The Latest Xero Updates, Winter 21/22
As always, there have been plenty of updates to the Xero platform this winter, and we’re committed to keeping you up to date with them all, so we’ve compiled the latest updates for UK users for you.
We provide a free subscription to Xero for all of our accounting clients, so it’s worth looking over!
Import GoCardless direct debit forms To Xero
Xero has made it easier for you to import active direct debit forms from GoCardless and match them to your contact in Xero, even if they have been created elsewhere.
Find out how here.
Better manage inventory from the list view page
You’ll now see a summary of key information at the top of the page when you click on any product or service item in the inventory list view.
The editing button is more easily available and identical to the item creation page. Before confirming any adjustments, you’ll be shown what has changed and by how much.
Empower employees to set up their expenses
It’s now easier to add an employee to Xero Expenses with their new update.
Employees can be invited to set themselves up for expense management and enter their own bank details, rather than their employer doing this on their behalf, helping to streamline the expense set-up process and ease the administrative burden.
Assign different permission levels in Xero Projects
Xero has released new functionality in Xero Projects that allows admin users to assign staff to different projects and decide what they can and can’t see using different levels of visibility.
You can now mark a project as public or private, so you can control who can see project information.
Connect data from Shopify quickly
To help make the most of e-commerce opportunities, Xero has built a new Shopify app. You can see how much revenue and profit is being made each day, send sales transactions to Xero for easy bank reconciliation, and easily track your cash flow.
View transactions your way to reconcile
To create a consistent look and feel across the Xero platform, they have started rolling out a new update that gives you two ways to view transactions on your bank reconciliation screen.
You can now choose between an enlarged, zoomed-in view, or a compact view that displays more transactions. Simply move the toggle to choose the view that best suits your needs.
Reconcile with ease using machine learning predictions
As part of Xero’s mission to take the toil out of bank reconciliations, they have developed machine learning algorithms that can predict your transactions’ contact and account codes using millions of reconciliations across Xero.
Enjoy more control in your Budget Variance report
The new Budget Variance report is being refreshed with a new design and some updates to help you with your financial analysis.
You’ll soon be able to use the layout editor to format your report and view arrows to help you better understand your budget variance formulas. They’re also including the ability to sort by account code in the new ‘More’ button.
Add ‘More’ detail to your reports faster than ever
To help you discover Xero’s new reporting features, they have replaced the existing cogwheel icon with a single, intuitive ‘More’ button.
Depending on the report you’re creating, some of the options you might notice include being able to quickly add ‘YTD’ and ‘Total’ columns, show or hide decimal places, or opt to display your report on a cash or accrual basis.
Customise your Cash Summary report in a click
The new Cash Summary report will soon include a number of additional features, including more flexible date ranges with comparative options, full layout editor control, visual performance indicators and the ability to save custom reports. Plus, the ‘More’ button will offer the ability to sort by account code, as well as show the percentage of income.
Forecast with confidence using Xero Analytics Plus
You’ll now see a VAT breakdown in your Xero Analytics Plus short-term cash flow projection. This should help you factor these payments into your upcoming cash flow.
If you’re registered for Making Tax Digital (MTD) and sales tax, you’ll now see VAT payable and refundable for both current and previous sales tax filing periods when it’s due.
Streamline file management in the VAT report
If you’re a small business or adviser preparing a VAT return, you’ll know how often you need to view or attach files associated with the transaction to validate accuracy. To help you become more efficient, Xero has added a much-anticipated feature request within the VAT report that enables you to view, attach and delete files with drag and drop functionality in line with the transaction.
Save time with automated pension re-enrolment
To help you manage your important pension re-enrolment compliance obligations, Xero has created a pension re-enrolment workflow.
You can now enter a re-enrolment date, and they will automatically assess and re-enrol the employees within the pay run that includes your chosen date. When you’re close to your next re-enrolment, Xero will prompt you to provide either the last completed date, or the next one.
Enjoy ‘More’ customisation in your reports
Xero has released a new feature that allows you to add ‘Total’ and ‘Year to Date’ columns from the ‘More’ button in your Profit and Loss report.
These will show you an overview of these periods in your report, without the need to build the formula manually in the layout editor. Once these columns are added, they dynamically update in line with other report changes.
Access commonly used reports with one click
New one-click access to common formats allows you to quickly navigate to commonly used date ranges and periods for your income statements and balance sheets.
Common formats can now be accessed from the overflow menu and within the report on a side panel, so you can quickly access commonly used reports without timely customisations.
Use progress invoice templates in WorkflowMax
If you use WorkflowMax, your invoices will now show even more detail about the progress of a job compared to the original quote – thanks to updated fields on the custom print invoice template.
You can add new merge fields that will pull in detailed information about quoted and estimated amounts, previous invoice amounts, total claimed and unclaimed amounts as well as the remaining balance.
Filter expenses in Xero Analytics Plus
If you have Xero Analytics Plus and use business snapshot, you can now customise your table of expenses to include what’s most important in helping you understand how your business is performing.
Quick options allow you to display either the largest expenses or the expenses that have increased the most. You can also select a custom list of expense codes to better fit your needs.
Gain better visibility of repeat invoices
If you’re creating an invoice in new invoicing that has been generated from a repeat template, a notification banner will now appear notifying you of the frequency of the invoice, as well as directly linking you to the repeat invoice template itself. This change will help you to gain better visibility at a glance and stay on top of your invoicing activity.
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