Getting started with Xero

Are you excited to start using Xero for your accounting and financial management needs? Getting started is simple. Follow these essential steps to get to know how to use Xero and seamlessly integrate Xero into your business operations, ensuring you make the most out of its powerful features and user-friendly interface. From setting up your account to inviting team members and connecting bank feeds, we’ve got you covered with a comprehensive guide to help you get up and running with Xero in no time. Let’s dive in and streamline your financial processes with ease.

Connect Your Bank Account To Xero

Keep Watch Over Your Cash Flow

Be up to date on your finances using Xero, where your transactions with the bank will be auto-fed into the software. It is possible to import your bank feed from more than 21,000 banks worldwide into Xero. Xero customers save 5.5 hours a week with the help of bank feeds and automated reconciliation. If your bank is not on the list of providers of bank feeds, you can instead transfer PDF statements to Xero.

Get bank data into Xero with bank feeds

Link your bank to Xero to set up Bank Feeds that will help transfer your bank transactions to Xero in real-time.

Import PDF bank statements into Xero directly

If your bank is not on the list of bank feeds, the software lets you import PDF statements into Xero.

• Get an up-to-date financial picture: Xero reconciles new transactions to ensure you have an up-to-date view of new bank transactions regularly of your finances.
• Keep your data safe and secure: All the bank transactions are imported into Xero through a secure encrypted connection so your data is secured.

Import Statements Automatically 

Bank feeds are transaction feeds that are imported from the bank or any financial institution into Xero, and these do not require manual imports. Choices on how to import the data into Xero are a direct bank feed, Yodlee, PayPal, or Stripe feeds.

• Direct feeds: These feeds are set up to deliver transactions into your Xero account and they are real-time and reliable with references to individual transactions. Each bank account can connect to only one direct feed.
• Aggregator-supplied direct bank feeds: Yodlee enables Xero to interface with several banks. It works like the direct feeds as it feeds transactions into the Xero account regularly.
• Yodlee credential shared feeds: Yodlee uses your login details to gather and transfer transactions to Xero. The majority of feeds that are used in Yodlee need to be refreshed manually to import new transactions.
• PayPal feeds: Set up a PayPal direct feed if you use PayPal as a payment service or provider.  There is a feed of transactions in Xero updated every 12 hours, or you can feed it manually for new transactions.
• Stripe feeds: Connect the Stripe application to import transactions into Xero. Set up the feed to reconcile Xero transactions with Stripe statement lines. Stripe transactions are only imported to Xero depending on the payout payout schedule and region you selected.

Collaborate With Your Advisor

Work On The Same Page

Invite your accountant or bookkeeper to Xero to work on the same up-to-date figures. Here are the steps you should follow to invite your financial advisor. 

Invite A New User: To add new users, you need the manage users’ permission. It’s free to add users, including your accountant.

Steps to invite a new user:

1. Go to the organization name, select Settings, then click Users.
2. Click Invite a user.
3. Enter the user’s first name, last name, and email address (this will be their login).
4. Select their access features and user role.
5. (Optional) Add an email message.
6. Click Send invite.

The new user must accept the invite within 14 days, or the link will no longer work.

Resend an invitation to a new user:

1. Go to the organization name, select Settings, then click Users.
2. Click the name of the pending user.
3. Click Resend invite.
4. (Optional) Add a message or use the default text.
5. Click Send invite.

Find Someone With Xero Expertise

A professional, such as an accountant or bookkeeper, with Xero knowledge will be able to handle tricky issues on your behalf while you concentrate on business development. Find a bookkeeper or accountant in your area, or contact FastLane Group, a platinum partner and Xero certified trainer, that provides accounting and tax services to local businesses.

Create Beautiful Online Invoices

Make It Easy For Customers To Pay

Sending online invoices ensures that you support the customers’ online payment options that compel them to pay there and then. Invoicing is easy with Xero as the software is user-friendly. Send invoices, automate reminders, and manage everything from your desktop or mobile app.  Get rid of traditional invoicing by using this app that allows users to design several invoices at once, provide different payment options, add automatic reminders, and create invoices from the app.

Create & follow up invoices easily

Generate invoices each time, then send automated reminders if invoices are overdue.

Creating A New Invoice

New invoicing: Xero invoicing auto-saves every few seconds and many fields get auto-filled for you. If you see “Switch to new invoicing,” you are in the classic version of the screen, if not, it’s the new version. Navigate to the header, click the quick launch icon, and then go to Invoice. In the To field, type to pick the recipient or add a new contact. (Optional) Click Add last items to add the items from the last invoice issued to the contact. In the Item field, type to select from the existing inventory or add details manually. (Optional) Delete or edit line items, or reorder them by dragging and dropping. Click Save & close to save as a draft, or choose other save options that are also available in the drop-down list.Classic invoicing: Classic invoicing means that after the invoice is created, it must be saved manually, and data has to be inputted manually. From the header, go to the quick launch icon and then to Invoice. In the To field, enter the recipient’s name. Fill out the remaining invoice details: Due date, Description, Account, and Tax Rate. (Optional) You can also reorder the item lines by dragging and dropping as required. Click Save to save as a draft, or choose other save options from the dropdown.

Manage Employee Pay With Ease

Simplify Paying Your Employees

Payroll particularly in Xero, ensures that records of pay are well kept and that other pay runs are well arranged in businesses. Xero integrates with other third-party apps to have smoother operations in payroll. 

Get Ready For Your First Pay Run

You can prepare to generate payroll by setting up your organization and your employees in Xero. 

