Whether or not you choose to utilise the bookkeeping service we offer, we will complete a review of your Xero data before the year-end. This helps us to identify any issues that may have arisen before we begin work on your accounts.

Below I will talk you through our process and give you some tips on how to make the process more efficient.

Bookkeeping

Before we can review your data, we need your bookkeeping to be complete. As dentists, we know that you lead very busy professional lives, and that your time is better spent doing what you do best. This is why we provide a bookkeeping service to take the extra pressure off your hands. However, if you choose to do your bookkeeping yourself, it is important to keep it up to date, preferably monthly. This will allow you to identify any issues with your bank feed or queries with reconciling transactions as soon as they arise, rather than tackling it at the year-end. Additionally, it gives you access to real time information about how your business is performing.

Tips and tricks:

• Set up a bank feed so you do not have to import your data yourself.
• Set up bank rules for regular payments.
• Use the same code for regular transactions.

Spot Check

Once your year-end has passed, a member of our team will complete a Xero Spot Check. This involves logging into your Xero and confirming that all your data has been reconciled and that there are no gaps in your bank feed. If your Xero is not up to date, we will email you to request that you take the necessary steps to complete processing your data. Once this has been done, we will email you to request a bank statement (or a screenshot of your bank account) to confirm the balance on Xero is correct.

When all your data has been reconciled and we confirm that the balance on Xero agrees to that of your bank account, we move onto the next stage.

Detailed Review

Once your Xero is up to date, a member of the team will complete a Detailed Review. This involves fully analysing your bookkeeping to confirm that everything has been processed accurately. Here we will also request any supporting documentation we need for large purchases, loans and/or payroll. You can speed this process up by sending them to us as soon as they arise.

Once we have validated your Xero data and collected any documentation we require, we can begin the process of preparing your year-end accounts.
As always, if you have any further questions or require any assistance, please get in touch to speak to a member of our team.