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How to set up Xero for your limited company.

A person at their laptop setting up their accounting software
Xero accounting software

Ultimately we will always advise you to seek the help of a professional such as a Bookkeeper or an accountant when setting up your accounting software as it can be a headache and cost you financially if you make a mistake, but if you feel confident doing it yourself, here is our step by step guide.

Step-by-step guide:

  1. Sign up for a Xero account. You can sign up for a free trial of Xero at

  2. Enter your business details. Once you've signed up, you'll need to enter your business details, such as your company name, address, and contact information.

  3. Connect your bank accounts. Xero can automatically import your bank transactions, so you don't have to enter them manually. To do this, you'll need to connect your bank accounts to Xero.

  4. Set up your chart of accounts. Your chart of accounts is a list of all the accounts that you use to track your income and expenses. Xero comes with a default chart of accounts, but you can customize it to fit your specific needs. THIS ONE I WOULD 100% INSIST YOU SEEK A PROFESSIONAL FOR!

  5. Import your Trial Balance. If you've previously used accounting software then you'll need to import your trial balance to ensure your opening ledgers are correct.

  6. Add your contacts. Xero allows you to store all of your contact information in one place. This includes your customers, suppliers, and employees.

  7. Create invoices and track expenses. Once you've set up your Xero account, you can start creating invoices and tracking your expenses. Xero makes it easy to do both of these things, and it will automatically update your financial reports.

  8. Reconcile your bank accounts. At the end of each month, you should reconcile your bank accounts to Xero. This will ensure that your financial records are accurate.

If you're not sure how to do any of these steps, or if you have any questions about setting up Xero, please don't hesitate to contact us. We do this process for FREE for our clients ( But you will still need a Xero Subscription)

Here are some additional tips for setting up Xero for your limited company:

  • Make sure to choose the right Xero plan for your business. Xero offers a variety of plans, depending on the size and needs of your business.

  • Set up your chart of accounts to match your company's structure and accounting needs.

  • Reconcile your bank accounts regularly to ensure that your financial records are accurate.

Once you've set up Xero, you'll be able to manage your finances more efficiently and effectively. You'll also have the information that you need to make better business decisions.

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