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Heavy hitters – it’s a new Profit and Loss

We recently released new reports as well as newer versions of reports that did, offering features that previously didn’t exist. We’ve already gotten feedback that these reports are making a difference to people. However it’s the heavy hitters, the core financial reports, which really shine – welcome to the new Profit & Loss.

The Profit & Loss is our next big step towards making the core financial reports in Xero the best in the world. There are lots of great aspects to this release, I’ll go over the headlines and look at some of the hot button topics we know you care about. This video provides a good overview of what our new reports have to offer.

As with all new reports, the Profit & Loss uses convenience dates to quickly select from a number of commonly used date ranges. Under Report Settings there is a selector for cash or accrual basis, as well as the number of columns you want to show on the report. Like all new reports, if you save a template, the next time you run the report it will remember the last settings. The on-screen version of the report and the PDF are better spaced with a huge focus on improving the readability.

Most importantly, behind that innocuous grey Edit link, there is a new layout editor. It does exactly what it says on the tin and lets you lay out the order of groups and accounts on your report in just the way you want. It uses an intuitive drag and drop interface, and allows you to do some things which haven’t been possible in Xero before.

 

Header groups

First, you can now create top level groups/header groups. Previously you had to Continue reading ›

 

New Xero features out today

Last month I was at Xerocon Sydney where we announced some of the new Xero features being launched over the next three months. Well, it’s only a few weeks later and the first of these features are live – it’s how we roll.

Batch deposits

For those of you dealing with customers paying by check/cheque or paying multiple invoices at once, this feature will be a huge time saver. Hopefully it will also put a smile on the faces of those waiting for this feature on Community.

Batch deposit is the accounts receivable equivalent to batch payments. From the Sales dashboard, simply select the invoices to be paid and press the ‘Deposit’ button.

Once you’ve confirmed the batch, payments (or part payments, if you’ve adjusted the amounts) will be created for the selected invoices – no more need to drill into each individual invoice (yes!).

deposit

Deposit slips

If your batch deposit was created from a number of checks/cheques, you can choose to print a simple deposit slip to take to the bank.

Receipts (invoice payments)

Another much requested feature, receipts can be sent to thank your customers for invoice payments. These can be initiated from a batch deposit, where a separate email for each unique customer will be created, or from any single payment record.

Xero will attach a copy of the receipt to each receipt email. Receipt documents can have their layout edited – so you can easily apply your branding. You can also customise the standard text used for the email body from the email settings.

Note that we don’t yet support sending receipts on cash (Receive Money) transactions – this is something we’re considering for a future release. You can add your weight to the Community request for this.

receipt

More new reports

Head on over to the new, and growing, report centre, for all the latest reports. We’ve already talked about the new Aged, Depreciation and Account Transactions reports and today we’ve added a couple of new ones. Continue reading ›

 

Unplanned outage: Friday September 5 – UTC 05:10 (resolved)

We wish to apologise for the unplanned outage today from 05:04 to 05:10 UTC.

The outage was caused by an error in our preparation activities for an upcoming release. We endeavour to ensure Xero is always available and apologise for any inconvenience this caused our customers.

 

We’re banking on doing even more for our SME customers

When I took on the job of Banking Relationship Manager for Australia just under a month ago, I was overwhelmed with the positive response that the introduction of this role to Xero had received. So much hard work has been put into cultivating Xero’s relationships with financial institutions to date and I am thrilled to take this on at such an exciting time.

Having worked directly with Xero customers in the past, I can appreciate the importance of digital banking data to our small business owners – manual processes associated with bank reconciliation have quickly become a thing of the past. Witnessing how the day-to-day practices of small business owners have evolved to embrace technology and how large organisations, who provide services to these businesses, have responded to accommodate this has been impressive. Our customers now expect their financial data to flow seamlessly between their banks and their accounting platform and financial institutions in Australia have started to understand this.

We were delighted to have Macquarie and Bank of Queensland join us as exhibitors at Xerocon in Sydney as it demonstrated the value that the banks place on the influence of Xero’s accounting and bookkeeping partners.

