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Time to Throw Out Your Filing Cabinet

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Still got piles of paper, archive boxes and filing cabinets filling up space that could be better used?

The good news is, even if it seems overwhelming to scan and archive all that stuff already taking up space, it is becoming increasingly cheap and easy to prevent more accumulating.

As usual for accounting systems, Xero is leading charge on this front.  Xero provides a multitude of ways to make it easy NOT to print out and file invoices, receipts, statements and any other information you might need for your finances.  Here’s a bit of a list:

  • It’s easy in Xero to keep copies of invoices right where you need them – attached to the bank transaction. Attach them before, during after or at any time, and they will always be there for you and your accountant to refer to.  No need to print, scan and attach, just email directly in.
  • Save time hunting for documents at tax time by attaching directly to the transactions as they happen. Not just invoices, but Insurance Policies, Agreements, Contracts, Leases – anything!
  • Xero also has a filing area for you to keep all your statements and other documents you don’t want to tag to an individual transaction.
  • Xero has an iPhone and Android app where you snap photos of your receipts and enter in details while it’s fresh in your mind. Then when it comes to reconciling, the image of the receipt is right there in Xero.   No more keeping stacks of receipts in your wallet or a shoe box, just photograph, code and recycle.
  • When you are part of Xero, the worry of backing up your data just goes away. Xero uses state of the art backup and it’s all included.  You know your data is stored safely for at least 7 years.  Even when your business stops operating the data is still safe and available if and when you need it.
  • Xero is breaking new ground with proactive NZ suppliers to enable invoices to be sent directly into Xero. This means for building components, fuel cards and wholesale supplies, it is possible to have your supplier invoices arrive directly in your Xero.   No more tedious invoice entry taking valuable time, and introducing the potential for errors.   Have a look at Xero’s Enterprise Connect page on their website.
  • Xero actively supports other software to reduce paperwork. Receipt-Bank and PayPR are two of the favourites and can be invaluable for businesses that want even more automation.   PayPR will automatically send a receipt to Xero just by you having your phone in your pocket when you use an EFTPOS machine in NZ (around 75% of machines are compatible).  Code as you go, and snap images of GST receipts as you go.    Receipt-bank will read invoices as they arrive, automatically code them based on your preferences, save the image and send it to Xero.

What will be next??  We don’t know!   But we do know that Xero will continue to be at the forefront to help small business get more out of their businesses.