From May 2015, Xero Partners and their customers who bank with NAB will have coverage of all accounts available in NAB internet banking. Such large ambitions are never simple to deliver. But with the help of virtual teams across our businesses, we’ve developed a game-changing experience for NAB and Xero customers.
What can small businesses look forward to?
From May 2015, Xero Partners and their customers who bank with NAB will enjoy full coverage of NAB accounts. That’s over 200 products and 35 account types. This seamlessly integrated, automated experience gives small businesses a holistic view of their business. It will help them make decisions based on a complete financial picture. All products available in NAB internet banking will be available for Xero Bank Feeds. This includes loans, offset accounts and credit cards.
But we’re not stopping there. The two-way, online authentication opens the door to new possibilities for small business accounting. Our teams connect closely with NAB’s, and Xero will continue to lead innovation in cloud accounting.We’re working hard to bring new features to our product soon. This will allow small businesses to get on with running and growing their business.
Key facts around how we are innovating with NAB
- This is not just an online form like some have experienced before. Feeds are set up immediately and automatically, with data flowing overnight and available the next day.
- NAB is the first Australian bank with core API technology linked to Xero’s accounting cloud ecosystems.
- Xero is one of the first external partners to connect through NAB’s API platform – linking a customer’s internet banking profile to their Xero account.
- The API technology used to connect Xero and NAB has opened up new possibilities. We’re talking linking payroll, processing accounts payable, and speeding up approvals.
So if you’re a Xero customer with National Australia Bank, you’ll be invited to experience direct bank feeds. Simply put, it’s easier to track your finances when you’re on the go.
What happens next?
Read more about Business
Following on from our recent post about many of the ways Xero speeds up your workflow, today we’ve made a few more improvements to add efficiency and accuracy to what you do.
Inclusive/exclusive tax settings
Do you sell to both retail and wholesale customers or suppliers? Are some of your sales invoices inclusive of tax and others exclusive? Good news!
Today we’ve added new tax settings at both an organisation level and an individual customer level. This will give greater accuracy when invoicing and more flexibility when dealing with different types of customers (eg wholesale vs retail).
You can now set sales tax defaults for either Sales or Purchases for your contacts in the contact edit screen:
The majority of businesses in Xero transact on a sales tax exclusive basis. But regardless of the basis you can set your business sales tax settings for Sales and/or Purchases in the financial settings page:
- You’ll still be able to change the tax on an individual invoice/bill etc, however the next new invoice will return to your default tax setting (as listed above).
- The contact default tax setting will take priority over the organisational default tax setting.
We’ll be bringing this option to quotes and purchases orders soon. Keep a look out for it!
Displaying more references
People use the ‘Reference’ field in Xero for all manner of things. However, references are often hidden and you’ve got to go hunting to find them. That changes today! On both the bank rec and account transaction page you now get served up a little more detail about the transactions you’re looking at, including document references, payment ribbon references and check numbers.
Find & Match has an updated look to provide more space for additional references:
At Xero we love bookkeepers (and I happen to be one!). Anyone who has worked in the industry knows what it’s like to open a client’s file and see pages of things begging to be fixed. It’s a grind. As small business owners ourselves, we are always looking for ways to be more efficient.
Until today, you could only make edits to one transaction at a time in Xero. However, with Find & Recode for advisers, up to 2000 line items can be updated at once. Accounts, tax rates, tracking and contacts can be easily updated on both paid and unpaid transactions.
Where you may have spent hours previously, it now takes only seconds to get things right. Xero does the work for you!
This changes the economics of bookkeeping. Cleaning up accounts in Xero is now done at lightspeed.
There are two parts to Find & Recode, the ‘finding’ and the ‘recoding’.
Step 1: Find
Have you ever wanted to:
- filter for all line items associated with a specific account and tax rate?
- ensure that all spent items over a specific amount threshold are correctly coded to asset accounts?
- check the accuracy of items entered by the overly enthusiastic new intern?