Macquarie and Bank of Queensland exhibited at Xerocon Australia 2014

Continue reading ›

 

Xero needs your vote!

We’re excited to say that Xero has been nominated for two key accounting and small business awards.

To help us win, please take a few seconds to vote via the below links. And spread the word!

Thank you.

Vite for Xero in accounting and small business awards

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Sleeter Awesome Award – You can vote once per day, ends October 2nd 2014

This award recognizes the companies that are helping small businesses and accounting professionals develop efficient business processes through accounting software. Each year, the Sleeter group recognizes those products that deliver “awesome value.”

Small Business Influencer Award – You can vote once only, ends September 15th 2014

This award honors companies, organizations, vendors, apps and people who have made a significant impact on the North American small business market.

 

 

Our new UK HQ is go!

We’re pretty damn excited about our move to a brand new UK HQ in Milton Keynes. On 1 September we moved into our incredible space in Bank House. So we thought it was time for an update and a sneaky peek at our new, improved home.

Oh, and did we mention that we’ve moved to a new London office that’s over twice as big as our old one? Well, read on and I’ll tell you more…

Xero UK team 2014

An amazing new space to work

Our Xero UK team has grown massively over the past year, so it was clear that we needed a bigger, better and brighter office to really help us make the most of our people. We also wanted somewhere we can work more closely with our partners and customers – creating an inspiring place to work and collaborate together has been central to our aims for the new HQ. And, I have to say, things are looking great in the new space. There are so many different options for collaborating together – hot desks, traditional meeting rooms, informal booths, break-out spaces, stand-up desks and even a bean bag area if that takes your fancy. Continue reading ›

 

Putting education at the heart of your business

If someone asked you to name the most important areas in a business, you’d probably think of functions like sales, customer service, finance and human resources. These are all fundamental parts of any company, but there’s another that’s equally as important – education!

The importance of education

Educating your people, training them and improving their skills and understanding is an absolutely vital part of getting your business’ people strategy right. And, here at Xero, we understand how helpful, flexible education can really make a difference to your end experience of cloud accounting.

 

Mike-Day-Pic-524x600 (1)

So, over the past year we’ve been expanding, fine-tuning and re-working the educational resources that we offer to our customers. We want to make it as easy as possible for small businesses and accounting practices to get the most from Xero. No one approach will work for everyone, so we’ve put together a suite of educational tools that offer a real variety of different solutions.

So, what’s on offer if you’re looking to learn more about Xero? Let’s take a look.

Xero U – your one-stop shop

Xero U is your starting point for all our educational tools. It’s the one-stop shop where we’ve gathered all our different learning channels together. We understand that everyone has their own preferences for how they like to learn – some may like to watch a short how-to video, some may like a series of computer-based teaching, some may like to take part in a webinar. And Xero U is there to bring all these options together. It’s about learning at your own pace, on any device from wherever is convenient to you.

And we know that Xero U works. Getting your staff trained, certified and razor sharp with Xero has a significant impact on the efficiency of your business – whether you’re a small company using Xero directly, or an accountancy practice working with Xero clients.

Continue reading ›

 

NZBN a step closer to reality – have your say

New Zealand Business Number (NZBN) is one step closer to reality, with late last week the government releasing a draft of the proposed legislation ready for your feedback.

nbn

 

NZBN is a significant element in simplifying how you work with government. Under the proposed legislation, all businesses, government agencies and not-for-profit entities in New Zealand will be eligible for a unique NZBN. Once the NZBN is fully implemented, you’ll only have to provide government with your core information once. This information will then be automatically shared across agencies using the NZBN to identify you.

As accountants this is your chance to give feedback on something that means you can spend more time doing what you do best, and less time worrying about interacting with government.

The Ministry of Business, Innovation and Employment (MBIE) is looking for particular feedback on:

  • who should be allocated a NZBN
  • what information should be linked
  • the rules around using the NZBN
  • how to ensure information is protected

NZBN was initially allocated to companies; however around half of New Zealand businesses are not companies so this next stage of public consultation is on the detailed rules of which businesses should have one and how they can go about getting one.

