Getting started with Xero is actually a pretty easy thing. All you need to do is create your Chart of Accounts or use one of their pre-built account templates and you are off and running.
Chart of Accounts:
What is the Chart of Accounts? The Chart of Accounts is the structural backbone of the accounting system.
It is comprised of five distinct categories. Assets, Liabilities, Equity, Revenue and Expenses. If you are converting from another system, such as QuickBooks, your accounts are already organized into these categories. If you converting from a manual system, your general ledger is already organized in this same manner. The first section of the general ledger will be the assets section and the back pages of the general ledger will be the expenses section.
Next, Set-Up your Bank Accounts:
Xero encourages you to reconcile your bank accounts on a regular basis and, therefore, your bank accounts are front and center on your Dashboard. This also helps reinforce that as a small business, you need to watch your cash account like a hawk.
Xero is online accounting software with everything you need to run business beautifully!