Tips for automation – Implementing effort-free accounting

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April 25, 2018
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June 4, 2018

It is often difficult for business owners to cross the divide of working on your business, rather than working in your business. Although this is usually due to several reasons, technology presents a good place from which to start this journey, since the smart employment of technology can allow you to free up valuable time.

When it comes to the financial function for instance, we recommend Xero as a preferred accounting solution. Here are some of the ways in which your time can be freed up using Xero:

  • Bank feeds allow you to automatically import account transactions into Xero from your bank or other financial institutions. Once bank feeds are up and running, you’ll no longer need to download and import bank statements to get transactions into Xero.
  • Setting up bank rules for regular cash- or repetitive transactions, rather than having to create transactions manually.
  • By setting up service items as untracked inventory items, capturing of invoices is simplified since the description, unit prices, account codes, tax codes, etc. will automatically populate through predetermined service codes. This process can simplify capturing of invoices, bills and bank transactions.
  • Cash coding enables you to record transactions in bulk. This is a great function, allowing you to capture a year’s bank or investment statements in a matter of minutes for instance, ready for compilation of financial statements and associated compliance functions from trial balance level.

There are also further Xero add-ons that can be utilised to effect time savings.

One such add-on is Receipt Bank, which can be used to automate the capturing of suppliers’ invoices and receipts through optical character recognition. By setting up rules for suppliers, transactions can be automatically published without having to manually update this every time.

Another handy add-on is SimplePay, an online payroll system, which can be set up to post a salary journal to Xero after processing of salaries.

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ASL
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