Making Payments with Xero
We help clients by running their payment runs monthly which relieves our clients of a lot of time they would spend preparing the payments on the system and then running them through their bank. Business owners time is better spent developing the business and marketing their products. We provide a payment file to the clients for approval and payment, as it is easier to run batch payments. We always recommend processing payment runs twice a month which gives clients a routine and an effective way to manage their cashflow.
As stated on our bookkeeping page with Xero, Xero now supports payment using Transferwise provided you are registered with them. It is an add on service which doesn’t require any complicated bank integration, it works from any UK bank account, by transferring the money in one batch from your own account to transferwise, then from transferwise to your supplier. This marks the bill as paid.
Xero also supports the option of downloading the payment file and uploading it your bank but it needs review to ensure that the information uploaded within bank matches your payment file. Systems can be prone to error. However, with the payment file, you can also manually enter each payment in your bank individually – time consuming but effective.
We can help manage your payments, reach out.