Get up to Xero-speed

Each day Xero automatically downloads a list of transactions from your bank and then the next time you log onto Xero it asks you to classify them (for example sales, office expense, entertainment).

Once you’ve classified your transactions (Xero calls it “reconciling”), your accounts are up to date and you can run a GST return in Xero with everything you need to fill in your return at IRD. You can also get up-to-date financial reports and at the end of the year most of what your accountant needs is waiting in Xero.

Xero also has all the other things you need from an accounting system: invoicing, payroll, inventory, multi-currency, fixed assets, contacts and full financial and management reporting. The invoicing function in Xero is particularly good. Because it loads your bank transaction history each day, reconciling your transactions shows at a glance which invoices are overdue.