Everything you need to know about Xero Practice Manager

It's not an e-book. It's not a long brochure.  It's 88,000 words explaining everything you need to know about Xero Practice Manager.  

If you want to become an expert running an accounting practice, this book is for you.

Extended Table of Contents

Introduction7
Foreword8
Chapter 1: Why Xero10
   A grim past11
   Single ledger11
   Ledgers linked to jobs12
   Connected apps12
   Big-4 level insights available for everybody12
Chapter 2: Industry Billing Models14
   Types of billing engagements15
   Billable fees16
   Quoted fees16
   Fixed-price agreements16
      Method 1: In-advanced17
      Method 2: Contract-period18
      Method 3: In-period19
   Selecting a method21
Chapter 3: Revenue Streams22
   Services23
   Revenue steams23
   Compliance23
   Advisory24
Chapter 4: Practice Settings26
   Practice settings27
      Task vs staff billable rates27
      Allocation28
      Cost admin28
      Time28
      Ordering29
   Staff settings30
      Base rates30
      Overhead apportionment30
      Best of both worlds31
      Billable rates32
      Considerations for billable rates32
   Task settings34
      Keep it simple34
      Sub-tasks in XPM34
      Secret cause35
      Must-have tasks35
      Must-not tasks35
      Task-based reporting37
   Job costs38
Client settings38
      Clients vs client groups38
      Setting up client groups39
      Client vs contacts39
      Business structures39
      Client types40
       Tax agent40
   Job settings40
      Job categories40
          Filtering your WIP balance40
         Revenue streams41
      Job states43
      Job templates45
   Xero integration settings 45
      Income and cost of sale accounts45
      Clients, suppliers and contact person46
      Invoices46
      Invoice details: Invoice format46
         Option A: Job or miscellaneous invoice total46
         Option B: Individual tasks and costs47
         Option C: Time sheet notes48
         Which option is best?48
      Invoice payments48
      Purchase receipts49
      KPI/WIP reporting49
    Custom templates: Document designs49
      Where invoices are sent from50
      Invoice designs50
      Quote designs50
      Tax letters51
      Invoice statements51
      Purchase orders51
Chapter 5: Integrations52
   Xero + XPM54
      Clients and suppliers54
      Purchase orders55
      Invoices55
   Practice Ignition + XPM55
   Link Reporting + XPM56
Chapter 6: Creating Engagements57
   What is an engagement? 58
   Advice on engagements58
Chapter 7: Setting up Engagements61
   General guidelines for setting up engagements62
      Overview of jobs62
      Types of annual engagements63
      Selecting the client64
      Start dates and durations of jobs64
      Signing up new clients to fixed-price agreements65
      In-period tasks for fixed-price agreements66
      Job budgets67
      Allocating job managers67
   General questions from clients67
      Option 1: New job68
      Option 2: General queries task68
      Option 3: General queries job68
   Internal jobs68
   Setting up engagements in XPM   70
      Job templates70
      Xero subscriptions of job templates71
      Setting up time-charge agreements72
      Setting up fixed-price agreements73
     Summary74
   Setting up engagements in Practice Ignition74
      Benefits of using Practice Ignition74
      How to set up Practice Ignition75
      General settings in Practice Ignition75
      Creating your engagement letter terms76
      Adding payment services to Practice Ignition77
      Linking staff members in Practice Ignition77
      Setting up integrations with Practice Ignition77
      Setting up services in Practice Ignition78
   Creating proposals for annual engagements80
   Creating proposals for one-off engagements82
   How to roll out Practice Ignition for your practice82
   Summary83
Chapter 8: Project Management84
   Setting up jobs85
      Job budgets85
      Estimated times86
      Job managers87
   Managing jobs87
      Job set-up process templates87
      Time sheet methods, frequency and importance87
      Reviewing time sheet completion91
      Updating job states92
      Internal time93
       Travel time94
      Identifying non-billable time sheets94
      Job and task notifications95
      Managing your job list95
      1. Jobs I'm managing95
      2. Jobs in progress custom report96
      3. Open job report96
   Job close-out97
      Mark tasks as completed97
     Costs are marked as actuals97
      All invoices are captured97
      WIP wash-up98
      Change job state to completed98
Chapter 9: Outsourcing and Disbursements99
   Outsourcing vs subcontracting100
   Outsourced services100
      Estimating outsourced service provider fees101
      Estimating outsourced costs103
      Capturing outsourced service provider fees104
   Subcontracted services104
      Adding subcontractors to your XPM105
   Outsourcing decision tree105
   Managing Xero subscriptions106
      Managing the Xero accounts payable107
      Managing customer repeating invoices108
      Managing actual subscription costs108
   Managing disbursements109
    Staff reimbursement of expenses110
Chapter 10: Invoicing111
   Time-charge agreements112
   Invoice sync with Xero113
      Option A: Job or miscellaneous invoice total113
      Option B: Individual tasks and costs114
      Option C: Time sheet notes114
      Which option is best?114
   Invoicing in XPM115
      Progress invoice115
      Final invoice116
      Remove from invoice list116
   Methods of invoicing117
      Time and cost invoices (with write-offs to be applied to specific time sheets)117
      Time and cost invoices (with write-offs to be apportioned across all time sheets)117
