Running your own business is always exciting. However, if your accounting book doesn’t work well. The transactions are not recorded completely. We are sure it must be a nightmare for you. Therefore, Centre O suggest our clients to use a cloud accounting system to help with their daily operation.
What is Xero?
Centre O is happy to assist with your book keeping and accounting work. Centre O works with Xero, a cloud based online accounting and invoicing software. That means you can automate everyday business tasks, get up-to-date financials and run your business from wherever you are.
What you have to prepare if you want to use Xero?
1. Chart of Account
Use the chart of Account in Xero to record and classify transactions, and generate reports. You can use your own chart of Account from your previous system, or use the default one.
2. Conversional Balance
Prepare the conversional balance from your previous accounting system. The conversion balances are the starting figures for the organisation at the conversion date. The conversion date is the date your client starts to use Xero. Typically, the beginning of a tax reporting period.
3. Invoices, Bills and credit notes
Import invoices, bills, and credit notes that make up the conversion balance totals before you save them. This ensures the accounts receivable and payable balances are correct.
4. Contacts
Customers and suppliers automatically become contacts in Xero when you import invoices and bills. You still should prepare a contact list. In case, fill in any missing information by importing a CSV file.
5. Fixed Assets
Xero has a fixed asset feature which records fixed assets and calculates depreciation. If your previous accounting system includes fixed assets and values, you can import them into Xero.
6. Inventory
If you have a lot of inventory items, you can import them in bulk to save time. In Xero, tracked inventory records the quantity and value of goods on hand. Use untracked inventory to speed up data entry for items that you don’t need to track.
7. Gap Data
Gap data is the data between the conversion date and the go-live date. You may manage your business as normal during migration. So, you need to set up a clear date to stop using the previous system and start using Xero. After Xero go-live, we can put back the data.
If you need further information, please contact us.
You may want to read: MANAGING YOUR BUSINESS VIA CLOUD BASE PLATFORM XERO