What’s involved in a Xero Health Check?

By Sharon Casagrande

April 26, 2021
Xero Health Check

Do you relate to any of these statements:

 

❔ You’re not confident that your xero file is set up correctly

❔ You’re stressed about financial decisions because you don’t have accurate financial data

❔ You don’t regularly review financial reports because you’re not sure if the information is correct

❔ You’re worried that your BAS might be wrong

❔ You wonder if your there is anything you could do to save time with bookkeeping

❔ Your accountant complains that it takes extra time to get your accounts done at end of year

❔ You have never had your file reviewed by a Xero expert

❔ You don’t know if you’re setting aside enough funds for BAS payment

 

If you identify with any of these statements, a Xero Health Check will benefit you.  Read below for more information on what’s involved in the Health Check process.  

 

What is a Xero Health Check?

 

A Xero Health Check is a thorough review of your Xero accounting file.  It allows us to make sure there aren’t any set-up or transactional errors in the file. Following review of your file, we will provide you with a report and have a consultation with you to discuss any issues and recommendations.  

 

What are the benefits?

 

A bookkeeping health check can do more than just identify problems and help you fix them. Having a financially healthy business starts with meaningful and accurate data.  

 

At the end of the Health Check Process you will have:

✔️Identified and fixed any errors before they cause major issues

✔️Peace of mind to know that your file is set up correctly

✔️Identify gaps in knowledge of your team and identify areas where training is needed

✔️Gain back control of the financial stability of your business

✔️Have confidence that you are paying your employees correctly

✔️Make changes so that mistakes are not repeated

✔️Reduced penalties and fines

 

It can be scary to know there are errors in your file, but it is much better to find and fix an error before any major issues arise.  Errors become more expensive to fix the longer they go on.   

 

What is the process?

 

We outline the three steps involved in a Xero Health Check below:

 

1. Review of your Xero File

 

Firstly we will require access to your Xero file.  You should never give out your login details to anyone, however, we ask that you add us as an Advisor to your account.  You can remove access once the Health Check is complete.   Your information is confidential and will never be discussed with a third-party without your permission.  As a Registered Tax Agent, we are accountable to the Tax Practitioners’ Board.  Our professional Code of Conduct requires us, by law, to keep your information confidential.

 

Once we have access, we will conduct a thorough review of your file.  We review: 

  • Balance Sheet
  • Profit and Loss
  • Bank Feeds & Reconciliations
  • GST Coding
  • File settings
  • Chart of accounts
  • Sales invoices
  • Bills & expense
  • Payroll Settings
  • Payroll Transactions

2. Recommendations and report

 

After the Health Check is complete, we prepare a report to detail any issues identified.  We have a  consultation with you to discuss these issues as well as recommendations for improvement.

 

As well as identifying any errors, we also provide feedback on reporting customisations and Xero Add-On recommendations that would increase efficiency and save time for your business.

 

3. Fix Errors and make improvements

 

After you receive the Bookkeeping Health Check report and recommendation, you can hire us to fix it, fix it yourself or ask your bookkeeper or accountant to fix it. If you would like us to fix any issues identified in the report, we can provide a separate quote. We will also organise to check in with you after the errors have been fixed to make sure everything is running smoothly

 

As part of the Health Check we may also identify training needs to ensure errors don’t happen again.  If you would like training on any of the items in the report, we can also provide a quote based on your requirements.

 

What does a healthy Xero file look like?

 

The Xero Health Check is more than just a report.  It is an investment that ensures your business will grow and thrive

 

Once you have been through the Health Check Process, you will have:

✔️ A bookkeeping file with accurate data so that the information is meaningful.

✔️ Having enough cash in the bank.  Knowing how much cash you need (which you will know because you now have accurate reports)

✔️ An accounting system that is efficient and easy to use and collects a lot of the information for you.  

 

Interested in a Xero Health Check?

 

Passion Business Advisor’s Xero Health Check Services can give you peace of mind that your bookkeeping file is set up correctly leaving you more time to do the meaningful work you’re passionate about.

 

If you’re ready to get started simply book in your Health Check today!

Are you ready to plan, grow and thrive?

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