Quarterly Xero Product Updates – May 2020

Quarterly Xero Product Updates - May 2020

Quarterly Xero Product Updates – May 2020

 

Xero Product Updates – May 2020

 

The Xero Product Updates this quarter have been mainly around supporting businesses through the Coronavirus Pandemic.  There have already been many changes to Xero Payroll over the past month around furlough leave.  And at the time of writing (13 May 2020), we are still waiting for the last parts of these updates to go LIVE.

 

Catch up with last quarter’s product updates here…

 

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

 

 

Setting Credit Limits For Customers

 

You can now set credit limits for customers, and you can now see balances owing & credit limits whilst raising an invoice.

 

Through the NEW INVOICING view, you now get a “credit limit reached” alert.  This is such a valuable function, and can help put a stop to existing debt increasing.

 

You can also set up payment services directly from the NEW INVOICING view.

 

Coming soon … Xero will prevent you from raising sales invoices if the credit limit has already been reached.

 

 

CIS Audit Report

 

When opening the CIS Report, you can now see all the transactions that have taken place within a particular period.

 

 

Xero Expenses – Non-Reimbursed Expense Claims

 

You can now deal with non-reimbursed expense claims in Xero.  These are when the company has already paid the expense by a company debit or credit card.

 

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

 

And check out our previous Xero Expenses Deep Dive blog here.

 

 

Xero Projects – Accepted Quotes

 

If someone has accepted your quote, you can now invoice them directy from within the project itself within Xero Projects.

 

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

 

Coming soon … you will soon be able to enter start & end times to existing time entries, rather than simply a duration.  And, you will soon be able to raise an invoice from an accepted quote from within the Xero Projects App (on IOS).

 

 

Xero & Hubdoc Integration

 

From 18 March 2020, Hubdoc has been included for FREE in Starter, Standard & Premium Xero plans.

 

Hubdoc is a tool that will deal with all of your supplier invoices.  It will extract all of the financial data from the invoice as well as the correct account code, and it will pop them into your Xero (under Bills Awaiting Payment).

 

To get your bills into Hubdoc, you will be given a unique email address to forward them on to.  You can also link up utility companies with your Hubdoc, which means that it will auto-fetch invoices for you.

 

When Hubdoc is set up correctly, it will pretty much eliminate manual data entry.  This can mean minimal errors & time savings.  Because the original document invoices & transactions are stored in Xero, you can be PAPERLESS!  No more keeping paper receipts – free up your space once & for all!

 

If you have more than, say, 15 bills each month, using Hubdoc (when set up correctly) has the ability to save time.  Regardless of the number of bills you have (when set up correctly) Hubdoc will deal with bills from the same supplier consistently.

 

If you have less than, say, 10 bills per month, the Email To Bills feature can work just fine.  However, this is a manual process for you to deal with the data, it will take time & there is scope for errors & inconsistencies.

 

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

 

 

Xero & Transferwise – Making Bill Payments From Xero

 

Transferwise is a tool that will allow you to make bank payments to suppliers, straight from your Bills Awaiting Payment in Xero.

 

This works by you creating a Batch Payment, using a Transferwise Bank Holding Account as the payment method in Xero.  At this moment in time, you will still need to manually go into your online banking & make a transfer of funds to your Transferwise Bank Holding Account.  Xero are working on making this step automatic.

 

Hooking up Transferwise with Xero will be FREE until 31 July 2020, charges will then depend on the number of payment transactions you make.

 

Is Transferwise is a good tool to use?  I think it depends on how you currently pay your suppliers.  It could be really good if you’re making 30+ supplier payments each week.  It will be quicker to do one batch payment in Xero using Transferwise, rather than needing to do lots of different payments to different suppliers in your online banking.

 

If you’d like to find out more about how Xero & Transferwise work together, as well as the costs from 1 August 2020, please read more at Xero here.

 

Xero Reporting – Short Term Cash Flow, Business Snapshot & Loan Report Packs

 

Short term cash flow reporting will soon be available (we’re involved in the Beta).  It still needs some development, but when it’s rolled out, this report should provide rich data on your short term future cash position.

 

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

 

Reports are available within Xero that can help you to apply for the Covid-19 CBILS Loan or the Bounce Back Loan from your bank.  These reports are designed to provide the bank with the financial data they need in a format that supports the application process.

 

 

Xero Mobile Updates

 

I love to see updates to the mobile apps!  The more we can do, very quickly from our phone, the better!

 

As with all apps, please ensure that all of your Xero Mobile Apps are updated:

 

  • You can now attach files when reconciling items on the bank account.  It will pop up as a “spend transaction” screen (IOS & Android).
  • There have been improvements to the Quotes screens, making it easier to do & send quotes from your phone (Android).
  • You can now create CIS invoices.  It will ensure that the CIS deductions are posted to the correct account code, meaning you can do your monthly CIS return quicker (IOS & Android).
  • You can now deal with non-reimburseable expenses, see above (IOS & Android).
  • When doing mileage claims within Xero Expenses, you can now enter the start & end location postcodes, and it will create the journey map (IOS & Android).

 

 

Learn more about Xero

 

We hope that you have found our Xero Product Updates – May 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

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