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NetCPA's is a CPA firm concentrated on Xero based out of Breckenridge. Terry Power, CPA, is the principal. Terry focuses exclusively on providing Xero-based accounting solutions for small businesses.

He currently has Xero clients in Denver, Summit and Eagle Counties, with plans to expand to anywhere in the US a client needs Xero.    

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Mar 31

XERO Update March 31 2015

Posted by Terrence Power, CPA at Tuesday, March 31, 2015

A huge new feature in Xero is Inventory.  Now Xero allows you to enter your inventory items and create sales invoices from them.  Unlike Quickbooks, Xero will not allow you to have "negative inventory".  Xero will even show you how many items you have on hand before creating a sales invoice.

Xero now has over 400 add-in applications.  We recommend limiting your add-ins to no more than 4 or 5 at the start.  Some that we particularly like include Zen Payroll and Bill.com.  Zen payroll is a simple, easy to use, full featured payroll application.  With Zen you just enter your hours or time for each employee and Zen does all the rest.  Bill.com handles your accounts payable for you.  You just upload your invoices and Bill.com pays your vendors.  You control when the checks or payments get sent.  Both Zen and Bill.com integrate with Xero, meaning there is no double entry of data required.

Xero now has a number of new useful reports.  If you click on the "new reports" option you will see a bunch of cool new reports to help you manage your business.  Remember, Xero is the best tool you can have to manage your business.  You can't manage what you can't measure, and reports are key when it comes to measuring performance.  

If you aren't using Xero Touch, you need to.  Touch installs on your smart phone.  You can use it to check cash balances, enter invoices and expenses, and view your contacts.  Turn that time you spend waiting into time you spend being productive.  Xero only takes minutes of your time anyway.  

Xero's annual conference, Xerocon, will be held this June in Denver. We've attended them in San Francisco in the past so it will be nice to be able to take only a short drive this time.  If you are a Xero user this is a great time to network with your peers, attend educational seminars, and learn what the future holds.  If you can't attend know that we will and we'll pass on to you the knowledge that we gain.  


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