Being in lockdown highlighted both the advantages and disadvantages of not being in the office. I actually really like working from home and if you are using Xero as your accounting package, it is really quite an easy transition. Going paperless and online saved me so much time, it’s amazing.
Fortunately, one of the things I had done well before lockdown was to transfer all my files to the cloud. We had very little time at school once lockdown was announced and it was a great relief that I didn’t have to worry about copying files that I needed over the lockdown.
Being able to have access to invoices, reports, minutes and so forth, for the auditors meant that the audit wasn’t delayed until I could access paper copies.
These are three areas of online storage that you should consider for the future.
Attach PDF copies of invoices and statements to creditor transactions.
This makes it so easy to look up details of a transaction, and allows your auditors to check invoices and authorisations on their own. Some suggestions on where you might do this:
- Use Hubdoc – free with Xero.
- Download or scan statements and attach to supplier payments.
- Scan signed batch payment printouts from Xero and batch detail printouts from the bank. Attach to the batch payment transactions in the bank reconciliation in Xero.
- Scan change-of-supplier-details emails and letters and attach to the Xero contact.
Use the Xero File Box
Save copies needed for end of month/year, for example: grant notices, lease documentation, bank staffing reports, asset copies, contracts, budgets, BOT minutes.
General rule of thumb – save documentation to the file box if you need to provide a copy
- for either your monthly report or annual accounts and
- it is not confidential or
- you may need to refer to it in future years.
Use cloud storage
Save all other files that you may use in the office.
- Before you print anything to put into a folder on a shelf, think about whether an electronic copy saved to the cloud would do just as well.
- BOT minutes/agendas – at year end, easy to zip and email to auditors.
- Novopay forms.
- Scan all signed SUE and transaction reports and save to the cloud. Very convenient when auditors request copies of signed reports.
- Look into electronic signing programmes.
- Have your IT person add your cloud storage to your File Explorer. Saving files to the cloud will now be no more difficult than saving them to your computer hard drive.
Need help with any of the above? Contact us and we’ll see what we can do.
