From XU Magazine, 
Issue 24

Maximise Xero For Your Accounting Firm

Are you getting your monies worth from Xero?

Cashflow, client needs, economic conditions and technological change. These are just some of the factors that accounting firms need to consider. As a Xero user, you also need to consider whether you are using it well and getting all the value you can.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
You can find the original post here:

A winner is a dreamer who never gives up - Nelson Mandela.

Consider this, you have this vision, you want this leading edge Xero accounting firm which automates your compliance services and creates more valuable services for your clients. Costs are reduced, processes are simple, you make more money for your time and everyone is happy.

So the natural next step is “How on earth do we do this?”.

That question is where I come into it, using all Xero’s resources, we can reach for the stars.

I run my own Xero accounting firm, using Xero, Xero HQ, G Suite / Google apps and other government portals (Australia).

I started my business as I was frustrated with the timeliness and quality of information coming to my family and friends businesses, it was not fast enough, not clean enough and not valuable enough.

We needed more.

Each Entry Counts, make them count. was born.

What I can help you with

What I offer you is a one-on-one service where I create this system which enables your accounting firm to reach that vision and beyond.

My process for you is extremely simple and highly successful, I use a plan called “The 4 P’s”.

The 4 P’s help me divide your accounting firm’s goals into 4 categories, product, platform, people and processes. Each decision we make falls into either of these 4 categories and allows us to execute your vision.

The 4 P’s

In summary, the 4 P’s are:

  • Product - these are the services you sell to your clients. Most accounting firms are similar service providers
  • Platform - this is Xero, along with some other apps, depending on your size and strategy
  • People - this is the part where we really focus, making sure you and your team are fully equipped to get this done
  • Processes - these are the operational techniques we employ to get this done, the best systems have the best processes
  • Being able to fit each decision into a category allows us to work together seamlessly and meet and exceed all your goals.

The beautiful thing is that I have done so many of these, that each accounting firm is pretty much the same and needs support around the same items.

So I have mastered the system well and created a service for you that ticks as many boxes as you need.

How I work is:

  • You book me for a 30 minute scope chat
  • We figure out if this will work for you, if you are ready and have the resources
  • When you are ready to move ahead, we design a plan with a shared folder and documents
  • I login to your Xero HQ and reconfigure the system for you
  • I build you compliance financial statements, management reports and tax / cash flow planning reports
  • I give you a master chart of accounts
  • I train you and your team via Zoom meetings, this is a huge part of the success of your plan and I provide you an operations manual (Word & PDF)
  • I provide email / zoom support as we move forward

You and your clients

Each client you have will be slightly different, however, if you use The 4 P’s, you will be able to at least help them help you. This enables more success through what is called “FETA” with “data flow”.

FETA is another concept I use called “from event to advice” which refers to us managing as much “data flow” as we can.

Some examples are:

  • We provide them some other apps or systems which flow into Xero
  • We try to keep your clients from using certain parts of Xero, such as the chart of accounts
  • We have a bulletproof chart of accounts that is 100% synced to not only your reporting but any other advisory app you may use

The data then flows from event to advice, giving you peace of mind in knowing that whatever advice you are providing is backed up by a slick and professional set of quality data.

The common issues you will face

Here are some typical questions and issues that accounting firms face with Xero:

  • I am a CA / CPA accounting firm, can I be sure that these reports will meet my requirements?
  • Will I need to keep paying for my other accounting system?
  • Xero’s financial statements are very basic, unprofessional and take too long to produce, surely there is a better way?
  • Can I produce valuable advisory reports for clients?
  • How much will this all cost me?
  • Xero doesn’t roll over at the end of the financial year, what do I need to do?
  • Xero doesn’t have an income distribution, income tax or dividends function, how do I do this?

These are the same questions I get all the time.

Which is great for you as I have created solutions for all these issues.

I have clients in many countries around the world, all with the same requirements and same objectives.

Let’s get together and have a chat about how we will work together, I am looking forward to hearing from you.

Find us on Youtube, search “Entry Counts”.

Why leave it there?

Jump onto my website and book me for a Zoom meeting!

Straight to your inbox

Subscribe to our newsletter for updates as they happen
We hate spam too. We NEVER sell our mailing list.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.