First of all congrats on your move to the cloud and you are right that once Xero is setup property life will be awesome, and it is!
To make the best use of it, I strongly recommend you have the company setup property in Xero right from the start. I will break this down into pre setup and post setup stages. For the pre setup, it is very important to have some of the “boring” but basic accounting stuff like the “chart of accounts”, tax registration, invoice template and bank feeds property setup. This will make life so much easier once you start using it on a daily basis so basically you know and will have confidence to know that the right amount will go to the right places (coded correctly). The report you then generate will be much more meaningful and useful.
I will strongly suggest to have the initial setup done by one of the Xero advisors (you can look them up from Xero’s website https://www.xero.com/nz/advisors/?escape=true) or your accountant if he/she is Xero savvy. It will definitely be worth it and saving your time to get the best out of Xero going forward.
The pre setup stage may also includes migrating your existing data into Xero which again, I recommend to have this done by the Xero advisor.
Once all that is done then you should start to see the magic happen post setup. You can assign different user rights and log in access. You can easily generate invoices electronically and email them out; reconcile the payments when received using daily automatic bank feeds with your bank; coding payments correctly from the bank feeds and generate beautiful financial reports that make sense.
Hope that helps and good luck.