Managing personal finances with Xero Cashbook #FinancialAdvisors

Managing personal finances with Xero Cashbook #FinancialAdvisors


For example, you can log in to Company A’s file in Firefox and Company B’s file in Safari. You can also set up multiple identities in Google Chrome and open a Xero file in each one. To access the report again, click the Reports tab at the top of any screen in Xero, select All Reports and then click the Published link at the top of the page. For our second Xero tip, let’s dive into the plus, or add, icon. When you log in to Xero, you will see a little plus icon (+) at the top right of the screen. Although it may seem like such a small detail, this one icon can actually be extremely helpful.

The demo company allows you to test out transactions and features completely separate from your business’ data. Utilizing the demo company, therefore, won’t affect anything you already have set up, nor will anyone else be able to see data you enter or import into the demo company. If, therefore, you want to see how your retail store’s accounting would be affected by a large transaction, for example, the Demo Company feature allows you to do so.

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You can also invite other people to view these documents in Google, as read-only files, even if they don’t have a Gmail account. This function is perfect if you need to complete accounting tasks or other work outside of Xero. It also can assist with your business’ collaboration — especially with anyone who doesn’t have access to your Xero account. To access the demo company feature, click the list icon to the left of your company’s name on any page and select My Xero.

If you’re thinking about switching to Xero from a different accounting solution , you may have a lot of accounting data online already. Xero makes it easy to import records, transactions, and some other information from QuickBooks Online using its direct-conversion tool. If you have files already set up in CSV or TXT format, such as contacts, inventory items, invoices, and so on, you can import those into Xero, too. Another one of our Xero tips to help you optimize your accounting process is setting up invoice reminders. Instead of worrying about following up on your accounts receivable, let Xero take care of it for you.

The best alternative to Xero Personal

It looks more state-of-the-art and less cluttered, and unlike Classic, it auto-saves your work every few seconds. It contains all the fields and columns found on the old version, which you can choose to show or hide. Links in the upper right take you to housekeeping tasks like approving the invoice, previewing it, and printing a PDF. Another area where you’ll do a lot of work, especially at first, is Contacts. Here, you create records for your customers and suppliers that contain both contact information and thorough financial details.

  • All three worked fine in my testing and were easy to use, if a little nondescript.
  • This means your trusted advisor or partner can get an instant overview of your finances and spending habits, and so help you stick to your planned budget.
  • If the businesses have different tax ID numbers, it’s important to have separate bookkeeping files for each one.
  • The version of QuickBooks that’s most similar to Xero Established costs $85 per month.
  • ‡Offer available until 30 June 2023 for customers who add a new Xero Pay with Wise pricing plan to their Xero subscription in the UK. can be integrated with other financial software, such as banks and payment processors. This makes it even easier to keep track of your finances and automate payments and transactions. You can set up recurring payments, such as rent or loan payments, and have them automatically paid on the due date. You can also set up automated invoices and reminders to ensure you always get paid on time. Set up bank feeds from your accounts so transactions are imported securely into the Xero accounting system every business day. If you do want to chat over the phone with a customer service representative to talk through issues or help decide on the next plan if you want to switch, you’re out of luck with Xero.

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Though your accounting information changes daily, it’s sometimes helpful to have a frozen snapshot of a certain period of time available at your fingertips. Publishing these reports inside Xero lets you securely save this information right within your accounting software. Xero’s accounting software since I use it in my job where I work as an accountant for a small company in Singapore. I’ve been using Xero for a few years and thought I knew everything I needed to know about Xero.


Ignorance may be bliss, but knowledge is power and wouldn’t you like to have more control over your personal finances? PocketSmith offers multiple customizable reporting options to suit your unique set of circumstances. Easily share your information by exporting to CSV, XLSX or granting access to your partner or advisor.

While the company offers 24/7 online support, there is no telephone support available to customers. Xero makes it easy to keep tabs on your expenses and manage your bills in one place, ensuring you can spot financial trends and plan for cash flow accordingly. Xero offers professional double-entry bookkeeping functionality, so your transactions will be entered as a debit as well as a credit. That will keep you on track without needing to take extra steps, as well as enable you to schedule upcoming payments and batch-pay suppliers in advance. You can create and add tasks that will be used in time entries, as well as documenting and estimating expenses.

Add your accountant, bookkeeper, and other necessary stakeholders. TechnologyHQ is a platform about business insights, tech, 4IR, digital transformation, AI, Blockchain, Cybersecurity, and social media for businesses. When he receives his allowance at the beginning of each week, he enters it into Xero as an income transaction.

Over 3 million subscribers use Xero

Your list of customers and suppliers is available on the apps, too, but the records only contain basic contact and transaction details. You can turn on Sales Tax Lookup in the Advanced Settings menu, and the application pulls in the correct rate based on the physical location of the customer. In most other small business accounting software, you have to find the rates yourself and enter them, making Xero much more convenient in this area. Xero Established gets its rates from Avalara, the gold standard for sales tax data solutions, so accuracy is assured. Xero Established has enhanced its contact records since my last review. Click the New Contact button and the empty record template opens.

accounting software

This orion law orion law management systems, inc software enables you to track all of your projects and jobs. You can prepare quotes, estimate prices, submit invoices and then get paid. With Xero you’re able to track your time and expenses, then view your profitability on your dashboard. These tools can also track schedules and expenses for your own projects, such as redeveloping a property you own or opening a new location. Xero accounting software also creates financial reports that you can customize for your needs and style.

The Dashboard displays account balances, totals for sales and purchases, monthly profit and a cash in/out chart. Click the Sales icon in the toolbar and you can view existing invoices and create new ones. Clicking Purchases gives you the option to view bills, purchase orders, and expenses and create bills, quotes, purchase orders, and receipts manually.

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Furthermore, it can help you see where you can cut expenses. This may allow you to set greater monetary targets for your retirement or even move your retirement up. Instead, it offers free and unlimited online customer support, seven days a week, 24 hours a day at Xero Central. You can request a callback, however, by providing your phone number. All plans offer Gusto Payroll as an optional add-on for $40 per month. You can try Xero for free for 30 days with access to all the features.

Xero Customer Service

This means more money is now exchanged electronically than via cash, which adds up to a lot of digital transactions. The beauty of data is it can be analysed using multiple parameters, such as personal finance classifications. PocketSmith is the only personal finance software recommended by Xero as an alternative to its now discontinued Xero Personal. If you have tried using Xero for your personal finances, you will love PocketSmith. We are tailored for home use with calendar-based budget tracking, asset and net worth management and up to 30-year cashflow forecasting.


PocketSmith is world-class personal finance software that lets you manage your money, your way. Made right here in NZ, PocketSmith suits Kiwis from all walks of life. Track your income, expenses, assets and net worth, customize your budgets, forecast your cashflow up to 30 years into the future, and see it all in a nifty calendar view. Perhaps, but Xero is optimized for your business requirements and might not have the features you need for your personal finances.

If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances. Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. If you have a limited company, ensure that you have a registration number and registered office address.

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