- clean up contacts that have been entered in a sloppy fashion? Perhaps: N Gallagher, Noel G, Oasis LLC are all the same contact and need some tidying?
- drill down to line items that have had tracking accidentally left off them?
- or some other simple or not-so-simple selection of line items?
Well, now you can. A full set of search conditions is included so you can easily find exactly the line items you’re after. These conditions include: date, contact, account, tax rate, user who entered the transaction, tracking and more:
All search results are linked to the source transaction; making it easy to review the details of what needs changing:
With the release of the SMSF tax return for 2014 last week, our essential form types on our Australian Tax roadmap are now completed. We now have Individual, Partnership, Company, Trust, FBT, and SMSF. That means Xero Partners can now use Xero Practice Studio for all of their ATO lodgments.
Find out more about recent changes in our Practice Studio Help Centre.
We’ve released several major and minor enhancements this year, plus we’re on track to release the complete 2015 tax return form series in early June.
How do I get Australian Tax?
Australian Tax is an integral part of Xero Practice Manager. It’s available as part of Xero Practice Studio. Our practice tools are completely free for Silver and above partners, or can be purchased for a monthly charge. Continue reading ›
Last week I was honoured to be part of a launch event in Singapore to mark a new alliance agreement between Xero and KPMG Singapore. It’s exciting to have one of the big four global accounting firms as our first Platinum Partner outside of the US, UK, AU and NZ.
What does this mean for Xero?
This new alliance with KPMG Singapore strengthens our presence in Asia. It also further demonstrates an appetite for Xero in our growing global markets.
Singapore is one of the world’s largest city states, boasting a population of 5.4 million in a land mass only 0.26% the size of New Zealand. Singapore has a vibrant entrepreneurial community with many opportunities for SMEs and startups. This is spurred on by its numerous small business, innovation and productivity incentives.
KPMG hosted a launch event for our alliance with Action Community for Entrepreneurship (ACE). The event was hosted at one-north, a shared office space for startups and entrepreneurs. The space is subsidiszed by the Singapore Government. Flanked by Singapore’s leading universities, this space was created house today’s start-up talent and cultivate tomorrow’s business success stories. Continue reading ›
#Human is a value that every Xero holds near and dear. Now the Denver Post believes in the power of #Human, too, and has named Xero as one of the best places to work.
This award holds special meaning. Why? Well, because the Denver employees themselves nominated Xero for the award. Thanks to their passionate feedback (see the comments below), Xero received recognition as one of the Top Workplaces for 2015.
That’s just #Beautiful.
So a round of applause to the Operations, Sales and Customer Experience Xeros inside the Denver office. A big reason we’re a top place to work is because of all of you. Thank you. #YouRock
You can love Xero, too
The Xero team is growing, with plenty of opportunities around the world. Get ready to experience the love: Check out our careers and join the Xero team today.
Check out some comments from Denver Xeros:
“The work that I do is enjoyable, the people that I work with are great to be around, the environment is lively and upbeat, and the management is nothing but supportive and always there to help me do my best work.”
“If I request something that will make my job easier it’s always given. [And I receive] constant recognition from management and support when I’ve gone through some hard times.”
“I never thought I would enjoy going to work. I look forward to doing my job and seeing the people I work with.”
At Xero, we rarely make references to being “financially insecure.” Mainly because we love to focus on the positives of well-organized and balanced business financials. But for the Financially Insecure Entrepreneur (FIE) podcast, we made an exception – and joined as a guest speaker.
And not to overstate this – but this is so cool! Financially Insecure Entrepreneur is a popular resource in the small business community and a great example of how an accountant is educating his audience.
Take a listen as Arthur puts on his (smooth) radio voice and chats about all things Xero, including:
- Is the cloud safe?
- Can you really automate bank feeds?
- What does anytime, anywhere mean?
Listen to Arthur’s Financially Insecure Entrepreneur podcast
Speaking of podcasts, did you know that Xero has a podcast? Yes we do. Please give it a listen and let us know what you think.