Because Xero is passionate about supporting New Zealand small business, we’ve been working hard for a more streamlined approach to connect businesses and government, and we were pleased to host the launch at our offices back in March. Now we’re really excited that NZBN has made it to the next stage, and we encourage our partners to get involved and have your say before the final Bill is introduced.

To find out more, head to http://www.mbie.govt.nz/about-us/consultation/nzbn-bill-exposure-draft

 

Doing business in the cloud or halfway up a mountain – tomorrow’s entrepreneurs confirm the desktop is dead

Spend a few moments chatting to anyone under the age of 25 about technology and you might find yourself struggling to keep up. Digital-native teens and twenty-somethings are lightning-quick when navigating their way around new software and devices. They know all about the latest and coolest apps well before the media and – excitingly – aren’t afraid to use them.

Like the rest of us, they will no doubt make mistakes in their careers, as well as face financial challenges. Yet, in an age where cloud technology and super-smart devices are evolving at an unstoppable pace, there are a world of opportunities for tomorrow’s tycoons.

Gary Turner, MD of Xero UK

Picking up the technology mantle, they can do business in new ways, or take a chance and follow in the footsteps of the current generation of entrepreneurs and venture into untapped markets and sectors.

Recently, we commissioned a poll of around 500 people aged 16-24, which revealed some interesting insights about how they think – and where the future of business technology is headed.

What came across loud and clear is that the desktop is dead. The new generation of digital natives also want and, in most cases, will expect to access all files and documents, speak to customers and associates and run an enterprise from anywhere – whether it is in the street or half way up a mountain. Continue reading ›

 

MarketInvoice: getting the money you need to grow

Businesses that sell to other businesses often see cashflow issues when they’re waiting for invoices to be paid. With MarketInvoice, a recent addition to our Add-on Marketplace, you can draw down a large percentage of an invoice on day one, rather than having to wait for payment from your customer.

That’s money that can be ploughed back into your business, so you can focus on growth rather than cashflow management.

Applying to use MarketInvoice is quick and hassle-free; it takes 15 minutes to apply online and only minutes to upload invoices to trade. And because MarketInvoice is now integrated with Xero, this process is even faster. It’s a pay-as-you-go service, so you only need to pay when you need help with your cashflow. You can see all fees upfront, and there are no debentures or personal guarantees.

Who’s MarketInvoice for?

MarketInvoice is aimed at UK businesses that sell goods or services to large corporates (revenues of over £50m) or the public sector. Clients normally have at least six months trading history and at least £100,000 in turnover, but MarketInvoice also serves businesses with over £100m in turnover.

Businesses that use MarketInvoice come from across the UK and operate in a range of sectors. Around 30% of these businesses do so to fund their export contracts. The service suits high-growth businesses, as well as those without fixed assets (mainly service and software businesses).

How does it work with Xero?

MarketInvoice integrates with Xero to streamline both the application process and the uploading of invoices for sale.

You connect to the MarketInvoice Xero portal and click ‘apply through Xero’. Then you log in (if not already logged in) to your Xero account and an application form is pre-populated with data from Xero. Set up a password and contact number and click apply. MarketInvoice will get back to you within 24 hours (usually 20 minutes) to let you know if you’ve been approved.

Once approved, businesses can access the MarketInvoice platform directly from Xero and sell selected invoices in just three clicks. Funding will be advanced within a couple of hours.

How do I sign up?

At the moment, only UK businesses can use MarketInvoice, although you can use the service to fund your overseas business.

You can sign up for MarketInvoice by clicking ‘Apply through Xero’ on their website. Signing up is fast and risk free. If you decide you don’t want to use the service, that’s fine. You’re never charged a penny. There’s even a handy cost calculator where you can work out what size funds can be transferred, based on the size of your invoice. It’s simple, fast and effective.

To find out more, just visit the MarketInvoice website here.