Last month, some of the team travelled down to London for the world’s most beautiful and innovative accounting conference. It was a jam-packed few days of inspiration and learning, and a great opportunity to find out about more pieces of tech we can use to help our clients to grow.
Xero also announced a host of new product features which will give you a better understanding of what’s going on in your business. From smoother payments to product pilots, the software and app integrations are improving daily, enabling you to do so much more, and get a real insight behind the numbers.
Here’s our roundup of some of the biggest Xero features and exciting new apps to hit the marketplace!
Xero Product Announcements
Xero is in the process of trialling a host of new features, including access to accurate and fast data, end-to-end tax and compliance and real-time insights. And these product innovations will provide you with the tools to work smarter, and spend more time doing what you love.
Plan for the future with Xero’s Cash Flow Feature
Back in September of this year, Xero announced the pilot of their new short-term cash flow tool. Launching in February 2020, the feature will provide a 30-day view of your cash flow performance from within Xero, providing an up-to-date visualisation of your incomings and outgoings. This will be an absolute gamechanger for managing your cash and seeing the impact of future bills and invoices before you’ve even paid them. You’ll also be able to quickly spot cash surpluses and shortages in advance, enabling you to make better decisions.
Get real-time insights with Xero’s Business Snapshot
The Business Snapshot is the next stage of Xero’s Cash Flow Pilot. When we found out about this, we signed up to be a part of the pilot right away! Essentially, the Business Snapshot is a new feature which provides a holistic overview of what’s going on in your business. It visualises key performance metrics such as income, expenses, gross and net-profit, receivables, payable days, cash and balance sheet–all in one view! Giving you a comprehensive understanding of your business at a glance, these insights will enable you to plan ahead and make better decisions. Xero have announced that the pilot will take place in the first quarter of 2020, so watch this space!
Streamline your bill payments with Xero and TransferWise
TransferWise is the new way to manage payments from within Xero. It’s the first bill payment solution from Xero which allows customers to pay bills using their preferred existing bank account, regardless of the bank. These enhanced payments will make it easier than ever to pay and get paid, ultimately improving your cash flow. Pay with TransferWise will be made available to selected customers in early 2020 as part of the beta period. As part of the payment revamp, GoCardless is also being added directly into Xero, offering instalment payments and foreign currency options to customers via direct debit.
At Ashton McGill, we’re big tech lovers. We love helping people find the perfect software stack for their business. And we’re always on the lookout for seamless, user-friendly integrations that will make ours and our clients’ lives that bit easier. Here’s a quick roundup of some of the most exciting fintech apps we got chatting to at Xerocon, the apps we’re currently loving, and some new app updates:
TradeGecko is inventory management and order management software for modern businesses, enabling you to manage your entire commerce and supply chain ecosystem from one central, integrated hub. Perfect for manufacturing businesses, TradeGecko seamlessly integrates with Xero, syncing payments, invoices and purchase orders all in real-time.
Revolut for Business
Revolut for Business is the ultimate business account fit for the 21st century: accounts in 28 currencies, free international payments, and seamless corporate cards. It’s free for up to 5 users and integrates with Xero in just one click.
A2X automates accounting for Amazon sellers and Shopify stores worldwide. Seamlessly connecting to Xero and your e-commerce sales channels, it helps to streamline your workflow and save you valuable time. A2X automatically fetches your latest Amazon settlement transactions, posting summarized transactions to Xero. And if you’re a Shopify user, A2X posts your store sales automatically to Xero, reconciling payouts so you know everything has been accounted for correctly. Automating the process of reconciling payouts, figuring out fees, refunds and adjustments, A2X takes care of all of this in just a few seconds.
Xavier Analytics is a new app which plugs into Xero to help you get even more value out of your financial data. Their Xero Health Check provides accurate and detailed reports about what might be wrong in Xero, including duplications, invoices, amounts. You can then make changes from within Xero at the click of a button. It also syncs with Xero on a daily basis, so everything is always up to date.
Pleo are smart company credit cards that help you control company spending, eliminate expense reports and streamline your bookkeeping. Just snap a picture of your receipt and the app will do the rest! Data is collected through the bank card and auto-categorised, and receipt and expense are matched automatically. The Pleo mobile app will even send you a notification to take a picture of your receipt, in case you forget. In the app, admins can track spending in real-time, set card limits, order new cards, and sync all their expenses into Xero with just one click.
Improvements to Stripe
You can now connect Stripe to Xero as a bank account, eliminating the need for an additional plugin. And it now only takes 3 days for money to come into your account instead of 8, which is even better news for your cash flow!
We’re Xero Award Finalists!
Just as the team touched down in London for Xerocon, we were announced as a Xero Awards finalist for small firm of the year! It was the cherry on top of a fantastic few days, and we’re super excited to head back through to London for the awards ceremony in March. Back in 2017, we setup Ashton McGill with the aim of truly helping people. Helping them build better businesses, helping them build more purposeful businesses, helping them achieve their big, audacious goals. Two years on, and we’re so proud of the community we’ve grown, and we feel truly lucky to work with such amazing people every day. Being announced as finalists really solidified our sense of purpose and we’re so excited for everything that’s to come. Here’s to the next chapter!