04 Feb Xero News – key things for 2020
Xero News – key things for 2020
Wondering what’s on the horizon during 2020?
Here is our Xero News – KEY THINGS FOR 2020 – from Xero’s recent “accounting trends for 2020” blog, as well as from last November’s Xerocon event.
Taking Care Of Cash Flow
This year will see Xero build on their in-product cash management reports & tools (which is currently in beta). We signed up for the beta program back in November last year, and are now Xero Cash Flow Specialists.
Cash flow forecasting & management has always been an important process for any business. Not only in terms of meeting costs from suppliers & taxes, but also in terms of being able to invest in business growth (for example, new equipment or taking on staff).
We hope that this functionality will soon be able to provide you with some much needed data on your cash flow movements. However, if there are gaps in this data, there are a number of apps already available that can provide this information, as well as smart forecasting. Xero’s development in machine learning & insights will be able to help us recommend the most suitable app for you based on your business needs.
Open Banking – EU Standards Taking Effect On 14 March 2020
The new requirements came into effect on 14 September last year, and the 6 month adjustment period given by the UK regulator means that 14 March 2020 will see the new EU standards come into force.
Essentially, it means that you can safely & securely access your financial data (eg, your bank), and easily share it with trusted 3rd parties (eg, Xero). Because your banking data is your intellectual property, Open Banking puts more power back in your hands.
Practically, once the bank feeds have been moved to open banking direct feeds, you’ll need to re-authenticate that link between your bank & your Xero every 90 days.
If you’d like to read more about open banking, please see our blog here..
Xero introduced their “Email To Bills” feature to save you time (where you email your PDF invoices straight into your Xero using your unique email address – see your purchases dashboard). Developments last year included machine learning (Xero learning what you type in the description, account code, etc, and then automatically doing that entry for you next time it sees a bill from that supplier).
Having tools in place to automatically process your supplier invoices & costs is key, in terms of increasing the accuracy of your data (because its entered correctly & speedily first time) and saving you a shed of time (because Xero does it all for you).
Last year also saw Xero acquire Hubdoc, so we expect to see quite a lot of developments in this area during 2020, as Hubdoc technology is integrated within Xero itself.
Other Xero developments to watch out for during 2020
The best of the rest:
- Stripe payouts reduced from 7 days to 3 days – if you offer Stripe as a payment option, then the delay between your customer paying using Stripe & you receiving the money from Stripe will be more than halved.
- Developments with Xero Pay – which allows you to make bank payments straight from within Xero. We expect this to be developed even more as Open Banking comes into force.
- Transferwise – which allows you to make international payments.
- Gocardless – which allows you to take payment for recurring sales invoices from your customers by direct debit – this will be brough into Xero as an in-product tool during 2020.
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Happy Xero-ing folks!