Gusto Integration with Xero

Payroll software for businesses made smarter by integration with Gusto. Determine the amount to be paid to employees and also make deductions with one of the best business payroll software integrated with Xero.

• Flexible online payroll filing
• Automated payroll system
• Employee self-service with cloud payroll

Integration with Gusto syncs working hours, PTO and holidays to Xero and it automatically issues taxes, aid in compliance and identifies tax credits. For more detailed info, please visit Gusto website or contact Gusto directly.

Enter Details Of Your Contacts

See Full Contact Histories

In Xero, you can see contacts and their invoices and payment histories, and you can also connect your Office 365 or Gmail account to view emails. 

​​Manage Xero Contacts Effortlessly: With the help of Xero, you can manage contacts effortlessly and see details of a customer’s or supplier’s sales invoices and payments in one place. 

• See a full record of transactions
• Store your contacts in one place
• Access contact information on the move

Easily Find Contact Details

You can save customers’ and suppliers’ contact information on the contact list and import it on Xero for easy access.

Add a new contact: New contacts are displayed in the All tab and show in Customers or Suppliers once invoiced, billed, or credited. A record for each contact has one billing address and one delivery address, which are updated across records if changed in a transaction.  If you wish to add them manually, you can do one contact at a time, or you can import multiple contacts using the CSV template file.

Collaborate With Your Team

Add New Users With No Extra Charge

Make your business partners and admin staff use Xero by providing them login details to be updated and contribute to the work.

• Invite a new user: More users can only be added to the organization if the user role contains the manage users’ permission. Adding users, including the accountant, is also free of charge within the organization of the users. If you need to invite an employee into Xero Me, you can do it only from the Payroll section. The new user’s identity is created, and he has to accept the invite within 14 days or the link will not work any longer.
• Resend an invitation to a new user: If an invite isn’t accepted within 14 days, the user invite has to be resent.

Set User Roles And Permissions

Xero offers its users a great capability to create each user roles and permissions according to every member of the team, so they will have the necessary tools for their work and the right information, which is necessary for their activity. With Xero’s user management feature, you can manage the user roles and permissions feature, which determines the access of each user depending on his/her responsibilities.

Set Up Your Financial Details

Setting up your Xero account and configuring your financial settings can be easily done in Xero. Whether you are preparing reports, bills or invoices, in Xero, it is easy to adjust multiple parameters according to the needs of the business.

• Tailor-Made for Your Business: Xero allows you to personalize its financial settings with ease. From tax settings to financial year-end date, you have full control on how you want your financial information to be managed and presented. 
• Fine-Tune Your Settings: With Xero, firms can customize their settings depending on their preferred finance reporting to meet their business needs and compliance. Regardless of the current taxation method respected in your country, whether it is a GST or a VAT and so on, Xero can easily integrate with it.

Key features include:

1. Tax Settings: Define tax rates and rules applicable to the business, ensuring the overall calculations of business transactions are correct.
2. Financial Year-End Date:  Choose the end of your financial year, in compliance with the organization’s reporting needs and financial year.
3. Lock Dates: Lock dates to stop any changes to past transactions for improved control over your data.
4. Timezone: Xero automatically adjusts the transactions to match the data based on your Timezone setting providing you with up-to-date information.

Transfer Existing Transactions Into Xero

To avoid any disruption to the recording of business transactions, it is essential to effectively migrate all your previous transactions to Xero. Here’s how to do it:

• Collaborate with Your Accountant: It is recommended to collaborate with the accountant during the transition process. They can help with the relevant information and guidance about moving the account balances from the old system to Xero within a short period.
• Conversion Balances: Your accountant will assist you with the conversion balances to ensure that your financial data aligns accurately between systems. Such conversion balances are the account balances that comprise key account balances which include; assets, liability, equity, income and expenses.
• Ensure Accuracy and Continuity: To avoid disruptions of financial flows and make correct decisions it is vital to import all the existing transactions into Xero accurately. By working with your accountant, it becomes easier that your financial records are up to date in Xero as well.

Download Xero’s free mobile app

Work In Xero On The Go

You can experience the flexibility to manage your business from anywhere, and anytime with any device with the help of Xero and its mobile app. 

• Download the iOS or Android App: Download Xero App on your iOS or Android device, and you can be able to handle various day-to-day tasks on the go. Whether you are sending invoices, or performing bank reconciliation, all of which can be done via the mobile app of Xero.
• Xero’s Free Mobile App: Gain access to a variety of Xero tools with the free mobile app that allows business owners to manage their firms at any place. Daily cash and bank upload, invoicing, bank reconciliation, and other activities can be easily managed on your mobile.
• Start Using Xero for Free: Register today and access all Xero features free for 30 30-day trial. Then, choose the plan that best fits your business needs.
• Safe and Secure: Rest secure that your data is secure with these security features in Xero. For customers who enjoy the option of being flexible with their subscription, they can cancel whenever they want without hassle.
• 24/7 Online Support: Xero’s online support is available 24/7 ensuring you have help available whenever you require it.

Xero As Your All Round Financial Solution

Are you still unsure about implementing Xero for your business? Talk to one of our Xero certified advisors at FastLane Group for clear guidance and support tailored to your specific needs! 

With comprehensive guidance, you will be ready to incorporate Xero into your business operations with ease. All the key areas of operations of your business, such as payroll setup, invoice entry, interaction with the advisors, and bank feed can be easily done by Xero. 

Connect with FastLane Group, a platinum partner and Xero certified advisor, for expert guidance and support in implementing Xero for your business needs. Start your Xero journey today!