Reconciled is not the same as matched
Xero imports your bank transactions and suggests matches, and clicking OK on each one feels like reconciling. But a suggested match can be wrong, a bank rule can quietly code a whole category to the wrong account, and a transfer between your own accounts can end up counted as income. The bank balance agrees; the reports underneath it do not.
Our monthly bookkeeping checks each line rather than accepting the suggestion, keeps your bank rules accurate, and reconciles every account to its statement so the profit and loss and balance sheet can be trusted.
What we do in Xero each month
- Reconcile bank and credit card statement lines, and review the bank rules that code them
- Reconcile payment processor, loan and other balance sheet accounts covered by your package
- Track GST/HST and prepare the return when it is due
- Post payroll from your connected payroll app where your package includes it
- Send you a profit and loss and balance sheet, and flag anything that needs your input
Packages start at $150/month plus applicable taxes; each one’s capacity is listed on the monthly bookkeeping page, and how our pricing works explains what moves the fee.
Payroll with Xero in Canada
Xero runs Canadian payroll through connected apps rather than a built-in module. That works well, but it means two systems that have to agree. When payroll is part of your package, we post each pay run to Xero and reconcile the payroll liabilities, so remittances and year-end slips line up with the books. See payroll services for what is included.
Still deciding? Compare the two in QuickBooks Online vs Xero, or see bookkeeping for QuickBooks Online users.