Xero Update
Productivity, Tax & Accounting, Technology, Xero

Xero Updates

Xero just keeps innovating their product, which is great for business owners and advisers as they add in new technology.

What updates are currently live?

Email integration:

if you use Gmail for Work or Office365 you can integrate your email into your contact cards in xero.  Simply open the contact, under the bar graph select ‘email’ and click connect.  This will bring all your emails with the same contact email address into the xero card.  From here you can create quotes, bills etc with the email flowing through to the notes on the newly created item.

2 Step Authentication:

This has been out for while and if you aren’t already using it you should be.  This is a security feature that will give you a code to enter as a password each time you log in.

Assurance Dashboard:

A heat map of activity on your file this dashboard allows advisors to keep an eye on fraud risks.  Items such as suppliers with duplicate bank accounts, or accounts that have been edited recently.

Payment Reminders:

We recommend all clients set up payment reminders to automatically chase outstanding accounts.  You can also set these up to remind customers when an invoice is due.  Templates are editable and you can turn on and off reminders for particular clients or invoices within the contact’s card.

Coming Soon

Veda:

Customer credit checks as well as importing of ABN, address and other publically available information.  The free credit check offers a starting point with the option to purchase a more detailed report.

BPay:

Along with the many payment options that are currently available xero will soon allow you to set up a BPay payment service which will give your customers an even greater selection of ways to pay.

Early Payment Discounts:

You will soon be able to set early payment discount rates in contact cards and have these flow automatically through to invoicing.  Whilst this wasn’t explored in detail we envision that it will mean credit notes will be automatically created and applied to the invoice if a discount is triggered.

More Computer Coding:

Xero are moving towards greater use of AI to reduce human error in coding.  Eventually they aim to remove the Chart of Accounts for business owners and computer code invoices and bills based on history.  Not only wil this speed everything up but it will reduce error too.

Tax Asset Pooling:

We’ve been waiting a long time for this one.  This will allow you to use the Fixed Asset register for both accounting and tax purposes – meaning less tooing and froing for us in preparing your depreciation reports.

Xero HQ:

This is an advisor tool set for release in November.  It will allow us greater clarity across all our clients so that we can ensure that as we utilize more tools we can continue to offer efficient service.

Xero Chatbot:

No release date as yet. We think this is great for those times that you have a quick question that AI can easily answer. For those more detailed questions of course your advisor will remain your best point of call.

Recent Posts

Your Guide to Tax Planning

Tax planning plays a vital role in both personal and business finance, yet it is often neglected until tax season approaches. However, understanding and implementing effective tax planning strategies can make a significant difference in your financial well-being. In this guide, we’ll explore what tax planning entails, why it’s essential, and when you can leverage it to your advantage.

How To Increase And Maintain Cashflow In Your Business

In this blog post, we’ll explore strategies to enhance your business cashflow, systemise your accounts, and make informed decisions with confidence. Let’s dive in!

Study and Training Loans (HELP, SSL, ABSTUDY SSL and AASL)

The government offers financial support through loans for individuals pursuing … Continued

Tax Considerations for Digital Nomads Living and Working Overseas

It’s crucial to understand tax regulations when working overseas to prevent double taxation, unforeseen expenses, and legal complications. Here are some important tax factors for digital nomads to keep in mind.