Xero News December 2021
The latest in product, ecosystem, partnerships and business at Xero
What we’ve been working on
Joining forces with Shopify to support small businesses globally
Last month, we announced an exciting new integration with Shopify and joined the Shopify Plus Certified App Program.
The integration combines Shopify’s sales tools with
Xero’s powerful accounting functionality, giving customers a better view of business performance and easier ecommerce. These are important steps towards solving common customer pain points and demonstrates a commitment
to helping ecommerce sellers get started, grow, and increase efficiencies.
The new Xero & Shopify integration is now available in both the Shopify App Store and the new Xero App Store. This enables Shopify’s more than 1.7 million merchants to discover Xero’s global small business platform.
The acquisition of LOCATE Inventory
We also announced the acquisition of US cloud-based inventory management provider LOCATE Inventory (LOCATE).
The acquisition will embed LOCATE’s inventory and ecommerce talent and capability within Xero. This will help meet increased small business demand for inventory tools that improve their financial performance.
Using LOCATE’s inventory-accounting workflows, our enhanced inventory solution will help small businesses track and manage inventory in real time across multiple locations and channels (including a number of our ecommerce partners), to better serve their customers and improve their financial performance.
The enhancements to our existing inventory solution are expected to launch to US customers before being made available in other markets.
XERO NEWS – DECEMBER 2021
We’ve made a number of updates on the Xero platform over the past month.
Reimagining design at Xero
As we continue revamping the technology that underpins our platform, there have been a number of design changes across Xero. Rachael Powell, Chief Customer Officer, spoke with Emily Henlein, EGM Design, about how we design for customers at Xero and what design changes customers will see in the months ahead.
These include updates to the ‘import’ workflow in contacts, a newly refreshed Hubdoc design and new sorting functionality added to the Xero Accounting app.
It will also include a new way to look at bank reconciliation transactions and a fresh look for our inventory solution, history and notes report, and bank rules edit screens.
Watch the video
EGM – DESIGN
Reconciling with ease using machine learning predictions
As part of our mission to take the toil out of bank reconciliations, we’ve developed machine learning algorithms that predict the contact and account codes of transactions using millions of reconciliations across Xero. We are rolling out this functionality in a phased approach and it will start to reach our users soon.
Planning made simpler in Xero Projects
We’ve created a new project report in Xero Projects that includes details on financial transactions. The new project report will help users keep track of expenses against budgets and will be easily accessible from within the Xero Projects page.
Enabling quick access to your reports
Our new report centre allows users to quickly access their favourite new reports, common formats and older versions of reports from the top of the page or Accounting menu.
Reports are grouped under clearer headings, and users can toggle report descriptions on or off.
We’ve also enhanced our search functionality, so users can easily search for a report even if they don’t know the name. The new report centre will be available in NZ and Canada first, followed by other regions in the months ahead.
New Executive Summary report
The new Executive Summary report will soon be available in the new report centre and include a number of new features that our users have requested, including more flexible date ranges, more comparative periods and the ability to add commentary text. Users will also have the ability to save custom reports. This report will be available to customers in the US first, followed by other regions.
XERO NEWS – DECEMBER 2021
Refreshed Budget Variance report
The new Budget Variance report is being refreshed with a new design and some updates to help with financial analysis. Our users will be able to access the layout editor to format reports and view arrows to better understand budget variance formulas. We’ve also included the ability to sort by account code in the new ‘More’ button.
Discovering ‘More’ in Xero reports
To help users discover our new reporting features, we’ve replaced the existing cogwheel icon with a single, intuitive ‘More’ button. Depending on the report, some of the options include being able to quickly add ‘YTD’ and ‘Total’ columns, show or hide decimal places, or opt to display the report on a cash or accrual basis.
Better customisation for Cash Summary reports
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.
Making ATO information easily accessible within Xero Tax
We’ve made it even easier for our users to prepare tax returns, by giving them access to more documents held within the ATO’s online portal. Information such as capital gains tax events, or whether the taxpayer has sold cryptocurrency, can now be viewed as a PDF directly within Xero Tax. It’s available for 2020 and 2021 income tax returns.
A fresh new look for employee profiles
We’ve released an updated design of employee profiles in Xero Payroll. It has everything our users love from the older version but with a few improvements, like the ability to view the full history of salary and wage information, create new custom pay items with fewer clicks, and new page names for a better experience when setting up employees.
Better forecasting with Xero
We’ve added a VAT breakdown in the Xero Analytics Plus short-term cash flow projection. We’re hoping this helps users factor these payments into their upcoming cash flow. Those registered for Making Tax Digital (MTD) and sales tax will now see VAT payable and refundable for both current and previous sales tax filing periods when it’s due.
XERO NEWS – DECEMBER 2021
Streamlined file management in the VAT report
When preparing a VAT return, users will now know how often they need to view or attach files associated with the transaction to validate accuracy. We’ve added a much- anticipated feature request within the VAT report that enables users to view, attach and delete files with drag and drop functionality in line with the transaction.
Time saved with automated pension re-enrolment
To help users manage their important pension re-enrolment compliance obligations, we’ve created
a pension re-enrolment workflow. Users can now enter a re-enrolmentdate, and we’ll automatically assess and re-enrolthe employees within the pay run.
Preparing 1099s more efficiently
We’ve added a new contact management dashboard within the 1099 report to help users easily identify and view contacts – all in one place. Using the dashboard tool, users can update contact details, indicate a business type, and add contacts to a new 1099 default group with the tick of a box.
Common formats in more reports
We’ve extended our popular common formats functionality to new Income & Expenses and new Account Transactions reports. This means users can customise more reports at the click of a button and get the answers they need fast. Common formats for these reports are located in our new report centre.
XERO NEWS – DECEMBER 2021
Xero Limited published this content on 28 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 19:40:03 UTC.
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