15th January 2020
What is Xerocon?
With over 3,000 attendees at Xerocon this year, it is fair to say there is a lot of interest in the future capabilities of Xero, the cloud accounting software that is home to over 1.8 million users, including our own firm. Xerocon is an innovative conference for cloud accounting leaders in the UK, Europe, Middle East and Africa, which takes place annually. The conference itself allows for an insight into the future of Xero as well as listening to industry professionals and business leaders. For this reason, we were also in attendance, to ensure we are at the forefront of any new developments with Xero and can easily help our clients when it comes to using the software, as well as new releases.
What next for Xero users?
There were many interesting updates from Xerocon this year. The most interesting of all being ‘XeroPay’. Since Xero began providing cloud accounting solutions to businesses, there was always one hindering factor, the inability to make payments from Xero. We are pleased to say that testing will commence for ‘XeroPay’ in February 2020. This new feature will allow businesses to manage their money more efficiently with real time, accurate information. It will mean that rather than having to log into online banking to make payments, Xero will work in partnership with TransferWise, to give us ‘XeroPay’. For the 49% of business’ who have negative cash flow, this will be a ground-breaking new feature which will allow for better cash flow and accurate information.
Until this new feature was announced in early November 2019, most users would need to manually download batch payment files into Xero to pay bills, which is manual, fragmented and time consuming. Files would then need to be uploaded to the bank and manually marked in Xero as paid. This process would require having your online banking open, making sure you’re logged into Xero and having to remember to manually mark the bills as paid. To combat this manual process, XeroPay was launched to create a seamless process, which would make it simple to pay and reconcile multiple bills through Xero.
If you are wondering whether this new connection is secure, TransferWise is a leading and trusted international payments provider which uses the Faster Payments scheme to process payments. The integration with TransferWise is built on a secure API connection between the two companies, which makes it even more robust as there is no manual handling of payment files with sensitive data. This secure connection allows for a ‘digital audit trail’ of all payment activity and checks to detect fraudulent payments. The new feature will allow businesses to spend less time on financial admin and more on growing their businesses.
Other exciting updates from Xerocon, being ‘Xero Snapshot’. This feature will provide key metrics for year on year trends and provides key balance sheet metrics. Further to this, ‘Xero Cash Flow’ will enable business owners who are cashflow conscious to monitor their cashflow more accurately. Xero recently provided statistics which indicated that ‘only 51% of small businesses are cashflow positive’. Therefore, Xero’s intention with this new feature is to raise this statistic radically and help businesses manage their cashflow better.
Where do we go from here?
As with many of these updates, they are all in the testing phase which means they are not immediately available for use. However, it is encouraging that a software which was formed in 2006, has now become the UK’s leading cloud accounting software with over 1.8 million subscribers and continues towards achieving its strategic priority of driving cloud accounting adoption worldwide. We will continue to keep you up to date when these releases are live and ready for use.
How we can help
If you would like to hear more about how using Xero could help improve your business, please contact us on 0141 204 8989. We have over 20 Xero certified advisors who are ready to help you make the transition into using Xero and associated apps. Our extensive experience of Xero means we are ready to assist with any issues you have and provide assistance with these areas.