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Four ways small businesses can work smarter in Xero this EOFY

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Jess Ruffino

May 25, 2023

It’s often said that (almost) no one goes into business to do their own accounting. So it’s no surprise that many entrepreneurs lean heavily on a trusted advisor for support, particularly around busy times like EOFY when tax, compliance, payroll and other business obligations come into play. 

For those on the Xero platform, collaborating with your accountant or bookkeeper is simple via the cloud. But, there are also many tools and tricks you can learn to a) impress your advisor and b) make your life – and theirs – easier in the lead-up to tax time. Below is a round-up of four features that will help you save time and boost efficiency over the coming weeks (and all year round). What Xero tip would you add to this list? Let us know in the comments section. 

Finalise bank recs faster with automatic refresh

As any small business owner knows, bank reconciliation (the process of confirming all transactions in your bank accounts are recorded in your business accounting records) is one of those tasks you need to stay on top of. Why? Because come tax time, locating an unreconciled transaction from months ago can sometimes feel like searching for a needle in a haystack. 

To make things simpler, we’ve added automatic refresh to bank rec just in time for EOFY. Now, when you complete the transaction details under the ‘Create’ tab, Xero will populate similar transactions with the same information – without needing to refresh your screen. This means you can reconcile multiple records faster while minimising errors in manual data entry.

In-product image of bank reconciliation memorisation in Xero.

Store tax time records in one central file library 

The Xero file library is the place to store everything you need on hand for EOFY, like receipts, bank statements, rental summaries and even important emails. Under ‘Files,’ you’ll find existing folders titled ‘Inbox’ and ‘Contracts.’ You can upload files directly or email them straight to the inbox folder, and while you’re there, it’s a good idea to create a custom folder specific to tax time (e.g. EOFY 2023). 

Make sure your advisor knows that you’re using the file library so they can also find and share documents. Storing everything in one central place will save you from going back and forth via email and losing important records within the chain (we’ve all been there). 

An in-product image of Xero's file library.

Note to self: keep track of contacts with the free text field

From working with customers and suppliers to vendors and advisors, it’s easy to lose track of action items, IOUs, follow-ups and all sorts of details – especially when tying up loose ends in June. So why not replace the mental notes with real ones – no, not the pen and paper kind; we’re talking about the free text field under contacts. The next time you’re in Xero, click on a name under the ‘Contacts’ tab and add any relevant info – like that time you asked your supplier for a statement. This will help you track what you’ve requested or what’s left to do leading up to EOFY.

In-product image of the free text field under Xero Contacts. The example note reads 'Direct debit collection set up as of 1 April 2023.

Use the Global Search function to find any missing puzzle pieces

Xero’s ‘Global Search’ now features a new and improved search bar, dropdown menu and filter icon. What’s more, we’ve upgraded its capabilities to pick up more hits. It includes an ‘All’ option in the filter menu and a new look to the search results page with columns for more straightforward navigation. So if you’re looking for the final pieces of your year end puzzle, Global Search will help you match words within invoices and purchase descriptions without running reports.

An in-product image of Xero's 'Global Search' function.

Whether you’re a seasoned tax time pro or just learning the ropes, we have all kinds of resources and hacks to help you along the way. Visit Xero’s EOFY Resource Hub to learn more, and while you’re there, be sure to register for our upcoming webinar: Get your business ready for financial year end

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