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Introduction

I understand you may have grabbed a copy of the 5th edition of Xero For Dummies thinking it was an ordinary accounting textbook. But let me share a little secret. What you have is the key to unlocking an enriching and flexible lifestyle for yourself. Working with Xero — and expert advisors — means a reliable internet connection is all you need to increase your knowledge and the insights required to support your own business, your boss or your clients. You could work from home, close to your family. Or you may be able to readjust your work–life balance to ignore the nine-to-five office requirements, avoid commuter congestion and take advantage of the cheap Tuesday deals. Or your digital nomad life could find you crunching numbers in exotic locations, taking Instagram selfies to make your friends jealous.

And the benefits aren’t just to your lifestyle. Businesses can use cloud technology to produce accurate management (internally focused) and financial (externally focused) records with minimal effort. Organisations can streamline their business operations, finding ways to identify and analyse their key financial and non-financial drivers. With flexible access to timely and accurate information from within, and the potential to use external comparative data, businesses can use these collective insights to make intelligent data-informed decisions fast.

Businesses are moving their processes and data to cloud-based platforms to stay competitive and benefit from technology-based opportunities — which is Xero’s sweet spot.

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 app partners, streamlines your business’s work flow and enables access to real-time informative dashboards you can confidently use for making business decisions.

Whether you’ve just started your journey with Xero or you’ve been around for a while and are ready for some more expert tips or help with the more advanced options, you’re sure to find this book useful.

Xero For Dummies, 5th Edition, covers all you need to know to sign up and use this cloud-based accounting software solution — from the basic set-up to implementing daily routines and end of period procedures, to generating useful reporting information. Understanding what you can do with Xero — how you can use its many features — can enhance the productivity of your business, centralising data and giving you a clearer idea of exactly what is going on within it, whether you’re working within the business or as an adviser. While updates may happen after this book is published, you have the core fundamentals here.

About This Book

Xero For Dummies, 5th Edition, provides a comprehensive outline of how to use the Xero accounting cloud solution. The main focus throughout the book is how you can use Xero and its integrated cloud platform to access business intelligence. I realise that may sound a bit intimidating, but if you work your way through this book, you’ll be your office (or virtual) Xero Hero in no time.

The book steps you through everything you need to know about Xero, taking you through the whole process. You’re never left hanging, wondering what you’re supposed to do next. I’m with you every step of the way. But the book sticks to the practicalities — I know you don’t need to be slowed down with unnecessary background information and theories.

Note: One of the great features of Xero being a cloud-based accounting solution is that Xero can make upgrades or updates to its pages or processes at any time — and so the next time you access your file, the upgrades have been implemented. No more waiting for the next software release! But this may mean a page or process you’re looking at online isn’t exactly the same as that shown in this book. Don’t worry — the process should still be similar enough that you can use this book to guide you through. I no longer carry car keys, and now simply push a button to start my car — but the same driving basics still apply! Intuitive technology innovations aim to eliminate unnecessary steps — like looking for lost car keys!

Some really interesting information is provided in the sidebars through the book (those grey boxes with text inside); however, these are self-contained. You can skip over them while working through the more meaty areas if you choose.

I’ve also used the following conventions throughout the book:

 I’ve included information for users with Adviser status, and provided information about features only users with this access may be able to see. In Xero, your user role defines what you have access to. This book outlines all the features someone with full access, or Adviser status, may have in their Xero business solution. If you don’t have full access, this book still provides heaps of information on the features you can access. Check with your accountant or Xero Adviser if you’re unsure about anything.Note: For US users, this user status is spelt Advisor. Rest assured that the information in this book that relates to this user status is the same — however it’s spelt.

 I’ve used consumer tax to cover GST, VAT, sales tax or any other tax your government has created for purchases relating to your business! Because this book has been written for an international audience, I’ve used this term as an all-encompassing reference for any sort of tax that could be added to a purchase — hope that makes cents!

 I generally use the term bank accounts to keep things simple; however, this term actually encompasses bank accounts and credit card accounts, and online payment facilities such as PayPal.

Foolish Assumptions

It’s never nice to assume anything about people without walking a mile in their shoes. But to write this book I had to assume a few things. Firstly, I assumed you buckle down to work with a nice cup of tea, and when things get really hard you grab the chocolate. (Or is that just me?)

Here are some other assumptions I’ve made:

 You can navigate your way around a computer or a mobile device and understand the basic steps required to access the internet.

 You don’t have a background in bookkeeping or accounting. Through my work I’ve been exposed to literally thousands of people who have no accounting or bookkeeping background, and I’ve trained them in the essentials and got them up and running in Xero. I’ve used this experience to write this book in a way that highlights what’s important, and breaks it down appropriately.

 You probably don’t have access to Hermione’s Time Turner or the TARDIS from Doctor Who, and your time is important to you. You want to work as efficiently and effectively as possible — so I’ve included lots of productivity enhancers.

Icons Used in This Book

Throughout the book I’ve used different icons, which appear on the left side of the page. These highlight handy pieces of information that enhance your understanding and ability to use Xero. The following outlines what they stand for.

Xero is used internationally, and while the main skeleton of the software is identical for all users, some elements are specific to a particular jurisdiction. I’ve used this icon to highlight information that only relates to a specific country or jurisdiction — if the information doesn’t relate to your country’s version of Xero, skip over it.

This icon highlights pearls of wisdom you should make a mental note about — or even write down for yourself in an actual notebook!

This icon flags tricky procedures or in-depth detail. Depending on your level of skill, you may want to ask your accountant for further advice on topics marked with this icon.

This icon highlights handy strategies and shortcuts to speed up your productivity or just generally make life easier — gained through my own experience.

This icon outlines something you should be aware of and highlights any issues so you’re prepared and empowered. If you’re reviewing a section that contains a warning, make sure you take the time to read it.

Where to Go from Here

This book is written in modular style (and, no, that doesn’t relate to a new lounge suite). It means you can pick up the book, open it at any page, select a heading that takes your fancy and read the information under that heading.

It also means Xero For Dummies, 5th Edition, is not a story book — you don’t need to read it from cover to cover. Review the Table of Contents or the Index, locate what you’re looking for and jump straight into the section. If you’re totally new to Xero, or need more of an idea of what it’s all about, you should take a quick read of Chapter 1. Or, if you’re a people person, Chapter 5 is all about setting up contacts in Xero.

If you need to set up your Xero file, start at Part 1. If you’re already set up and you simply need to enter data, start in Part 2, which covers contacts, sales, purchases and reconciling your accounts. If you need to do routine tasks in Xero, including preparing for period end, start in Part 3.

In addition to the material in the print or ebook you’re reading right now, Xero For Dummies, 5th Edition, also comes with some access-anywhere online goodies. Check out the free Cheat Sheet by going to www.dummies.com and searching for ‘Xero For Dummies Cheat Sheet’ in the Search box, and visit www.dummies.com/go/xerofd5e for an online-only appendix you can download for free, which gives you all the info you need to master your pay run.

Wherever you start, just make sure you keep this edition of Xero For Dummies handy and, whenever you need to enhance your understanding of a feature, grab the book, open it to the relevant section and enjoy!

One last thing — I encourage you to connect with me on all the social platforms via HeatherSmithAU.com. Once you’re there, if you are keen to keep up to date with cloud accounting and business technology solutions, you can also sign up to my newsletter.