Changes from Xero in the last quarter
June 1, 2020
Xero has made some enhancements to its business product that are highlighted below. As a cloud based product, a feature of Xero are that these changes are made without your having to install them, unlike upgrades to IOS, Microsoft and other products.
1. CREDIT Limits for Xero business subscriptions (Starter, Standard and Premium) you are now able to establish a credit limit for each of your customers. This is the amount you believe you can enable them to incur and repay you without concern for loss. It is now a field on their contact record along with address details, email, etc. The limit is added under the Contacts menu item. It’s not yet possible to restrict an invoice being created if the credit limit is exceeded. Xero is still working on this. But in the new invoicing, a warning will pop up if exceeded.
2. EXPENSE Claims when making an expense claim, you can now lodge a claim that does not require reimbursement. This will enable a claim to be raised and matched to a disbursement in a bank account such as a company credit card. You have to have enabled Expenses for this function.
3. HUBDOC, the Xero purchased invoice automation product (an alternative to Receipt Bank) is now available as part of the subscription for the Starter, Standard and Premium editions. Its use will save time in entering invoices for payment and potentially improve accuracy. Retaining the original document of purchase rather than having to attach it is also potentially quicker. Sign-up is pretty easy with your existing Xero login.
4. COVID-19 Business Continuity Hub. You may have the banner at the top of your Xero with the reference Access tools and advice to help your business through COVID-19. This enables you to access Xero’s help centre as a place containing much of the background and areas of support relating to COVID-19 relief measures and other information, although previous communication would also have advised of this. It can be handy to locate while you’re working in Xero.
5. BUSINESS Snapshot. Xero is piloting a dashboard containing key metrics of your business information and results in Xero. It can be reviewed from the top menu option of the Business tab. After viewing, Xero would also like your feedback.
The other item available is the Xero Hour podcasts where business leaders present their thoughts and suggestions on current matters, with a focus at present on COVID-19 related matters. You can register for the podcast via Xero Central, an option to register is in the top right corner.
For more information regarding Xero you can contact us.
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