It always happens, every year, just like clockwork.
You roll up your sleeves at the start of tax season and prepare to take on the rush. But by April, you’re face-to-face with loads of outdated QuickBooks files, clunky Excel sheets and the dreaded shoebox of receipts. It’s enough to make you loopy.
Chin up! Xero has you covered.
How Xero helps at US tax time
Save your sanity these last two weeks with five Xero features that take the pain out of tax prep:
- Automatic conversion. Break the habit of fixing neglected QuickBooks and Excel files by automatically converting clients to Xero. Free, and found inside Xero Partner Edition, this conversion tool helps you dive into write-up work – fast.
- Xero Files. Bid the shoebox bye-bye. Scan source documents directly into your client’s GL for all-in-one access with Xero Files. And if you have dual monitors, put Xero Files on one screen and Quick Spend Money on the other for fast data entry.
- Cash Coding. Talk about a time-saver! Cash coding lets you reconcile hundreds of transactions with a click.
- Journal entries. Create adjusting journal entries, single or repeating, to balance the books manually.
- Export to tax. Great for Schedule C clients, export client data to TaxACT, Lacerte Tax, ProSystem fx Engagement or CSV.
Partner exclusive plans
Despite the rumors of tax work being seasonal, keeping clients compliant is a year-round job. That’s where Partner plans like Cashbook ($12/month) and Ledger ($3/month) come into play. Perfect for tax clients, these low-cost versions of Xero help attract new clients and keep them organized throughout the year .
Xero Denver outgrew its original office space after 9 short months. Since opening our larger office in Denver on October 31, 2014, Xero has added 18 new employees, with another 10 starting April 6, 2015. The Denver office is exploding! We’re winning. Come help us win more.
Xero is active in the local startup community, and partners with organizations like Built in Colorado and the Colorado Technology Association. Denver was chosen to host Xerocon 2015 in the U.S. at the Denver Center for Performing Arts.
Xero is hiring in our Sales, Customer Experience and IT Operations in Denver. As we shift from an Accounting Software to a multifaceted Business Platform we are looking for smart, energetic people to help make the lives of small business owners easier.
In addition to a cool product suite and a fun environment, we offer competitive pay, work/life balance, growth opportunities and great benefits and perks that are unmatched in the industry. Check out some of our recent photos of Xero Denver’s employees at work and at play.
We are looking for individuals who embody our values: #Human, #Champion, #Challenge, #Ownership, #Beautiful. Think you have what it takes to become the next Xero? Apply today!
- Denver is one of 19 global Xero offices
- Xero has over $100M annualized revenue
- Xero has over 1100 staff worldwide
For more, check out our careers page.
Today Xero in Australia reached another huge milestone. We have achieved over 200,000 paying small business customers.
It was just over a year ago, on 26th February 2014, that we announced that Xero AU had achieved 100,000 paying customers. So it is incredible to see that in just over 12 months we have again doubled our number of paying customers in this market.
Xero’s early commitment to a pure cloud offering that is both simple and beautifully designed is unique. This has generated incredibly strong advocacy in a market where innovation had been lacking for many years. We have always been committed to keeping innovation and simplicity at the forefront of everything we do. We proved that once again with our multi-pronged feature release last week. We have already delivered over 150 new updates to customers so far in 2015.
We are also heavily indebted to the support of our loyal accounting and bookkeeping partners in Australia. These partners are working with us to help change the accounting industry for the better. They help over 2 million small business owners be more efficient and profitable by reducing their administrative burden.
I also want to acknowledge our more than 400 innovative Add-On partners. They have built wonderful cloud software that integrates seamlessly with Xero. You guys have brought game-changing innovation to the SME sector. Not only that, you have also helped incubate a multi-million dollar cloud industry in Australia.
I can’t think of a better time in our journey and want to thank the many people who have helped us achieve this significant milestone.