Say hello to the new Xero Expenses

Say hello to the new Xero Expenses

Say hello to the new Xero Expenses \ Expense claims are the simple truth of running most any business. From gas, flights, meals, supplies, and everything in between – there are countless expenses that need to be reimbursed to the folks who work at the company. But it’s amazing how the simple task of reimbursing employees turns into a paper-filled/process-filled/follow up-filled back-office nightmare. Not anymore. Today, we are excited to announce new Xero Expenses to tackle these issues all inside Xero. That’s right, starting today, you can try new Xero Expenses within your practice organisation. Now accountants and bookkeepers can access powerful analytics and flexible controls to provide valuable advice and support to their clients around expense claims. For example, accountants and their small business clients can snap photos of receipts and automatically create that expense claim in Xero – without ever touching a scrap of paper. The new Xero Expenses can then provide reports and analytics to help better understand spending patterns. What’s new in Xero Expenses? You’ll notice a cleaner and easier to understand user interface, simplified workflows, powerful analytics and – most importantly – integration into accounting with automatic journal entries and payment through bills. This robust feature lineup gives accountants, bookkeepers and small businesses all the tools they need to process expense claims, analyze spending patterns and communicate and connect with their clients – quickly, simply – on one platform. For you, this means better insights and support for your clients … not to mention less steps and reduced costs. All told, the new Xero Expenses can help your practice flourish and grow. Read on...
Top 5 tips for saving money when you work for yourself

Top 5 tips for saving money when you work for yourself

Savings are vital for people who work for themselves. For many self-employed people, cash flow can be erratic, and you don’t get the same job security as those with full-time employment. Painless life hacks are one way to help get your finances in shape. Being able to put something aside is the first step to being in control of your money. Unless you’re paying off expensive debt such as credit cards — in which case that should be your first priority. Research shows that 16 million people in the UK have less than £100 stashed away in savings. That’s according to recent research by the Money Advice Service, which is a government-backed organisation that aims to help people make good financial decisions. The same study asked people with low savings what kind of help or advice they would find the most useful. The most popular answer, selected by 55% of people, was: “Show me how I can save without impacting on my lifestyle” This seems like a fair request. So without further ado, here are our top five life hacks for saving money without compromising on the way you live your life. 1. Make the most of compound returns Compound returns are often referred to as the eighth wonder of the world. The concept is simple. In the first year of investing you generate returns on your initial investment. In the second year you invest the capital plus the returns, and you generate further returns on the total. And so it goes on, and your money snowballs into a pot that you can eventually retire on. But most people underestimate...
Xero partner certification: A new way of working

Xero partner certification: A new way of working

“Why should I spend my time completing certification? How will it help me do my job? I’ve got more important things to get done in my day than do that.” To help address some of these reservations, and showcase the countless timesaving benefits of learning all of Xero’s timesaving features, here are my top 5 feature examples covered in Xero Certification that you might not know existed: Conversion balances: ­Learn about some of the common scenarios that occur when setting up Xero. From unpresented funds right through to multi-currency balances, the conversion balances are the most important feature when first starting out. If these aren’t correct, none of the balances going forward will be either. Bank rules:­ Use this to create rules that automatically code statement lines to the general ledger. For example, splitting a monthly loan payment between a principle figure and the interest amount. All you have to do once it’s in place is click OK. Online invoicing & payment services: ­Find out how you can integrate a wide range of payment services with Xero, and then assign them to a branding theme. Once you’ve done this, use the Online Invoicing link to open up a whole range of different features. From facilitating payment online, collaborating with the customer in real time, right through to seeing if the customer has actually viewed the invoice. Files: Take a look at the Files Inbox, where you can use the email address to forward over an attachment, then use this to create a new transaction in Xero. A good example might be a PDF copy of a bill. Not only...
Top 5 reasons why small businesses should pick Xero

Top 5 reasons why small businesses should pick Xero

A few years ago, who would have thought you could be watching your kids play sports while keeping on top of your business’s finances? All from a phone in the palm of your hand? Or that you could be traveling – across town or across the world – and be able to login to your accounting software and see where your business stands at that precise moment in time? As we reach the end of National Small Business week, it’s important to reflect on how technology plays a pivotal role in most small businesses and, for businesses using Xero, how you can take advantage of its capabilities to achieve your business goals. If you’re a small business owner, here are five reasons you should use Xero to help you run your business. 1. Work where and when you want to Whether you want to use your smartphone or tablet, or your PC or Mac, Xero lets you keep on top of your business finances wherever you are. Xero also works hard to ensure you – and anyone else who needs to access your finances – are working off the same data, wherever you are, whenever you want. 2. Improve cash flow and get paid faster Every business needs to get paid, and Xero equips small businesses with tools you can use to get paid faster. Go beyond “traditional” printed invoices and start using online invoices. Rather than send your customers a PDF file – or, worse, a printed document – you can send them an online invoice. The advantages? Not only is it faster, you can also see whether...
Assurance Dashboard puts advisors in control

Assurance Dashboard puts advisors in control

Internal controls are built right into Xero. They’re designed to make sure the accounting system is being operated properly and to assist with identifying errors and anomalies. Now the Xero Assurance Dashboard makes those controls highly visible so you’ll get an alert to transactions or occurrences that need attention. Continuous assurance becomes a reality Xero lives up to its mission to provide really useful business tools by using technology to do the heavy lifting with the release of the Xero Assurance Dashboard. Coupled with Xero HQ, it’s set to become the benchmark for the accountancy tools needed to deliver exceptional service to clients. Most accountants typically review a client’s accounting transactions once or twice a year, which may not be often enough to provide timely assistance to your clients. In this situation, anomalies are difficult to spot and often the effects of errors or tampering don’t show up until it’s too late. If you’re doing the accounts and no more, they may not be found at all. Now, thanks to real-time data flows, automated bank feeds and the assurance dashboard, you can help clients identify potential internal control issues continuously throughout the year. The assurance dashboard in Xero increases transparency. It brings together the key information needed to monitor the accuracy and integrity of your clients’ financial data, in one place. You can quickly identify and fix errors, or uncover activity which may not be in your client’s interests. With data feeding into Xero from reliable sources including banks, other financial institutions, bills and invoices and applying coding rules, we can rely more and more on transaction details being accurate. Continuous...
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