Skip to main content

Hello again from the small business accounting experts in Perth. Today we will look at how the world of accounting has changed with the extinction of the cash book.

Thanks to Xero, we no longer need to enter transactions into a cash book and then reconcile to a bank statement.

Now , the bank transactions are automatically imported into the software and we match each entry to either an invoice or a general ledger account and that’s it, real time reconciling with every transaction. The information is imported under the same strict security controls that apply to all electronic bank transactions.

So when you log into Xero for the first time in the day, the bank statement transactions are waiting to be processed.  Not only has the file updated over night, but the system will also match the transactions to appropriate invoices or general ledger accounts.

Even more than this, it is possible to set up bank rules and leave questions against the transactions to speed up processing even further.

All these advancements will reduce the time and cost it takes to process bank transactions.

You can also experience the benefits of this improvement for your small business.
So come on what are you waiting for…..?

Become part of the Xero generation by calling Neil on 0421 824 137 for a free discussion on how you can join.

Until next time … Keep Xeroing