Xero is one of the accounting software that we believe can help our clients make it count by providing clarity, real-time information and by helping to keep your accounting #beautiful. Xero recently had their annual Xero Road Show, a half-day conference highlighting the changes, updates and information that we need to know about Xero to have the best knowledge for you, our clients. This year, Hannah, Jason, Nataliya and Jodie from the Walker Hill team went along to find out more. With an overarching theme of Adding Up, Xero kicked off the event with explaining how they see the small things that happen every day adding up to can add up to something great. Find out what the team learned from the conference that will be relevant to you as a Xero user below.
HubDoc & Xero Joining Forces
The receipt reconciling and data storage system, HubDoc and Xero are teaming up to create a better user experience with better data, access and value. With new machine learning which improves to accurately sort receipts and reduce time, easy one-log-in-from-Xero access and great value with Xero and HubDoc will be joining forces and will be included with all starter, standard and premium Xero account users from 18 March 2020.
What does this mean for me? You will find it easier to input receipts and will have the great value-add HubDoc available to use. This will also let you easily provide valuable information to us, your accountant and bookkeeper with a lot less effort.
Direct Notice of Assessments
Xero is also giving some of the functionalities that we use as accountants a face-lift to improve efficiencies, reduce human error and get better visibility around your numbers. One change is around how we will be able to receive Notices of Assessments (NOAs). Soon, all NOAs will feed directly into a program that we use, Xero Tax, where we can view, review and print.
What does this mean for me? This means that there will be faster turnaround times for you to receive your NOAs. Currently, we rely on a manual process to email your NOAs to you. This new process will save time, improve our review process and mean a faster turnaround between lodged tax return and NOA for you.
New Document Packs
You may be familiar with our current document collation system and e-signature capabilities thanks to DocuSign. Xero announced that they will be giving us the capabilities to collate your important tax information all within Xero and allow you to securely view, review and sign all using your Xero Portal.
What does this mean for me? Not only will you have your tax work in one easy to access space, but viewing, reviewing and signing documents will become easier and faster. Keep an eye out for the new Document Packs coming soon.
Short-Term Cash Flow Forecasting
Soon, Xero will enable us to view another short-term cash flow forecasting dashboard, allowing us to hone in to 7 and 30 days cash flow areas. This snap shot will be perfect for forecasting bills, payments and other cash flow items in an easy-to-view way.
What does this mean for me? Greater clarity around your short-term cash flow position. This will become a snap shot into your longer-term cashflow and will feed through real-time data for a complete view of where your finances are heading.
This year’s Xero Road Show didn’t disappoint and was crammed with exciting new releases, motivational idea and thrilling things to come. We always appreciate having the opportunity to go to events as a team, network with other industry professionals and find out more about how we can help our clients make it count.