Xero just got better…
Xero just got better…
Xero has listened to comments made and it’s now possible to allow us to update feeds without regularly contacting you.
May 15, 2023

Xero is the go-to accounting package. Made for the business owner but used by all. Accountants use it, as we do here at Hive for both clients data and our own. Not only does it help us with the all-important, initial bookkeeping. Using this information, we can produce a variety of reports to help us in your tax planning and producing statutory accounts and tax returns for both companies and individuals.

It is also simple enough for those with very little bookkeeping or accounting expertise to use. If you keep it up to date it’s easy to see your business’s financial position at a particular point in time. If you’re doing your own bookkeeping and run into difficulties, please let us know and we will be very willing to help.

One very useful feature is the automatic bank feed. This automatically feeds your bank statement into Xero directly from your bank every 24 hours, so that Xero reflects your bank statement daily. Once you have registered for online banking with your bank you can connect it to Xero. You can import more than one bank account. This helps us and you with any planning or reporting.

Up until recently the bank feed has had to be renewed every three months (a security thing). As you may well have experienced, as much as this is not too much of an onerous task…it is another task nevertheless and not a very exciting one. Without this renewal, the data would stop importing into Xero causing gaps in the financial information, which is no good thing.

However, Xero…JUST…GOT…BETTER!

Xero has listened to comments made and it’s now possible to allow us to update feeds without regularly contacting you. Once you have logged into your bank and connected it with Xero and agreed that we can have access for 12 months we should be able to refresh the bank feed whenever it needs it. You will no longer need to worry about the information getting to Xero. We will, however, ask for statements every so often, just to make sure that everything is running smoothly. You should now be able to focus on what is important to you while we focus on the numbers.

Setting up the bank feed is a simple process as soon as you have registered for online banking. You can either connect an existing bank account in Xero or add a new one. Xero will take you to your bank log in where you can select the banks you want to connect by following the instructions. You will need to allow us access to renewing the feeds.

At Hive, we are very excited about this as it will enable us to work more efficiently. Please contact us if you need any further information or help with this or any other bookkeeping issues you may have.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Lesley Gerber Accountant
If you have any questions or comments about this article, please get in touch.
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