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?
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.
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.
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.
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.
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.
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.
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.