Why Xero Bookkeeping Software is the F*ing Bomb!

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why xero bookkeeping software for your online business accounting is the best

Do I love Xero?

Oh let me count the ways!

I didn't want to give my position away until the end, but hey, why not?!

5 Stars

Xero is my FAVORITE bookkeeping software! So let's jump to it, what do I love so much about Xero?

The Dashboard

Coming from Quickbooks Online where you have to search through options to find transactions you haven't categorized, Xero displays them front and center.

Xero dashboard - how many transactions need to be reconciled for each business bank account

Xero has also made it very easy for you to see if you have overspent in the past few months or stayed within your means.

Xero dashboard - cash in and out for the business

Find and Recode

Oops!

You accidentally categorized all your SquareSpace expenses to Office Expense.

Now you want to move them to Website Expense.

On most softwares you have to change each transaction

ONE. BY. FUCKING. ONE. 

You have no idea what a pain that is when you have more than 1-2 to fix!

But Xero actually listen to their users and said heck with that one-by-one nonsense! All you've got to do is search for SquareSpace and recode them all in ONE FELL SWOOP to Website Expense!

Oh look at the time! That just saved you 15 minutes...you're welcome!

Bank Rules

You know those expenses you pay every month that happen like clockwork?

Then every single month you have to categorize that transaction. Put time and mental energy into picking the right account and adding the name.

In Xero, you can create a rule.

For instance, if I want Xero to ALWAYS put SquareSpace expenses in Website Expense so I don't make a mistake like I did up there ⬆️ , I can create the rule:

If details contain SquareSpace then vendor is SquareSpace and account is Website Expense.

Oh, but let's say you buy G-Suite through SquareSpace for $5/month and you want that in Online Subscriptions.

Then we would create two rules:

RULE 1 :: If details contain SquareSpace AND amount is greater than $5, then vendor is SquareSpace and account is Website Expense.
How to create a bank rule in Xero bookkeeping software
RULE 2: If details contain SquareSpace AND amount is equal to $5, then vendor is SquareSpace and account is Online Subscriptions.

When these rules are triggered, all you have to do is hit 'OK'.

No data entry!

Reports

Oh dear sweet reports!

All reports are listed (under subheadings) on the SAME PAGE and there are many different types.

If you've ever tried to navigate Quickbooks Online report section you know how awesome this is!

PLUS they have the most amazing report.

Say what? You want to see all 12 months of the year's income and expenses side-by-side?

Voila!

Xero income statement - compare multiple months so you can see a year at a glance

Whoa!

It just got seriously easy to see how you did each month this year!

1099-MISC for Easy Contractor Tracking

I found this feature last year and almost cried, I was so giddy!

>> Step 1 Tutorial <<

>> Step 2 Tutorial <<

>> Step 3 Tutorial <<

The gist of it is you can create a list of contractors who will need a 1099-MISC filed.

 
|| Not sure if your contractor needs a 1099-MISC? Check here! ||
 

Then at tax time all you have to do is export to Track1099 following the instructions and file.

Budgeting

So you may or may not actually stick to a budget, but Xero at least makes it easy to create a budget and then see how you did in comparison.

Xero budgeting to help you keep your expenses on track

Honestly, I don't use this feature as much as I should...but maybe I'll start because it's freakin' awesome!

So yeah, Xero is the bomb!

It is a complete system with MANY integrations that will grow with your business and help you get in and out of your books quickly and easily each month!

>> Want to open an account? <<

Setting up an account can be a bit tricky and getting off on the right foot is so important!

FREE Zero to Xero Account in 7 Days email course to help you set up your bookkeeping software the right way from the start.

That's why I created the

FREE Zero to Xero Account in 7 Days email course

I've broken each step down super simple so there is no guess work involved.

Here's what you'll learn:

  • Day 1: Sign Up for Your Account
  • Day 2: Set Up Bank Feeds
  • Day 3: Conversion Balances (don't freak out, I explain it very simply!)
  • Day 4: Add Payment Processors
  • Day 5: Add Income Streams
  • Day 6: Customize Expenses
  • Day 7: Customize Your Dashboard