Quarterly Xero Product Updates – August 2020

Quarterly Xero Product Updates – August 2020

Quarterly Xero Product Updates – August 2020

 

Xero Product Updates – August 2020

 

The Xero Product Updates this quarter has mainly followed on from previous quarter, where functionality has been further developed.

 

Catch up with last quarter’s product updates here…

 

Here are our  TOP PICKS from the Xero Product Updates – August 2020…

 

 

Credit Limits For Customers

 

Last quarter saw developments within setting credit limits. As promised last quarter, you can now set Xero up to block the sending of further invoices where a customer has exceeded their credit limit with you. To do this, open the customer, click edit & scroll down to the financial details. In the draft invoices screen, the far right column will show the position on the credit limit.

 

 

Xero Reporting – Short term cash flow report

 

The short term cash flow report has been in beta for a few months, and now this has become available to everyone with a Xero business edition licence.

This is designed to be a functional visual aid, to see where your bank balance will be in the next 7-30 days.

 

Unfortunately, this is still currently only accounting for your overdue invoices & bills, and doesn’t take into account payments where there are no bills (such as director drawings or bank fees). Hopefully, the data used to create this report will improve based on the transactions your business usually undertakes, but as a basic tool, this report can serve up some useful insights.

 

To get the most out of the data, action the “suggested actions” section.

 

Business Snapshot has been available for a while, and hopefully there will be developments soon that will provide even further insights.

 

 

Email To Bills

 

We love this feature, and it works brilliantly as a simplified version of Hubdoc.

 

Check out our insights into Hubdoc from last quarter here…

 

Simply email with your PDF bill attached, to your unique Email To Bills email address (you can find this by looking on the Bills dashboard). This will automatically generate a draft bill in Xero with that source bill document attached. Xero will read the bill & populate the majority of the fields for you. This saves lots of time, reduces errors & means you can become paperless! And it’s a free feature, so win win!

 

If you’d like to find out more about how Xero & Hubdoc work together, please watch a quick video on Xero TV here.

 

 

 

Duplicate Statement Lines Report

 

As it says on the tin. If the bank balance in Xero is different from your bank statement, you’ve looked at your bank reconciliation report & that’s fine, the next place to look is the duplicate statement lines report. It could be that the bank feed has pulled in the same transaction twice.

 

 

Xero Invoicing – add a delivery address

 

If you need to invoice one location (say head office) but are delivering goods & services to a different address, you can now add a delivery address to your invoices, from the create an invoice screen.

 

 

Bank feeds – more up to date?

 

There is now functionality to manually refresh your bank feed at any time.

At the moment, the following banks allow this feature:
Clydesdale
RBS
FirstDirect
Natwest
Lloyds
Ulster Bank
Barclays
MBNA
Tesco Bank
Nationwide Building Society
Capital One
Cashplus

 

The plan is that more banks will make this list. However, if you’d prefer a more immediate bank feed, an app bank such as Starling is a great choice & we can highly recommend it!

 

 

Xero Projects

 

As promised last quarter, you can now enter start & end times, as well as enable time tracking based on your location. This is available on IOS, Android & browser.

 

Also, you can now raise an invoice from an accepted quote from within the Xero Projects App on IOS.

 

The Project Summary Report will show you more financial data on each project. There is also the Profitability Dashboard to show deeper insights on a project by project basis.

 

If you’d like to find out more about Xero Projects, please read more at Xero here.

 

 

Xero & Transferwise – Making Bill Payments From Xero

 

If you use Pay With Transferwise, your suppliers will now see your business name on their bank statement, rather than “Transferwise”.

 

If you’d like to find out more about how Xero & Transferwise work together, please read more at Xero here.

 

—————————————————————————————————-

 

Learn more about Xero

 

We hope that you have found our Xero Product Updates – Augist 2020 blog useful!

 

If you want to receive tips on how to use Xero more effectively, please subscribe to our mailing list here.. (you will also get access to our guide: TOP TIPS to get paid quicker!)

 

And if you’d like to contact us for our Xero Training, please contact us here..

 

Happy Xero-ing folks!

Hayley Bradshaw
hayley@progressionaccountancy.co.uk

Co-Founder & Director of Progression Accountancy - Xero Advocate, helping service & construction businesses to use Xero better

No Comments

Sorry, the comment form is closed at this time.