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Capturing 2 years of bookkeeping data the easy way!

Rhys Roberts - Thursday, April 29, 2010

Last week I got a call from a prospective new client to enquire about getting his books in order.  He didn’t know what solution he needed, but once I had spoken with him about his business it was clear to me that Xero would be a really good fit for him.  Why?  Well, mainly the type of transactions he had in his business.

The client (as he now is) runs a business as a property developer / landlord. He doesn’t raise any invoices on his tenants (they are all residential properties), and he has lots of transactions that are the same from month to month.

In the past he has spent several hours at a time accounting for all of his property transactions manually, then given the file to his accountant to sort out – but he had almost two years of history to update, which was going to take him days to do manually.  

I thought Xero would be a good fit for this client for several reasons, including the automated bank feeds, and automated “coding rules”.  

To take a look at why Xero’s bank coding is so appropriate for this client take a look at how it works:

I set up his Xero database and together he and I downloaded almost two years of transactions from his bank account, which we imported.  We then set up a series of coding rules that accounted for almost all of his transactions – and the few that were left over we coded manually.  All up it took a couple of hours of my time and the same of the clients - to capture two years worth of data!! 

And now he can produce all of his accounting reports for the 2009 year, plus has year to date figures for the 09/10 year.  At a guess his monthly bookkeeping, which he used to procrastinate about as it was so time consuming, will now take him less than an hour a month.

If you're wondering whether switching to Xero could help you save a similar amount of time, please contact us for a chat.

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