Bookkeeping Hub

thumbs up

Simply choose the package that suits your needs

Call 01727 818 262 or email us for personal guidance

Welcome to our bookkeeping assistance hub, designed to equip you with essential insights and practical strategies for mastering bookkeeping tasks.

Whether you’re a small business owner, a freelancer, or simply looking to streamline your personal finances, our collection of helpful tips will enable you to manage your records effectively. From organising receipts to tracking expenses, we’ve curated a comprehensive resource to simplify your bookkeeping processes. Stay tuned, as our Team members explain the best practices, tools, and expert advice to enhance your bookkeeping skills and keep your financial records in impeccable order.

Apply Bank Rules to Xero

There are three types of bank rules:
1. Spend money transactions.
2. Receive money transactions
3. Transfers between accounts.
Applying bank rules to transactions makes for quicker reconciliation, for example, with bank fees, interest and business insurance.

Connecting Direct Bank Feeds in Xero

Connecting your bank account into Xero and having an automated direct bank feed is useful in multiple ways.

These can include:
1. Setting up feeds from multiple banks.
2. Bank transactions being able to flow directly into Xero from your bank accounts on a regular basis.

This saves you time by avoiding manual data entry errors.

Creating and Editing Projects in Xero

When creating a new contact, ensure that you enter a unique name. Xero creates the contact once you click ‘save contact’. even if you don’t save the new project. This means that the contact information is stored and accessible for future use without having to save the project first.

After you add the contact, you can update the details through the contact menu in Xero. This saves you time by:
1. Minimising duplicate data entry.
2. Ensuring immediate storage of contact details. 3. Providing a convenient method for managing contact information within the Xero platform.

Submitting Expense Claims

Use the trip calculator on iOS and Android devices to automatically calculate the distance travelled.

Xero adds a map and the distance travelled to the mileage claim.

Check Your Financial Statements in Xero monthly

Checking financial statements monthly allows for efficiency at year end. If they are checked monthly, it means you are already familiar with your financial records.

This is particularly helpful when it comes to prepare year-end reports or tax filings. Within a monthly check, you are more likely to notice duplicates or errors within your bank feed. Therefore, this can save time and reduce any stress associated with reconciling a year’s worth of transactions all in one go!

Using the “Find & Recode” feature in Xero

The “Find & Recode” feature in Xero allows you to quickly update and recode multiple transactions at once. This way you can efficiently correct any mistakes in categorising transactions.

It also allows you to work in bulk when it comes to editing transactions. This method allows you to apply any changes to multiple entries at once.

Using Custom Reports in Xero

If you produce a profit and loss report on Xero, you can edit it to a layout of your choice. For example, by putting ‘different nominal codes’ together. This can then be made into a custom report.

Using Excel Tables

Convert your data range into an Excel Table to take advantage of built-in features like filtering, sorting, and automatic formatting. Excel Tables make it easier to manage and analyse your data.

Using Tracking Categories in Xero

If you want to keep track of costs and gain further insights into your business, add tracking categories! By categorising transactions based on different aspects such as departments, projects, or locations, you can effectively monitor expenses and revenue streams.

Once you’re all reconciled, you can pull off a report showing the costs or income of each tracking category. This not only facilitates accurate financial reporting, but also enables better decision-making and resource allocation.

Using Pivot Tables on Excel

Use PivotTables to analyse and summarise large amounts of data quickly. These allow you to rearrange and summarise data from different perspectives, making it easier to identify trends and patterns.

Use Automatic Tax Updates for Payroll!

This is a great tip because it ensures accuracy, compliance with current laws and it saves a lot of time. It also avoids the risk of errors with people overpaying or underpaying.

Get Your P60 From Your Employers!

Asking for your P60 from your employer ensures that you have accurate records of your income and tax payments. This is crucial for various financial transactions and compliance purposes.

Packages

Launch

Launch

from £400 / month

Are you the owner of a limited business, with no staff? You invoice your clients every month, you have suppliers to pay & VAT returns to submit? Would you like to free up time reconciling and keep everything up to date? This is the package for you.

Find out more

Ideal for new or young businesses

Team

Team

from 1,500 / month

Do you have extensive invoices, bills, payroll, debt collection, and key finance reporting responsibilities? Do you need a team to deal with the whole of your finance function: Accounts Payables and Receivables, Credit Control? Plus timely, accurate, top level reporting? And breathe…. We can be your finance team looking after all your back office tasks.

Find out more

Ideal for bigger businesses

What our clients say

Christine and the Hour Hands team are absolutely amazing if you need a spare or several additional pairs of hands. Recently we had a rush on with a few clients and we were able to outsource some of the non-core stuff to the Hour Hands team. They're brilliant and just quietly crack on with doing the things we don't need to do ourselves. I recommend these guys to anybody who wants to find more time for themselves.

John Acton | Peer2Peer Boards

Bookkeeping at its finest. All the team at Hour Hands I have dealt with deliver exceptionally good, professional and prompt services with a special mention to both Wendy & Natasha who are nothing short of outstanding. Knowledgeable and efficient work, accurate and informative – everything you want in bookkeeping services at a good rate. Cannot recommend them enough.

Lyndsey Wall | Herts Garden Machinery

Our Systems

Book your free consultation

to see how we can help you with your to-do list for work and home

Privacy(Required)
This field is for validation purposes and should be left unchanged.