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Financial Reporting with Expensify and Xero

How Expensify can link with Xero

learn xero online training learning videos
Are you deducting everything you could be? Perhaps you need an app to help you.

WE’VE TALKED IN THE past about what a life saver daily reconciliations can be, and why some businesses could benefit from reconciling their account daily, twice weekly, or at least, on a more regular basis than once a month.

The expenses your business incurs form deductions that reduce your taxable income, so making sure you’re recording them accurately — and then storing them securely too — is an important part of your business remaining compliant.

An online software program like Xero will enable you to enter your expenses and transactions; and you can also use an app to automate the process for you, like Expensify. Bank Feeds also make this task easier and enable you to work remotely from home. Continue reading Financial Reporting with Expensify and Xero

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How and What Kind of Receipts Do You Need to Keep?

Xero course online receipt keeping

Online Receipt Keeping is the Way to Go

A HUGE PART of reconciling your bank account involves coding business expenses or purchases. You then need to keep a record of those expenses in the event you’re ever audited.

Our Xero Bank Reconciliations and Journal Entries Course covers how to code an expense or purchase in Xero, and it’s important to also store your receipts and get them to your bookkeeper if they’re working remotely.

Many people have used Dropbox to capture images of receipts but there are even better ways. Continue reading How and What Kind of Receipts Do You Need to Keep?

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Video: Receipts in a Shoebox?

Receipts in a shoebox

Receipts in a shoebox? Shoeboxed Australian websiteI WAS LOOKING in my top draw and noticed some receipts, bundled by the month, with a bull clip holding them together. Do you know someone who also stores their receipts in a shoebox?

I have, of course, now entered them into our MYOB accounting software. However, it begs the question: How many business people do you know who still store their receipts and other paperwork with way?

The legal requirement to file receipts

Continue reading Video: Receipts in a Shoebox?