Xero, one of the main cloud accountancy platforms that can be accessed from anywhere from any internet-connected device, regularly review their platform to ensure it is providing the best experience for its users. Here are our two top picks from the latest updates - stay tuned for further insights in the new year!
Bank reconciliation
Bank reconciliation continues to be one of Xero’s most loved features and with that comes regular updates so that Xero is continually ahead of the curve.
The latest update is around enhanced machine learning. We all know and fully embrace the existing bank reconciliation feature that predicts the contact and account code for transactions by learning the patterns of previous reconciliations. Now, Xero are going a step further and making predictions based on the patterns of other users.
For example, if lots of small businesses buy stationery from Staples and code those transactions to 'printing, postage and stationery', over time, Xero’s algorithms will learn to associate transactions from those companies with that account code. This will lead to more instances where users can simply click 'OK', saving you even more time! You will know when this technology has been used as these predictions will be emphasised in italics.
Reporting
Lots of changes have been made to reporting, including adding a collapsible panel for common formats on the profit and loss and balance sheet reports, adding new options in the accounts transactions report and the ability to quickly add text boxes and footers to new style reports. Have a play around and see how these new features could help you get the information you need to drive your business forward more easily.
If you would like any support with designing reports bespoke to your business, we would be happy to help.
To stay up to date with Xero’s latest releases, click here.
For further information on any of the features mentioned above or if you need general advice about using Xero, HubDoc or other accounting software, please contact Accounting Solutions Manager, Kate Edginton, at kate.edginton@hazlewoods.co.uk or call 01242 680000.