Top 10 Xero accounting features according to the experts
To celebrate a decade as a Xero Platinum Partner, Consilium Chartered Accountants shares their top 10 tips for getting the most from Xero’s Cloud Accounting platform. Drawn from insights by Consilium’s Xero-certified specialists, this article highlights key features and underused tools in Xero, including:
- Direct bank feeds
- Batch reconciliation
- Software integrations
- Recoding functions
- Real-time financial reporting.
10 Xero accounting features to mark 10 years of collaboration
This month marks 10 years since Consilium Chartered Accountants became a Xero partner. In that time, we have championed Cloud Accounting for our clients and helped hundreds of businesses successfully transition from desktop software. Furthermore, our expertise and practical proficiency with Xero have secured Consilium the coveted Platinum Partner status.
In recognition of our anniversary, we asked 10 of our Xero-certified team members to recommend the best Xero accounting features that help them, and our clients, manage their accounts more effectively. Whether you’re considering a switch to Xero or looking to optimise your current setup, these expert tips offer practical ways to enhance efficiency and gain clearer financial insights.
Top 10 Xero features: Real-time reports, transaction searches and direct bank feeds
“The ability to run real-time reports, like profit and loss accounts, and aged debtors and creditors, is really valuable. These reports can also be tailored to show tracking categories which offer clients much clearer insights.” Gary McVeigh, Business Services Senior Manager.
“One of my favourite features of Xero is the ability to search for a transaction from the bank reconciliation. This makes it much quicker and easier to reconcile.” Anup Thuhan, Xero-certified specialist.
“My top tip is to take advantage of the direct bank feeds. These bring together the transactions from your bank or credit card directly into Xero. This means the bank is always reconciled without missing or duplicating transactions.” Chloe Bain, Xero-certified specialist.
Interested in moving to Xero or switching to Cloud Accounting? Talk to one of our team of Cloud Accounting experts.
Xero accounting features: Dealing with over- and under-payments, live data and saying goodbye to multiple invoices and receipts
“One feature I really like is the ability to open multiple pages in different browser tabs. It makes it easier to work efficiently as you can view multiple reports, invoices and the bank reconciliation side-by-side without having to click in and out of different screens.” Ella MacKechnie, Xero-certified specialist.
“It’s really easy to deal with over- and underpayments from the bank reconciliation. This allows you to allocate against invoices or carry forward to allocate against future invoices.” Jennifer Hamilton, Business Services Supervisor.
“I like being able to upload and view copies of invoices and receipts to the individual transaction directly in Xero. It makes finding the document much easier, with no need to store copies in multiple locations or folders.” Laura Walker, Business Services Supervisor.
“Since Xero is hosted on the cloud, we can log in and see each client’s live data in real-time without waiting on backups. This means we can resolve issues on the spot and save clients time and stress.” Martin Kerr, Business Services Associate Director.
Top 10 Xero accounting features: cash coding, software integrations and recoding batch postings
“Cash coding is my favourite Xero feature because it saves a lot of time when reconciling the bank. You can sort unreconciled transactions and reconcile as a batch in just a few clicks.” Nato Gabunia, Business Services Senior.
“Xero’s integration with other software is an underused feature. An example is the integration with Hubdoc; it processes purchase invoices automatically, which saves time and makes day-to-day processing much more efficient.” Samantha McCallum, Business Services Assistant Manager.
“One of my most used Xero functions is ‘Find and recode’. This allows you to recode elements of a batch of postings in one go, rather than change individual transactions, which is a great time saver.” Stuart Todd, Business Services Senior Manager.
Interested in moving to Xero or switching to Cloud Accounting? Talk to one of our team of Cloud Accounting experts.
What does Xero-certified mean for your business?
We’re proud that Consilium’s entire Accounts and Business Services team are Xero-certified. But what does that mean for you and your business?
- Xero-certified means everyone in our team has completed Xero’s official training and passed the final assessment
- Xero-certified means our team are highly proficient in using Xero accounting software
- Xero-certification means we can advise our clients of the most efficient ways to use their Xero accounting software.
Cloud Accounting for small and medium-sized businesses
Consilium Chartered Accountants provides Cloud Accounting services for SME/SMBs and large companies across Scotland. Our dedicated team are also expert in supporting businesses in the transition from outdated desktop accounting software to Xero’s Cloud-based package.
To discuss how Consilium can help your business with Cloud Accounting, contact one of our Cloud experts, Martin Kerr, Stuart Todd or Gary McVeigh to arrange a virtual or in-person meeting. Alternatively, learn more about our Accounting and Business services for owner-managed businesses and entrepreneurs.
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