Find your way with our blog

COMPASS

We want to give you as much value as possible. Our blogs and newsletters cover everything from T slips and tax deadlines, to tips on staying organized, and recommendations on great resources for small business owners.


Subscribe to our upcoming newsletter for small business advice, and financial and tax tips for entrepreneurs.

Real-time bookkeeping made easy: Xero’s new starter plan

We’ve always been fans of Xero’s accounting software. On November 9, they’re launching a new starter plan that’s tailor-made for consultants, freelancers and small businesses. At just $15 CAD/month, this package is affordable and takes care of your bookkeeping heavy lifting: send invoices on the go, import bank transactions in real time, and manage your receipts and paperwork with Hubdoc

We feel this is the best accounting software package available in Canada for sole proprietors and small businesses that don’t have a ton of monthly expenses (under $10k/month), and send 20 invoices or less per month.

Let’s dive into what Xero’s Starter package offers. 

 

Real-time bookkeeping 

One of the biggest benefits of cloud-accounting software like Xero is the connection to your bank: your transactions are imported automatically to Xero daily. Categorize your transactions every day, and you’re able to understand how your business is performing in real time.

Once you connect your business bank and credit card accounts to Xero, your transactions are available to reconcile to the appropriate account. Xero will intuitively match bank deposits with invoices. If you send bills and receipts to Hubdoc, then Xero will match payments to the receipt or invoice. 

 

Capture bills and receipts with Hubdoc 

Included in your Xero account is a Hubdoc subscription. Hubdoc is an app you can use to collect digital copies of receipts and invoices all in one safe place. Snap pics of receipts from your phone and forward emailed invoices to your account. Hubdoc will organize your documents, store them safely and give secure access to your bookkeeper and accountant. 

What makes Hubdoc extra special is that it will send your receipts and documents to Xero to be matched to bank transactions, which audit-proofs your books. It will also fetch bank and credit card statements automatically so you’re not chasing them down at year-end to give to your accountant.

With your documents stored and organized, you’re ready for taxes and even an audit

 

Send 20 invoices or quotes

We don’t have to tell you that getting paid is important. Sending invoices through Xero streamlines your process and makes you look good, too. 

Xero invoices are easy to customize, look professional, and do all the math for you. You can also add a “Pay Now” button so that clients can easily pay you immediately by credit card or PayPal. When you automate payment reminders for overdue invoices, you don’t have to worry about chasing payments weeks down the line. 

And if you have regular clients, just set up and schedule any recurring invoices and Xero will send them for you. Check out Rotessa if you’d like to skip the credit card fees and set up Pre-Authorized Debits instead.

 

Enter 5 bills

Hubdoc can send the invoices you need to pay each month to your Xero account. You’ll know what bills are coming due so you know how much cash will be going out and when. You can sync Xero to your Plooto account to schedule bill payments easily and make sure you always pay on time (but no sooner) and avoid late fees.

 

Reporting

With all this data being collected in Xero in real time, you now have the power to run all sorts of reports to help you make those important business decisions: monthly profit and loss statements, cash flow projections, A/R or A/P reports, and other custom reports.

All these features make this Xero Starter plan a powerful and affordable tool for any business owner operating today. Here’s a step-by-step guide on how to set up your Xero account (and more on why we love it). We’re always here to answer any questions

 

Read more about Bookkeeping topics and Small Businesses Basics that may be helpful to you and your small business.

Comments (0)