What’s New in the Software World?
Catch up on the new features and enhancements in Xero this quarter! Recent updates include:
- Foreign Currency Disclosures on Reports: When reporting with multiple currencies, you can now include the exchange rate used to convert currencies, giving you better insight into foreign currency exposure. To use this new feature, check out the ‘Revalued’ column in the Account Transactions Report.
- Search for Transactions in Short-Term Cashflow Projection: The short-term cash flow projection forecasts cash flow movements for real time insights into your financial position. But the quality of these insights relies on accurate data in Xero. So, Xero has added the ability to search for and change transactions that feed into this forecast. Simply search for an amount, supplier or term (such as ‘insurance’) and check you’ve accurately recorded the transactions.
- Sticky Header in Business Snapshot: The Business Snapshot dashboard shows key financial metrics at a glance. The header displays critical information about your data (such as date range and accounting basis) so Xero has made this a ‘sticky header’: a section that stays visible as you scroll down. This makes it easy to compare your performance to previous quarters and keep key metrics in mind as you scroll.
- Add New Inventory Items within Invoices: To make invoicing easier, Xero has added a feature so you can add new items to your inventory from the ‘item’ field on an invoice. This means you can update your inventory without navigating away from an invoice.
- Track Money Owed and Due Based on Contact: Click on a contact’s record to see a snapshot of money owned to and from that contact. The new ‘Activity’ tab shows cash in and out over the last 12 months so you can easily identify overdue payments for that contact.
- View Outstanding Invoices in the App: You can now view details of outstanding sales invoices in the Xero app. This includes amounts due and overdue and a breakdown of invoices by customer, sorted by longest overdue. You can also add payments to invoices to keep on top of your cash flow on the go.
It’s that time of year when we encourage all our clients to undertake a review of their Xero records to make sure the books are ready to go for end of year financial reporting. If you have any questions about Xero and how to use it, please get in touch with your Client Manager.
