As businesses have had to adapt to online ways of working, cloud accounting continues to provide an efficient solution to managing business accounts remotely. Xero, one of the main cloud accountancy platforms, can be accessed from anywhere, from any internet-connected device, offering efficiency increase whilst streamlining business management.
Xero regularly update their platform to ensure it is providing the most efficient service for its users, with February bringing their new quarterly product update.
Here are our top picks:
Bank reconciliation
Xero now looks at all details on bank statement lines to suggest the most appropriate match on your bank reconciliation, reducing the number of suggested matches, leading to more ready-to-reconcile transactions than ever before. Fewer suggestions mean fewer errors. It is a big YES from us!
New invoicing – apply overpayments and prepayments
Xero has brought across some of the much-loved functionality of classic invoicing into new invoicing. When you create a new invoice, if there is credit available for the contact, Xero prompts you how much credit is available and asks if you would like to apply it to the invoice.
New report settings
Xero has redesigned report settings and added a search function to the filter, making it quicker and easier to filter your data.
Postponed VAT accounting (PVA)
Xero has introduced this new feature allowing you to easily manage the PVA requirements following Brexit, where you import goods from overseas. The new button allows you to create entries in box one and box four of your VAT return, without the need for complex accounting transactions.
Domestic reverse charge (DRC)
To support the DRC for construction businesses, Xero has created specific tax rates that can be added with one click from the tax rates screen. Use these tax rates and Xero will take care of the rest.
Hubdoc duplicate document alert
When you upload a document, Hubdoc will now check to see if it is a duplicate and gives you the opportunity to delete it, reducing errors in your accounting data.
We are really excited about some of these product releases and hope that you will find them useful. If you would like to find out more about Xero, Hubdoc or other cloud accounting software, please contact Kate Edginton at kate.edginton@hazlewoods.co.uk or call 01242 680000.