Blue Equator | Xero set-up done right: 5 things to check
Did you do the Xero set-up on your own? Here are 5 things worth checking whether it has been setup properly.
Xero, add-ons, installation, expense management, paper receipts, Expensify, receipt bank, OCR technology, admin
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Xero Setup

Xero set-up: 5 things worth checking

Xero is one of the most user friendly cloud accounting solutions. If set up properly, it can be invaluable tool to support the growth of your business. Here are 5 things worth checking to see if your set up is done properly:

Chart of Accounts

Not customising the chart of accounts to your business is like moving into your newly purchased home and not customising the furniture. Sure, the default accounts will work fine too. But it is not going to be the best utilisation for something you will use daily. Make sure that you customise the chart of accounts to: (a) your specific industry characteristics and (b) your country settings (especially when it comes to tax and employee related tax and benefits)

Financial Settings

Financial settings is quite important to get right. Make sure your financial year is adjusted properly as well as your tax settings. Speak to your local tax agent to help you with those settings. Locking dates is optional and is usually done when you bring Xero accountants or Xero integrators on-board.

Invoice Settings

Different businesses operate on very different payment terms. Avoid using the default settings as you risk friction with your customers. Make sure you go through the invoice reminders and adjust accordingly. Once the invoice reminders are switched on, they will go straight to your customer and you will not see them. Invoice settings is also the place where you can change your payment set-up if you want to use credit card payments via Stripe, Braintree and/or Paypal.

Bank Accounts

Connecting your business bank account and setting up direct live feed is one of the most exciting features of Xero. Not all markets offer this feature unfortunately but the list of new banks added on the platform gets updated continuously. Here is the most up-to-date list of where direct bank feeds are available.

Connected Apps

Xero has open architecture – it sits as the backbone of the accounting system and it can plugs itself in ever-evolving ecosystem of apps that are specific for your industry. One of the most commonly used add-ons is expense management – whether the processing of paper receipts and invoices or the travelling expenses of your staff. Some of the most commonly used apps by companies that we work with are Expensify or ReceiptBank. Whether you choose one over the other is a matter of preference related to: frequency of usage, number of users, approval flow and reimbursement policies.


*** Blue Equator is currently running a Xero 50% off promotion for its blog subscribers. For only one-time fee of USD 300,- we will set up your Xero account with live bank feeds, connect relevant apps of your choice and customise your chart of accounts. If you already have Xero but unsure whether it has been set up properly, we will do this for a one-time fee of USD 150,-. Use promo code: HAPPY2018 to claim your discount. Use our contact form, one of the members of our staff will get in touch within 24 hours. ***