Top Xero Tips: Master Your Finances in 2024!

Top Xero Tips: Master Your Finances in 2024!

In the fast-paced world of finance, staying ahead of the curve is crucial. As we dive into 2024, mastering the art of financial management becomes even more critical. Here are some of our top Xero tips to help improve your efficiency, make reporting more efficient, make the most of hidden features and save time. 

Why Choose Xero for Your Business in 2024?

In today’s competitive landscape,  businesses need all the help they can get to streamline operations and make the most of their resources. When it comes to managing finances, choosing the right accounting software can significantly impact your efficiency and success. Here’s why Xero should be at the top of your list for 2024:

1. Ease of Use: Xero is designed for non-accountants and the intuitive interface makes it easy to navigate even for financial novices. Xero simplifies bookkeeping tasks with clear visuals and straightforward workflows.

2. Cloud-Based Convenience: Xero allows you to access your financial data from anywhere, anytime, on any device so you can collaborate seamlessly with your accountant or team members in real-time, no matter their location.

3. Powerful Automation: Xero allows you to automate repetitive tasks like invoicing, bill payments, and bank reconciliations to save valuable time and resources and set up recurring transactions and schedules to stay ahead of deadlines and maintain accurate records.

4. Mobile App Accessibility: Xero has an intuitive mobile app where you can capture receipts, approve invoices, and get real-time financial insights from your smartphone or tablet.

5. Scalability and Integration: Xero easily grows with your business. Whether you’re on your own or a growing team, Xero has plans and features to fit your needs. You can seamlessly integrate Xero with other popular business tools and services like CRM, e-commerce platforms, and payroll software.

6. Affordable and Transparent Pricing: Xero offers flexible pricing plans based on your business size and transaction volume. No hidden fees or unexpected costs, just transparent pricing for predictable budgeting.

7. Award-Winning Support: Xero boasts a reputation for exceptional customer service. Get access to helpful online resources, knowledgeable live chat support, and dedicated account managers.

How To Use Xero More Effectively – Top Xero Tips

Here are our 12 top Xero tips from Lee Kasnowski, Managing Director for Ascentis and Financial Mastery expert, to help you use Xero more effectively, save time on tedious tasks and improve your reporting insights. 

Watch the full video with live demonstrations from Lee. 


1. Test Safely with Xero Demo Company One common concern when exploring new features is the fear of unintended consequences on your main financial data. The solution? Use the Xero Demo Company. Accessible by clicking on your company name and searching for demo data, this safe environment allows you to experiment without affecting your primary financials.

2. Streamline Repetitive Tasks with Repeating Invoices Save time and effort by utilising repeating invoices for tasks that occur regularly. As demonstrated on our video, creating a repeating invoice is a breeze – set it up once, and Xero will handle the rest, ensuring accurate and timely billing without the need for manual intervention.

3. Navigate Reports Efficiently with Tabs Efficiency is key, especially when dealing with financial reports. We suggest a simple but effective tip: right-click or use the control key to open reports in new tabs. This allows you to view and work on multiple reports simultaneously, streamlining your analysis process.

4. Find and Recode for Bulk Changes For users with the advisor role in Xero, the Find and Recode feature is a powerful tool for bulk changes. Whether it’s updating contacts, tax codes, or nominal codes, this tool simplifies the process, ensuring accuracy and efficiency in managing multiple transactions.

5. Preserve Data Snapshots with Published Reports When presenting financial statements, having a snapshot of the data at the time of preparation is crucial. Lee recommends publishing reports, providing a useful fallback option. This ensures that even as data changes over time, you have a record of key financial moments.

6. Optimise Repeating Journals for Routine Transactions Another gem in Xero’s arsenal is the Repeating Journals feature. Ideal for routine transactions or those with predictable values, this tool acts as a reminder, prompting users to input specific data at the appropriate time.

7. Enhance Nominal Codes in Reports Tailor your reports to your preference by adding nominal code numbers alongside names. Lee suggests a simple checkbox adjustment within report options, providing a comprehensive view that accommodates both code names and numbers.

8. Simplify Purchase Invoices with Repeating Bills Extend the convenience of repeating invoices to purchase transactions. As demonstrated, creating repeating bills in Xero is a seamless process, especially useful for scenarios like vehicle leases or any repeating expenses with a predictable pattern.

9. Utilise Xero’s Built-In Calculator Don’t bother reaching for your old trusty desk calculator. Xero’s built-in calculator simplifies calculations within the application, making data entry more efficient and minimising the need for additional tools.

10. Streamline Credit Control with Invoice Reminders Enhance credit control by setting up invoice reminders within Xero. Lee advises users to customise the reminder content, timing, and even exclude small balances to ensure tailored and effective communication with clients.

11. Navigate Xero with Quick Shortcuts Effortlessly access key functions with quick shortcuts in Xero’s search function. From bank accounts to bills and contacts, simply press the designated letter to jump directly to the desired section, saving time and keystrokes.

12. Manage Customer Communications with Expected Payment Dates Stay on top of customer communications by adding notes and expected payment dates within Xero’s invoices module. As demonstrated, this feature aids in tracking expected payments and simplifies customer management.

Mastering your finances with Xero is within reach, thanks to these expert tips from Lee. As you dive into 2024, empower your financial management journey with these invaluable insights and take control of your organisation’s financial destiny.

If you’re eager to explore more about financial mastery, get in touch with our team on this page