You can set up Xero yourself if you have a good understanding of accounting. Common mistakes we see when people set it up themselves include bank feeds with gaps in the feed, the chart of accounts not customised for the business goals, incorrect tax settings, and opening balances in the accounts not set up correctly. Since setting up Xero is something you usually do once, it's why we recommend working with a bookkeeping firm to get it set up correctly from the start. As Xero Certified Advisors, we've helped hundreds of businesses get set up on Xero, and we can help you.
We do! Once Xero is set up correctly, it's important that you also understand how to get the most out of it. We provide training with every setup to show you the ropes, and help guide you through using Xero for your business. It's also an opportunity to explore other features of Xero that you may not be aware of - like payment services to improve your cashflow, customising your invoice templates, or customising the reports.
The cost of getting setup on Xero depends on whether it's a fresh account (with no history), or whether we are moving you over from another accounting platform. If you have lots of transactions you want to bring into Xero, or want to create a new chart of accounts, or want your invoice and quote templates customised - these things can also change the price of your Xero set up. We fixed fee all setups, so you know in advance what it will cost before we start.
To get Xero set up correctly you'll need to collect some information before you start. First of all, you'll need your Organisation details including the registered business name, legal entity and ABN. You'll also need to know your GST registration details - whether you're registered on a cash or accrual basis for GST reporting, and how often you're registered to report. You'll need bank details for each bank account you use for the business, and the balances of each of those bank accounts. Lastly you'll need the last closing balances of your accounts from the day before Xero is being set up for - so if you are setting up as at July 1, you'll need to know the state of your accounts as at June 30 to set up the opening balances. When we set you up on Xero, we manage the process of collecting the bits and pieces we need - to make it as simple for you as possible
Xero has a few different packages depending on what your business needs. For people that don't need to send invoices or pay bills - you can look at a Xero cashbook. A cashbook has the same functionality as the business versions besides that. For businesses, the plans are general tied to the number of people you are paying on payroll. We recommend the Premium 5 to most people as it includes multi-currency management, and also has Xero autosuper which manages the process of paying superannuation to your employees seamlessly.
We start by agreeing on a date on which Xero starts. Then we customise your chart of accounts to have the right GST coding, and make sure that it reflects your business and what you want to track. After that we set up the bank accounts, and import bank statements from the date on which you want Xero set up. We switch on the bank feeds, and fill the gap. After that we bring in any outstanding bills or invoices, finalise the conversion balances, and customise your invoices. If it suits your business, we can setup payment services in Xero. And we finish off your Xero setup with some training so you can make the most of your new accounting software