Bookkeepers and Aspiring Bookkeepers: How to Work Efficiently and Serve More Clients With Xero
In this episode of Profits + Prosecco Podcast, I am going to be breaking down why Xero is perfect for bookkeepers and how you can potentially serve more clients when using it. I’ll be sharing all the reasons why I love Xero and the perks that come along with it, so stay tuned to hear all the details!
But before we dive right in, welcome to the Profits + Prosecco Podcast! I’m your host, Katie Ferro, CPA, reformed rule follower, creator of Booked Out Bookkeeper, mom to 3 little ones, and Kajabi enthusiast.
This podcast is for entrepreneurs who desire to change their life through their profitable business, and for bookkeepers and accountants who want to escape the 9-5 and start a simple scalable bookkeeping business like I did.
Bookkeeping increases profits and profits change lives. So pop some bubbles and let me show you how!
In this episode, we’ll be talking all about Zero for bookkeeping and why I prefer it over QBO (Quickbooks Online). For even more juicy details, listen to ALL of episode 37 of the Profits + Prosecco Podcast on your fave streaming platform.
Why I prefer Xero over any other software.
I started out by bringing one client into Xero because the idea of learning a new software seemed really daunting to me. I didn't want to spend any more hours trying to figure out how to do bookkeeping on a different platform.
After listening to a friend and fully hoping on Xero, the learning and the switch were ALL worth it. What I realized was that while learning a new software can be daunting, it's less daunting than if you were to grow your practice without efficient software to support you.
In Xero, you can give your clients the data that they actually care about.
As an example, you can see every single line of money and all the information you need to create your rules around your clients. Xero makes it super easy to accept payments, which is a huge plus.
Another amazing thing Xero does is that it makes a distinction between funds from a bank account and funds from a credit card. Receiving money from online business owners can be complicated on the books but it is 10x easier with Xero!
How to work efficiently with Xero’s features.
Xero is constantly rolling out new features and here are some of my favorites:
- Cash Coding: Once you put your rules in place, you go to a separate tab for cash coding, click a button, and approve hundreds of the transactions.
- Customizable Reports: Clients can see very specific numbers each month and I can calculate the specifics I want to show them such as profit percentage. This has helped me systemize my practice because I don't have to calculate every little number.
- Bank Reconciliations: This shows you the balance in your bank and you get to compare your statements because Xero will show you the transactions that are out of balance and the ones that are not.
- Find and Recode: This separately breaks out data where you can search for all different kinds of codes. You can highlight and recode everything at the same level without a ton of clicks.
These features make working with the data a lot more easy and efficient. This program is a lot less “accountanty” because it allows me to give my clients better data, keep their prices down, and keep my profit high.
Bookkeepers and Aspiring Bookkeepers: How to Work Efficiently and Serve More Clients With Xero: The Bottomline
I hope this episode helps you understand Xero and why it is the perfect software for bookkeepers and aspiring bookkeepers. To learn more about Xero and how you can get started as a partner for free, visit www.katieferro.com/xero! (If you join by August 31st, you’ll get a free seat to a Group Zoom training on how to get your first client in Xero!)
If you enjoyed the episode, please take a second to rate and review. Each review helps us reach and inspire more entrepreneurs and bookkeepers just like you.
Don’t forget to take a screenshot, share it in your Instagram stories, and tag me at @orderlyaccountingbykatie. Cheers to your inevitable success and I’ll see you in the next episode!
I'm a licensed CPA with 10 years of tax and accounting experience, fellow entrepreneur, & mama of three little ones.
I'm highly passionate about helping business owners increase their profits so they can live out their purpose long-term and make serious changes in their lives.
I do this by taking your bookkeeping off your plate, helping you plan for taxes, increase your profits, understand what's working in your business, and allowing you to get back to your true zone of genius.
Sounds good?
Hi, I'm Katie!
I'm a licensed CPA with 10 years of tax and accounting experience, fellow entrepreneur, & mama of three little ones.
I'm highly passionate about helping business owners increase their profits so they can live out their purpose long-term and make serious changes in their lives.
I do this by taking your bookkeeping off your plate, helping you plan for taxes, increase your profits, understand what's working in your business, and allowing you to get back to your true zone of genius.
Sounds good?
YOU NEED REMINDERS. I'VE GOT YOU COVERED.
Sign up for monthly tax deadlines and bookkeeping reminders so you stay on track all year long and never miss a deadline.
DIY YOUR BOOKS WITH EASE WITHOUT A MONTHLY FEE
No, you don't actually need QuickBooks.
If your business is new and you're either NOT profiting yet or not making quite enough to justify the cost of a monthly bookkeeper, then the Profit and Loss Workbook inside the Small Biz Starter Kit is the answer to your prayers.
Simple, sleek, smart, and even SEXY, this spreadsheet makes doing your books something you look forward to.
Love my site? me too.
Everything you see is 100% Kajabi and as easy to make as it is beautiful!
GET HELP WITH PAYROLL
If you are an S Corp owner or have employees, you need to be running payroll.
As in, paying yourself and your employees on actual paychecks, with taxes taken out, and paying those taxes to the state and federal governments on quarterly and annual tax returns.
Payroll can be a cumbersome beast which is why I partner with the experts who have a solid system that makes paying yourself and others a breeze.
