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Xero Product Updates

Xero continuously strive to better improve their product and have released some exciting new features over the last few months, which we are keen to share with you. 

We’ve picked out our favourite features and listed them below, however there are many more alongside this and the full list can be found at: https://central.xero.com/s/article/Xero-Releases#2020

Pay with TransferWise

‘Pay with TransferWise’ is a simple, fast and secure method to pay multiple suppliers in one transaction. Designed to eliminate the manual process of preparing and uploading a batch payment file, or sending individual BACS payments, Pay with TransferWise offers a more automated and streamlined process. 

Pay with TransferWise is now available in Xero for free until 31st July 2020* and works with any UK bank accounts with the ability to make a bank transfer.

*Standard pricing will apply from 1st August 2020

WR comment – Since the announcement of this feature in late 2019 we’ve been very excited for it to be launched to all users of Xero starter, standard and premium editions.  For businesses who spend a lot of time making supplier payments and matching these in Xero Pay with Transferwise could save a significant amount of time.  Please contact us using the details below to enable this feature.

Business Snapshot

The Business Snapshot provides an overview of profitability and efficiency, aimed to help you better understand the financial position of your business. It works best if you have at least a couple of months’ worth of data in Xero and you keep your data as up to date as possible. 

Your ‘Business Snapshot’ can be accessed from the ‘Business’ heading in the taskbar.

WR comment - This is a great new feature from Xero to display high level insights into monthly, quarterly or annual financial KPI’s on one page.  We’re able to take this dashboard view a step further with the use of additional software integrated with Xero, please contact us to discuss.

Short-term cash flow projection

A short-term cash flow feature is now available in Xero, projecting your cash movements and net balance 7 or 30 days in advance. Used in conjunction with the Business Snapshot report, it can help you manage future cash flows better.
Similar to the Business Snapshot, your short-term cash flow can be accessed from ‘Business’ in the taskbar.

WR comment – This is a really useful report to see a short-term projection of available cash, based on your set expected payment dates against outstanding customer invoices and supplier bills.  As with the business snapshot, we can take this a step further with additional software, please see here - https://www.whittinghamriddell.co.uk/news/free-software-our-clients

Credit Limits

A much-anticipated feature, you are now able to set credit limits for customers to keep track of what they owe you.  In addition, Xero will display a notification message when attempting to raise sales invoices for customers above their limit.

WR comment – This update has been requested by a number of users for some time so it’s great to see it’s now available within Xero’s new invoicing experience.

If you would like to find out more about the new product releases, please contact a member of the Digital Solutions Team T: 01743 273273 E: cloud@wrllp.co.uk

 

28 May 2020 | Written by Andrew Richardson and Sally Fisher from WR’s Digital Solutions team

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