If you’re not using software yet, start by downloading our free cash flow projection template. Make sure the invoice details the goods or services that you received, and double check that the cost is correct. If required, forward the invoice to partners or project managers for accelerated depreciation for business tax savings final review.
Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. Proactively using AP aging data enables stronger financial governance and supplier relationships. Evaluating such integrations can help take your Xero bill management capabilities to the next level. Maintaining updated vendor contacts eliminates time-consuming bill info corrections and enables frictionless bill processing.
Features that automate your admin
You can enter bills into your ledger by typing them in or by emailing them to your accounting software. There are also clever software apps that read and extract data from bills and automatically send it to your accounting software. The accounting software creates the book entry and helps you schedule payments, then updates your ledger when the bill is settled. Many aspects of the accounts payable process are now automatable – which can save you heaps of time on admin. Within Xero, bills can be linked to bank payments for transparent expense tracking.
- Key benefits include better cash flow control, early payment discounts, and simplified vendor relationship management.
- You can use that view to see if you’ll actually have the money to pay the bill on time.
- Xero is powerful online accounting software for US small businesses.
- Reach out to the Xero team or find an accounting partner to explore how Xero can better support your bill payment needs.
- And that would leave you with little cash to cover other expenses, unexpected costs, or to fund business growth.
- Organize unpaid bills by due date and prioritize accordingly.
Users can run AP reports summarizing outstanding bills, cash flow, payments made, and more. These insights help inform decisions around payment timing, cash availability, and budgeting during the accounts payable process. Automated nonprofit quarterly npq tracking and reporting eliminates manual effort while providing real-time visibility. The mobile app works with Xero accounting software to help you run your small business from anywhere. Keep track of your unpaid and overdue invoices, bank account balances, profit and loss, cash flow, and bills to pay.
Apps like Stripe, GoCardless, Vend, and Shopify connect seamlessly and sync your data with Xero to make it easier to run your business. Use Xero accounting software to hop online with your employees, bookkeeper, or accountant – even if you’re on opposite sides of the world. Simplify your finances and get more done with Xero online accounting software. Pay multiple bills, schedule bills to be paid later, and consolidate bills owed to a supplier into one payment.
Keep on top of bills
Now Xero will match eligible invoices and bills as they are entered without manual intervention. All pricing plans cover the accounting essentials, with room to grow. If you’re dealing with paper invoices, scan or photograph them so you don’t get weighed down with paper. Try to use a dedicated email address for receiving invoices. That way all your bills will land in one single place and, what’s more, you’ll have digital copies which are easier to search and find.
Accounting software that connects to your bank
Stay on top of your business’s cash flow and see all bills that are due for payment. You can also enable automatic matching in Xero to save time. This automatically matches bills to invoices from the same contact based on reference numbers, totals, etc. Organize unpaid bills by due date and prioritize accordingly. This ensures the most urgent bills get paid on time, avoiding late fees or damage to supplier relationships.
Save time on admin by scheduling upcoming payments quiz and worksheet accounts receivable process and batch pay suppliers. Bookkeeping includes everything from basic data entry to tax prep. The Xero app store has many innovative solutions to enhance accounting and financial processes.