Getting Started with Xero

So today I signed up and got my business going with Xero. The process was similar to MYOB LiveAccounts but the biggest difference was that I was able to import my chart of accounts and opening balances from MYOB AccountRight. Bliss. The process seemed real easy, literally a few clicks of the mouse and all 58 accounts were created, complete with balances. (I’m wondering what Xero is going to do with the closing balances of P&L accounts for June 2010 and how the whole new financial year thing is going to work, but I’m sure this will reveal itself soon.)

Xero worked with my browser of preference (Google Chrome) which LiveAccounts didn’t.

So, I’ve got my business up and running and a complete chart of accounts, all before my morning coffee. So good that I’m about to click the cute little smiley icon at the bottom of my Xero dashboard.

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About veechicurtis

a one-woman geekspeak to plain-english converter
This entry was posted in MYOB LiveAccounts, SAAS, Xero and tagged , . Bookmark the permalink.

6 Responses to Getting Started with Xero

  1. Ralph Smith says:

    I use Xero for a lot of clients. The timesaving element drew me to it originally.

  2. Really keen to switch to online accounting, but neither yet have stock reporting after 2 years….How long will it be and why is it taking this long???

    • veechicurtis says:

      Hi Oscar

      Hmmm, don’t know why it’s taking so long either — wish it wasn’t! I heard there was an add-on that integrated with Xero to provide stock reporting — have you investigated this yet?

      Regards

      Veechi

    • veechicurtis says:

      Hi Oscar
      Yes, considering the uptake of cloud accounting the U.S. and in the U.K., it’s surprising to see how relatively limited the features of the current offerings are. However, if what you’re looking to be able to do your accounts online (as opposed to wanting the full benefits of cloud accounting, including bank feeds/bank rules), then you could consider Reckon Online, the QuickBooks offering. Reckon Online isn’t a ‘true’ cloud accounting product, but does offer amazing functionality. You can access your accounts from wherever you are, and you pay using the monthly subscription model.

  3. Simon Matthee says:

    I was wondering given your experience with these solutions (Xero & MYOB Live) and your extensive accounts experience if you think either system is capable of meeting the needs of a diverse organisation with staff and multiple industries. To be more specific: an organisation with 5 entities and 10+ staff across 3 of the entities.

    Any opinion/comment is greatly appreciated!

    • veechicurtis says:

      Hi Simon
      Right now, neither Xero nor LiveAccounts have payroll. However, apparently payroll is going to be available in Xero from late March onwards.

      In regards to having multiple entities, that’s not a problem — the questions to ask re functionality are more what features you require. For example, neither Xero nor LiveAccounts currently have inventory.

      I’d start by making a list of everything you need from an accounting system, then contact Xero and see which boxes they can tick!

      Best regards

      Veechi

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