      Quoted invoices (with write-offs to be applied to specific time sheets)118
      Quoted invoices (with write-offs to be apportioned across all time sheets)119
   Fixed-price agreements120
      Understanding the invoice sync with XPM120
      Setting up the invoice sync with XPM120
      What if invoices have not synced correctly?121
   Practice Ignition123
      Quoted work in Practice Ignition123
      Fixed-price agreements in Practice Ignition124
Chapter 11: Rolling Over Jobs126
   Renewing engagements with XPM127
      Using the client order number128
      Using the job number129
   Renewing engagements with Practice Ignition129
      Re-engaging clients130
      Job rollover130
Chapter 12: Scheduling and Capacity132
   Custom reports for scheduling133
   Job task estimated times134
      Standard tasks134
      Variable tasks134
      Adding estimates times to job templates136
   Creating your scheduling reports137
      Scheduling report137
      Monthly capacity report139
      Staff workflow report140
   Capacity vs productivity141
   Your scheduling process142
Chapter 13: Management Reporting for your Practice143
   Types of reporting144
      Job reporting145
      Client reporting146
      Team reporting146
      Practice reporting146
   Job reporting146
      Remaining time147
      Remaining budget148
      Projected write-offs149
      Days till due150
   Client reporting151
      Client profit152
      Client write-offs155
      Average hourly rate156
      Client performance156
   Team reporting157
      Productivity158
      Staff write-offs160
      Invoiced by staff163
      Staff profitability (ROI)164
      Average hourly rate165
   Practice reporting167
      Measuring WIP167
        Billable WIP168
        Negative WIP174
      Practice productivity176
      Practice write-offs179
      Practice average hourly rate184
       Revenue stream breakdown187
      Improving practice performance example190
   Practice reporting rhythms193
      Weekly194
        Open Jobs194
        WIP Movements195
         Individual Performance 195
      Monthly196
        WIP Performance196
        WIP Movements196
        Practice Performance197
        Service Profitability197
        Team Performance197
        Client Profitability198
      Biannually199
         Individual Performance 199
Chapter 14: Common Issues and their Solutions202
   Timesheets have not been entered203
      Background of this issue203
      How to resolve this issue203
      Timeframe to implement this solution203
   Timesheets and invoices in seperate jobs203
      Background of this issue203
      How to resolve this issue204
      Timeframe to implement this solution204
   Individual jobs have been set up for each task204
      Background of this issue204
      How to resolve this issue205
      Timeframe to implement this solution205
   Job categories do not reflect engagement types205
      Background of this issue205
      How to resolve this issue206
      Timeframe to implement this solution206
   Invoices for fixed-price agreements are not flowing back to XPM206
      Background of this issue206
      How to resolve this issue206
      Timeframe to implement this solution207
   Base rates are not loaded207
      Background of this issue207
      How to resolve this issue207
      Timeframe to implement this solution207
WIP against internal jobs207
      Background of this issue
207
      How to resolve this issue208
      Timeframe to implement this solution208
  WIP against completed jobs208
      Background of this issue208
      How to resolve this issue208
      Timeframe to implement this solution209
   Estimated times not entered against tasks209
      Background of this issue209
      How to resolve this issue209
      Timeframe to implement this solution209
   Budgets not loaded against jobs209
      Background of this issue209
      How to resolve this issue210
      Timeframe to implement this solution210
   Disbursements not loaded against jobs210
      Background of this issue210
      How to resolve this issue210
      Timeframe to implement this solution210
   Jobs are not being closed211
      Background of this issue211
      How to resolve this issue211
      Timeframe to implement this solution211
   Xero repeating invoices not linked212
      Background of this issue212
      How to resolve this issue212
      Timeframe to implement this solution212
   Duplicate contacts between XPM and Xero (blue)212
      Background of this issue212
      How to resolve this issue212
      Timeframe to implement this solution213
   Reconciling XPM accounts receivable213
      Background of this issue213
      How to resolve this issue213
      Timeframe to implement this solution213
   If I edit an invoice value in Xero, will it update in XPM?213
      Background of this issue213
      How to resolve this issue213
      Timeframe to implement this solution213
   Xero invoices are not arriving in XPM214
      Background of this issue214
      How to resolve this issue214
      Timeframe to implement this solution216
   Practice Ignition not deploying invoices to Xero216
      Background of this issue216
      How to resolve this issue216
      Timeframe to implement this solution216
   Practice Ignition not deploying jobs to XPM216
      Background of this issue216
      How to resolve this issue217
      Timeframe to implement this solution217
   Xero creating an adhoc job in XPM217
      Background of this issue217
      How to resolve this issue218
      Timeframe to implement this solution218
The Linked Practice219
Glossary220
Acknowledgements221






  

 

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