How does it work?
At the end of each working day, all income that has been received (either via GoCardless and Stripe, or money that has been collected through the till) will get transferred in to Xero accountancy software automatically - you don't need to do a thing!
This means that your income split by denomination (cash, card, cheque, Direct Debit income) will no longer require manual update from you (the business owner) or your accountant/bookkeeper.
You can also use nominal codes applied to membership plans, products etc. to get even more detailed, accurate reports.
Why is it important?
- Cuts down daily admin time considerably
- Daily updates so that income can be tracked effectively in real-time
- Makes Tax Digital Recording with HMRC easy to take control of
- Allows you to see the revenue areas split by nominal code meaning you can
identify business growth opportunities
Xero is a world-leading online accounting software built for small business.
- Get a real-time view of your cashflow. Log in anytime, anywhere on your Mac, PC, tablet or phone to get a real-time view of your cash flow. It’s small business accounting software that’s simple, smart and occasionally magical.
- Run your business on the go. Use our mobile app to reconcile, send invoices, or create expense claims - from anywhere.
- Get paid faster with online invoicing. Send online invoices to your customers - and get updated when they’re opened.
- Reconcile in seconds. Xero imports and categorises your latest bank transactions. Just click ok to reconcile.
Find out more or try Xero Accounting Software for free.