completing Year-END Accounts when using xero


Year-End Accounts & Support for businesses using Xero.

We are 100% Xero focused accountants & are based in Chesterfield. We cover all of the UK & can easily come to visit you.

  • We are Xero Gold Partners
  • We are Xero Adviser Certified
  • We are Xero Payroll Certified
  • We are Making Tax Digital ready
  • We are Xero Migration Specialists
  • We are Xero Tax Specialists
  • We are Xero Cash Flow Specialists
  • We are Professional Services Specialists
  • We are Retail and eCommerce Specialists
  • We are Trade and Construction Specialists
  • We are a Starling Bank Accounting Partner
  • We are GoCardless Certified in the Accountants Program
  • We are A2X certified

YEAR-END ACCOUNTS WHEN USING XERO

Xero is a great choice for your accounting software.

Many features are readily available (such as invoicing, bills management, payroll & bank reconciliation), and having everything available in one place means that you save time.

Getting everything set up correctly is key to ensuring that your Xero is up to date & accurately reflects the position of your business.

Is xero easy to learn?

In short, it depends!

Some aspects of Xero, such as invoicing and bank reconciliation, can be easy to complete each day once everything has been set up properly. Using Settings to create templates & bank rules to speed up bank rec, these tasks can be relatively quick & easy.

There are some areas of Xero that we recommend you complete, to ensure your accounts are being kept up to date.

Having up to date information at your fingertips of your income, customers that owe you money, costs, suppliers you owe money to - this can be key information for business owners. Having a good knowledge of your cash flow will help you to make better business decisions.

You may benefit from getting support with other aspects (for example Xero Projects, Xero Payroll, or if you use a Xero Add-On). These can be more complex and, if set up incorrectly, could cause issues in the accounts.

DO I NEED AN ACCOUNTANT IF I USE XERO?

Deciding whether or not you need an accountant depends on the value they can bring to you & your business. It also depends on how much help you would like in turning your figures in Xero into a set of year-end accounts and tax returns, and/or VAT returns.

A few things to consider are:

💡 Would you like easy access to support from an expert with your queries in Xero if they arise?

💡 Would you like someone to complete some tasks in Xero for you? If so, which tasks? And how often: weekly/monthly/quarterly?

💡 Are you looking for someone who can provide a complete holistic view of your finances?

💡 Or would you like someone to complete everything in Xero on a daily basis?

Deciding what you want to keep doing yourself, and then working with an accountant who can complete the rest, is a good starting point.

Most accountants have a good knowledge of tax, as well as other opportunities available to you before you submit any final figures to HMRC (and Companies House). They can also check that you're using the correct account codes, have claimed VAT correctly, have included other allowances & tax deductible expenses, and are dealing with other items properly (such as the correct capital allowances for your business assets).

If your accountant also excels in their working knowledge of using Xero & helping you to resolve issues, their support can be invaluable.

CAN XERO DO PAYROLL?

Yes it can!

Xero Payroll is an important feature to Core Xero. When completing your payruns in Payroll, all of the values are automatically posted into your accounts, which saves time & prevents manual inputting errors.

3 TOP TIPS WHEN STARTING WITH XERO…

TIP 1 - SETTINGS & TEMPLATES

These are the most important areas to complete early on in your Xero journey. Having the correct dates for your VAT return & your financial year-end, as well as your invoice & other templates, will save loads of time. And will also ensure that you capture your financial information correctly.

TIP 2 - XERO INVOICING

If you have a set amount to invoice your customer on a regular basis (eg, monthly), you can also set up recurring invoices in Xero - which means that these are created & sent automatically, so you don't have to do anything.

TIP 3 - BANK RULES

Think of these as a set of automatic rules that you've created, to help ensure that all transactions of the same thing are dealt with in the same way, without you needing to look back on what you did last time.