Xero For Dummies, 2nd Edition

Introduction

P eople frequently ask me how I manage to do so much. I tell them the answer is pretty simple: I’m organised, I use Xero and a suite of Xero add-ons, and you should too! In your hands you have the essential guide to complement your journey with Xero. Taking your business to the cloud, and leveraging the power of Xero and its ecosystem, streamlines administration, and frees up time to grow the business or enjoy some work–life balance.

I just can’t believe the effect I am seeing Xero have on the small business community! Small-business owners have had a mind shift, and no longer see their accounting solution as a burdensome tax requirement. Rather, they realise they now have access to real-time informative dashboards that they can confidently use in business decisions.

Bookkeepers are reducing their travel time by remotely supporting clients, and minimising time spent on data entry through utilisation of bank feeds and data-extraction solutions. Furthermore, contemporary bookkeepers are expanding their services and offering management accounting advice and other value-add services.

Accountants are able to utilise the single ledger, working with clients on their own financial data. No longer do they communicate with clients once a year. Instead, accountants are working with small business on a regular basis, assisting with high-end CFO support like modelling or budgeting.

Complementary businesses are also thriving around Xero, including add-on solution providers, cloud ...