Three Xero features you’re probably not using

1. Cash coding

This feature in Xero is referred to fast cash coding or the OK button on steroids. The cash coding function is an alternative way to code your bank transactions in Xero rather than using the bank reconciliation dashboard screen. It’s a great way to code a high volume of bank transactions that are cash before going on to complete the rest of the bank reconciliation for transaction such as invoices, credit notes and expense claims.

You can access the cash coding screen by selecting the cash coding tab from the bank reconciliation screen.  

To code statement lines that are cash items you should sort your coding columns first before reconciling. By sorting the columns you can group all similar bank transactions together and this is where the fast coding comes into play. With a few clicks of a button you can populate multiple bank lines with the same coding to be saved and reconciled to the bank reconciliation.

2. Xero to Xero

If you are using Xero and so are your customers then Xero to Xero is an efficient way of sending invoices directly into customer files within the Xero network.  

To use Xero to Xero for your customers you will need to ensure you have received their network key and entered it into their contact details in Xero.  Once the network key is entered you can send invoices through Xero to Xero. A draft invoice will be received into your customer’s organisation for them to approve and pay when due.

 

3. Smart Lists

Your contacts list is a data base waiting to be used as marketing tool. Xero has set up Smart Lists as a feature to search and filter customer information to create targeted marketing campaigns. 

Smart Lists provides handy pre-set searches as well as the option to create your own customer lists based on buying behaviour, location and even customers who pay on time and those that don’t. Any lists created can be saved for future campaigns. Reports can be extracted into csv files to use in building your marketing campaign.

Research shows that it costs six to seven times more to acquire a new customer than retain an existing customer. Xero has made it easy to unlock the power of the customer data base to add business value, improve cashflow and increase revenue.

Find out more

To find out more about these features Google cash coding, Xero to Xero, Smart Lists with the word Xero.

By Sarah Fellingham