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Useful information for Xero Users
March 2020
Within the last few weeks,
COVID-19 has
changed our everyday lives in a way
no
-
one could have ever imagined.
B
usinesses are
now
having to
function in a
completely different way
to the norm
by
asking employees to work from home
.
This includes the
business support departments
who
need to access their accounting packages to allow
Directors to
make
quick, informed decisions
.
We have detailed below some of the key features in Xero
and supporting apps
which could help make these decisions as early
and efficiently as possible.
Bank
Feeds - reconciling bank transactions
Using the
open banking feed connection allows transactions to
be
imported into Xero
automatically.
B
ank
transactions can be reconciled
instantaneously
so Profit and Loss reports can show the current position of the business.
Receipt Bank
-
remove the need for data entry
and printing
invoices
.
Invoices can be uploaded, emailed-in or
sent via the mobile app directly to Receipt Bank
.
Receipt Bank extracts the data and
publishes inv
oices to Xero, ready
for reconciling.
The Balance Sheet position of
outstanding c
reditors i
s updated
automatically
.
Cash
flow
reports
-
stay on top of your businesses cashflows
Statements of cashflow
s allow
you to
quickly
report on
how your business has received and used cash within a certain timeframe
.
Report
s can be exported to excel to allow forecasting to be
compiled
.
Due to the nature of the Xero software, updates and changes are released regularly and many of these improvements can be missed. Below we summarise some of the releases over the last few months and comment on how they may help you. We also flag some existing features that you may be unaware of.
Recent releases:
Credit Limits
–
Set and view
customers limits
:
Set credit limits
- Th
ese
can now be
set
in the
customers contact details
, with
a handy overview available
within the contact of credit limit and credit available
.
Raising invoices
–
Customers credit limits will be a
vailable
to view
when raising an invoice
by hovering over the contact name.
Credit limits
ha
d
been an overdue necessity in
Xero,
and I’m pleased
that the feature has now been added. This is an essential tool for avoiding
potential
exposure to
bad debts
,
whilst
also
making
users
who
rais
e
invoices aware of
customers credit limits
and
remaining credit available.
Blank reports
–
Design and build reports
based on individual
business
reporting
needs
:
Create t
ex
t-based reports
with
additional notes and schedules
.
Removes the need to export
schedules
from Xero
to produce reports in a third part app
.
Save
the
se
custom-built
reports to be used again in the future.
Mobile friendly
–
Xero continues to develop its mobile features:
I
ncreased flexibility when
raising
q
uotes
in the
Xero Business App
to allow
either products or services to be selected
,
and the
ability to see total
value of a quote
without having to
go
back to the main quotes screen.
iOS and Android users can now attach files to bank transactions in the app
when
adding a new spend money transaction.
Bills can be added or edited
directly in the app for on-the-go bookkeeping
Quick fire
Xero
Payroll
updates
Employers can now
choose between using BACS or Faster
Payment File
exports
to
pay employees
, with
the latter
processing payments in 2
days
.
Workplace pension
- 3 step process
for setting up workplace pension
s
Unsc
h
eduled pay runs
are
now
easier to identify
with
in the Pay Run tab
As one of the leading cloud
system
advisory services
we have access to and will
test
and
gain a better understanding
of how
these new services
could benefit your business
.
Watch this space.
Contact Us
If you’d like any further guidance on cloud-based solutions for your accounting packages please speak to Nick Middlebrook by calling 0330 058 6559
Email Nick
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Accountancy
Financial Advice
Insurance
Tax Advice
About us
Our Senior Team
Client Care Charter
History of Scrutton Bland
Community Social Responsibility
Cambridge Office
Colchester Office
Diss Office
Ipswich Office
Services
Accountancy Services
Audit
Business Consulting Services
Cloud Based Accounting
Corporate Finance
Independent Financial Advice
Insurance
Internal Audit Services
Private Client Service
Systems Advisory Service
Tax Advice
Sectors
Agriculture
Charity and Not for Profit
Construction
Higher and Further Education
Land and Property
Leisure and Hospitality
Technology
Transport and Logistics
Careers
Current vacancies
Be part of our team
Benefits of working with us
News & Views
Events
Contact Us