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HPC Blog

February 5, 2015 at 7:11 AM

7 Xero Setup Essentials!

Written by
Bruce Phillips
Bruce Phillips |
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Xero, SaaS & Technology, How To, Business, Tips & Tricks, Accounting

xero-tablet-phone-pcUsing Xero can be a great experience and covering a few essential steps that are often missed will dramatically improve the user experience.

Our setup, conversion and integrations team has listed a few of these essential steps that many small businesses don’t do when creating their accounts:

  • Start with Beginning Balances that are 100% correct – This is so important. If it doesn’t start right, it won’t end right!
  • Get Bank Feeds working with historical data entered from your conversion date.
  • Get your Chart of Accounts set up properly and maintained consistently. When accounts are classed appropriately, you receive accurate results!
  • Be certain to include owner’s equity! – A healthy business has owners who have clear visibility into who owns what and how profits are distributed. Full disclosure prevents a bad breakup!
  • Keep your business and personal expenses separate. A no-brainer for keeping your financials and tax preparation accurate and less expensive!
  • Make sure you understand what your are actually expensing. If you don’t know what an expense is for, don’t just stick it in Office Supplies!
  • Eliminate additional data entry by choosing the right add-ons. Use Xero to its full potential, don’t key in numbers manually!
  • Luckily, if you haven’t done this or can’t do this, the team here at HPC has the experience and know-how to help you optimize your experience with Xero.
Bruce Phillips

About Bruce Phillips

Bruce Phillips is Founder & CEO of HPC.