Wired Sussex - Digital, Media and Technology Business Finance Forum

17th October 2016

The second Digital, Media & Technology Business Forum with Wired Sussex took place at MyHotel this week, and this session’s topic was Xero. 

The discussions covered: 

  • Benefits of using Xero compared to other traditional bookkeeping packages – Online accounting, intuitive, and user friendly for non-accountants
  • Using bank feeds – Xero linked to bank so transactions flow into accounts, bank rules can be set up to automate where transactions go
  • Raising quotes to clients – These can be converted to sales invoices on Xero, easily customised with your organisation’s letterhead
  • Automated VAT returns – VAT returns can be submitted through Xero directly
  • Expense claims – Staff can complete expense claims to be approved on Xero
  • Reporting – Department/division reporting can be set up by using Tracking, budgets and comparison reports can be customised 

Transferring over from other packages – This can be done through Xero ‘Movemybooks’ converting historical data into Xero, however can be more straightforward to use opening balances and importing Sales ledger, Purchase ledger, Bank and contacts at a certain date.

Alex Koupland | Brighton Accountant | Plus Accounting

Guide to Xero Add Ons 

There are many Add ons for Xero and the number are increasing all the time.

Always take advantage of the free trial period to fully evaluate which add on works for your business. 

Some of the available Add Ons were discussed, a non-definitive list as follows: 

Forecasting and Reporting, KPI and Dashboard analysis

  • Crunchboards
  • Float
  • Spotlight  

Include ability to forecast cashflow and will pull in live data directly from Xero to enable what-if scenarios and other planning exercises 

CRM

  • Insightly 

Project Management 

  • Workflow Max
  • Harvest 

Bookkeeping and Expenses

  • Receiptbank
  • Entryless 

E-Commerce

  • Shopify
  • Shopwire 

Jamie Young | Brighton Accountant | Plus Accounting 

 

Check out our Xero tips @CloudGuruGirl

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