Establishing Your Bookkeeping Routine with Finance Box Assist and Xero

Keeping your financial records in order doesn't have to be daunting. With Finance Box Assist and Xero, you can create a manageable and efficient bookkeeping routine. Here’s a handy checklist to get you started, whether you choose to manage your books weekly or monthly.

6 May 2024
Reading time
Around 3 min
#FBX Assist

Checklist for Effective Bookkeeping:

  • Weekly Tasks:

    • Push your bills into Hubdoc as they arrive so that it has read them by the time you get around to your bookkeeping.

    • Clear down Hubdoc: Following our how-to video series, make sure all your bills in Hubdoc have been processed.

    • Review your bank feeds in Xero: Log into Xero match your transactions against the bills as appropriate. This keeps your accounts up to date and makes it easier to understand your financial position.

  • Monthly Tasks:

    • Reconcile bank accounts: Ensure your bank transactions match the records in Xero. Regular reconciliations prevent discrepancies and financial issues.

    • Missing items: Items that didn't have match recommendations - go and find what you can and start from the top again.

    • Record expenses: Make sure all expenses are recorded and receipts are uploaded using Xero’s mobile app. This will save you time during tax and VAT season.

  • Quarterly Tasks:

    • Review performance with Finance Box: Use the quarterly review service to discuss your financial reports and get professional advice on tax planning and business growth opportunities.

    • Plan for tax payments: Based on the review, set aside funds for upcoming tax obligations.

  • Annual Tasks:

    • Year-end review: Organise your year-end documents early. With Finance Box Assist, you can ensure that everything is correct and ready for filing annual accounts and tax returns.

Good Habits:

  • Set reminders: Use tools like calendar apps to remind you of your financial tasks.

  • Stay educated: Utilise Finance Box Assist’s video tutorials to stay on top of Xero features and bookkeeping best practices.

  • Ask for help: If the workload becomes overwhelming, remember that Finance Box is just a message away to support you. You could even upgrade your subscription if the workload becomes too much to keep up with.

Conclusion: Maintaining regular bookkeeping practices is essential for business health. With this routine, you can ensure accuracy in your financial records and make informed business decisions. Remember, Finance Box Assist is here to help make accounting as effortless as possible. For more details on how to maximise your use of Xero with Finance Box Assist, visit our website.