Xero) gives you up-to-date bank receipt information, helping you stay on top of your debtors.
Our Xero Cash Flow Call To Action
Watch out for more top Xero tips from us in following blog posts.
Try all the top tips above to improve your cash flow. You won't be disappointed.
They are very easy to do, and you will get even more benefit and generate more cash from our favourite accounting tool.
The PJW Call To Action
If you want to talk to us about using more of our top tax tips to help your business save real money then do the following:
- subscribe to our blog
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- call us on 01889 586431
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Remember - Don’t Leave a TIP with the Taxman!