5 Xero Mistakes Business Owners Make and How To Avoid Them
February 2, 2023 ⚊ 1 Min read ⚊ Views 135 ⚊ FINANCE
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system.
1. Not connecting all the bank and credit card accounts dedicated for your business
Make sure that you keep all your business bank and credit card accounts synced to Xero to ensure that you don’t miss any sales or expenses in your reports.
Also, make sure that you separate your business accounts with your personal ones to avoid hassles during tax season. Trust us…your accountant and bookkeeper will thank you! Doing this also helps you make accurate business decisions.
2. Not reconciling the bank account in Xero to bank statements
Run a reconciliation report in Xero on a regular basis and then compare it to your bank statements to ensure there aren’t any errors or duplications.
