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The Innovations Team Picks Their Top 5 New Features in Xero

Article By Adam Hurwood | | Accounting & Tax
As Xero Silver Partners, we were given the opportunity to attend the Xero Roadshow earlier this month at the Brisbane Convention and Exhibition Centre. Xero has announced they’re focusing on improving cash flow by minimising double data entry and also providing more insight by increasing the data feeds available in Xero. The excitement from Xero staff was apparent throughout the day, and the buzz at the venue showed users are just as excited to continue to experience the ongoing evolution of this system. Of the highlights, below are our top 5 picks of things new features that have been released or are coming soon to Xero:

Intelligent Balance Monitoring
Reconciling Payments is going to get a whole lot easier, with a simple system for defining rules for assigning frequent payments, and also more intelligent systems to determine where a payment should be allocated. This will mean less time spent on assigning payments for commonly received items, and also easier assigning of payments thanks to Xero recommending what it thinks the payment is.

Loan Applications
An interesting addition to Xero will be the ability to apply for loans directly within the system. This will greatly aid in streamlining the process of loan application, preventing the need to visit your bank’s website and trawl through their systems. The system will allow for the entire process to be completed directly from within Xero. Currently only NAB is available for this feature, however Xero will likely continue to expand this with more partners in the future.

Xero Me
Xero has been hard at work on its mobile app Xero Me – an app that allows employees to apply for leave and view payslips right from their mobile devices. Now updated to version 2.0, it is possible for employees to also create, view, and edit their timesheets. This provides employees with a far more convenient way to complete timesheets, with the power always in the palm of their hands. This latest version is currently only available to iPhone, but will make its way to Android sometime soon.

Interactive Quotes
Quotes and Invoices in Xero can be seen as somewhat static in their current state; the invoice is created, emailed to a customer as a pdf, then they have to use their own method of paying for them. Xero is looking to make client communication such as this far more seamless, and without the need to use any 3rd party systems. Through the use of the mobile app, invoices and quotes can be sent straight to the customer, with a method of paying using their nominated method. A similar system is also being made available to financial officers, allowing for client documents and other correspondence to be sent directly through the app and authorised by the client, thus keeping all communication within Xero.

Business Performance Dashboard
The current business dashboard does not give very effective insight into how your business is performing. It shows cash flow… and that’s about it. Xero is looking to revamp this feature, to make it more of a performance dashboard rather than just showing how much money is coming in and going out. Stats such as profits, losses, and overall business position will become available on the new dashboard. This new dashboard could prove invaluable for keeping on top of your business’ strengths and weakness.

Overall this is set to be a big year for Xero, with more than just our Top 5 being brought to the table. Xero has over 100 developers working to make their software the very best it can be for everyone.

If you would like to make the change to Xero, or are just looking for advice on how to better utilise it, please don’t hesitate to contact our helpful team.