Xero is more than just accounting software; it is a powerful tool that can significantly enhance your efficiency and accuracy in managing your finances. Here are five essential features you may not know about, designed to streamline your workflow:
1. Xero’s VAT201 function
Did you know that you can file your VAT returns directly from Xero to SARS (South African Revenue Service)? Xero’s VAT201 function allows you to submit your VAT returns seamlessly from Xero to SARS without leaving the platform. Additionally, it automatically includes any historical changes that may affect your VAT returns, ensuring your data is accurate and up to date. This not only saves time but also reduces the risk of errors.
Follow these step-by-step instructions to try it out
2. Linking your bank feeds
Did you know that you can link your bank feeds for automatic updates from your bank daily? Xero’s bank feeds feature lets you connect your bank accounts to Xero, so your transactions are imported automatically every day. You can also set up rules to categorize your transactions and match them to your invoices and bills, saving time and reducing manual data entry errors.
Does your bank not offer a direct feed option? You can still streamline the process by exporting your transactions in OFX format directly from the bank. This method simplifies importing into Xero easier and requires minimal manual input.
Follow these easy steps and connect your bank feed now
Learn how to import OFX files here
3. Cash coding
Did you know that you can reconcile multiple transactions at once using cash coding? Xero’s cash coding is a fast and efficient way to reconcile multiple statement lines relating to cash transactions in one go. It allows you to view, categorise and edit multiple bank transactions on a single screen, enabling bulk reconciliation with just a few clicks. You can use filters, search, and bulk actions to quickly code and reconcile your transactions. You can also use cash coding to handle cash transactions, such as petty cash, even if they do not have a bank statement line.
Read more about reconciling statement lines in bulk here
4. Finding and recoding
Did you know that you can correct multiple errors at once using Xero’s find and recode feature? This tool lets you search for transactions that need updating and make changes in bulk. It is especially useful for correcting mistakes like wrong accounts, tax rates, or tracking categories, ensuring your accounts remain accurate and consistent.
5. Using HubDoc for supplier bills
Did you know that you can use HubDoc to automatically capture supplier bills? HubDoc is a cloud-based document management app that integrates with Xero. It allows you to capture, store, and manage your supplier bills and receipts. HubDoc also creates transactions in Xero from your scanned or uploaded documents, automatically extracting key data and suggesting account allocations based on historical information.
This integration reduces data entry time, attaches original documents and invoices to transactions in Xero, and ensures your financial records are always up to date, allowing you to focus on more strategic tasks.
Best of all: Hubdoc is FREE for every organisation with a Xero subscription.
Want to learn more? Click here
One last tip:
Got a quick question? Xero Central is your go-to resource. Its powerful search and smart AI functions help you quickly find answers to your queries, whether you are looking for help with specific tasks in Xero or troubleshooting an issue. The AI-driven support adapts to your needs, providing step-by-step guides, relevant help articles, and even community advice.
Xero is designed to help you manage your business finances with ease. Take full advantage of these tools and watch your productivity soar!
Have any questions or need some help? Feel free to reach out to your client manager or contact us at saas@asl.co.za.
Let’s do some beautiful business!