Once again, Xero has been busy releasing new features and making changes to their product. After a very unusual year, many businesses are finding that they need to manage their cash flow a lot closer than usual. In response to this, Xero has released two new features to assist with this.
The first of these is the Short-Term Cash Flow feature. This is a dashboard style tool designed to help you view and manage your cash flow better. It calculates your projected bank balance based off the upcoming bills and invoices entered into Xero. While this is not a replacement for more complex forecasting needs, it is a quick snapshot of how your bank account balance might look over the next 7-30 days.
The second feature is also a dashboard style report called the Business Snapshot. This report displays performance measures to help you understand your organisation’s financial position. The metrics include your business profitability and the average time it takes for your customers to pay you.
In addition to these product updates, Xero has also recently announced changes to their previously unpopular “Starter” subscription. In the past this subscription only suited the very tiniest of businesses but it now has a fresh new look and can cater to a wide variety of businesses.
The key changes to the Starter subscription include
- The limit on bank reconciliation lines has been removed (previously limited to 20 per month). You can now reconcile to your hearts content.
- You can now send up to 20 sales invoices a month (previously limited to 5). That’s roughly one invoice for each business day in a month.
The Xero Starter subscription costs only $27.50 per month + GST which is considerably cheaper than the $60 per month subscription that most businesses currently use.
If you would like to learn more about the new dashboard reports in Xero or think the new Starter subscription will suit your business, feel free to get in touch with your client manager to discuss in more detail.
