A Month’s Bookkeeping in Less Than Five Minutes

So I got a call last week from someone who’d been following my blog and was keen to get advice about whether cloud accounting was going to work well for her business, or not. What surprised me about this conversation was that despite the fact she’d read my postings, she still didn’t get how bank feeds worked, and she was amazed to hear that for her kind of business — which is a simple, cash-based business — bank feeds really do enable almost all bookkeeping entries to take place automatically.

I hadn’t updated my accounts in  either LiveAccounts or Xero for over a month, and so I thought I’d record a video of me doing my books for the last four weeks (it is the Sydney Film Festival this week, after all). Groundbreaking stuff.

So here’s the video of me doing my books for April and May in Xero. Even with all my chat and explanations and generating a Profit & Loss report, a whole month’s bookkeeping and bank reconciliation only took five minutes. (Compare that with what ‘normal’ bookkeeping would involve, i.e.recording transactions, allocating transactions, reconciling accounts and creating reports, and you can see why my video is way more interesting than anything Almodovar has to offer.)

And here’s the video of me doing the same thing in LiveAccounts (same business, same transactions, same twisted personality)… Again, even with me chatting and explaining how LiveAccounts works, it took less than five minutes to get the job done.

I hope these examples make it a little clearer how the whole bank feeds/cloud computing thing works, and just how efficient it can be.

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About veechicurtis

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

3 Responses to A Month’s Bookkeeping in Less Than Five Minutes

  1. You’re a bank rec whiz! One tip in case you haven’t already discovered it … if you come across a transaction that Xero hasn’t suggested any details for on the right-hand side, you can teach it there on the spot to recognised it next time. You could do this if you didn’t want to set up a rule. Say you had 2 cash transactions imported for the dry cleaners – enter the details into Xero on the right-hand side and OK the reconciliation. Then F5 or refresh the screen and Xero will recogise that you’ve already reconciled a similar transaction and will suggest the same details for that next one. And any others in following months that get imported with similar details. Hope this is useful!

  2. Tim says:

    Nice! That’s one of the best #Xero videos I ever saw (and I’ve seen many of @Xero’s videos).

  3. Pingback: If something isn’t browser-based, does that mean it’s not a true cloud solution? | Cloud Accounting Review

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