The Nexia New Zealand team recently attended the annual Xero Roadshow in Christchurch. This is a day-long event where Xero present their upcoming features, and there were undoubtedly some exciting new announcements that we thought we’d share with you.
Hubdoc & Xero
Xero announced that in March 2020, they will be bundling Xero’s data capture tool Hubdoc with Xero Starter, Standard and Premium plans. Hubdoc is your secure digital filing cabinet in the cloud. One of the many great features is that it extracts key information from your receipts, invoices and bills, meaning no more data entry or filing. You can simply snap a photo of a receipt and Hubdoc extracts the key data for you. Click here to read more about this amazing tool.
If you’re a small business, being paid late is one of the biggest impediments to success. Unpaid invoices hinder cash flow and can make it hard to keep up with your bills. Worst of all, late payments create stress in the lives of business owners and their families. Electronic invoicing, or e-invoicing, is a simpler, faster way to get paid.
What is E-Invoicing?
E-Invoicing is the direct exchange of invoice data between the financial systems of suppliers and buyers financial systems. Xero will be able to send and receive tax invoices directly to or from other accounting software (not just Xero). No paper, no PDF’s. E-Invoicing will significantly reduce manual handling, making invoice generation and payment processes faster and more accurate.
Xero will have the ability to send e-invoices from early 2020 and the ability to register to receive e-invoices in Xero available shortly after. It's going to be essential to have a valid New Zealand Business Number (NZBN) though, so this is an excellent opportunity to ensure you’re ready when Xero goes live with this technology.
Improved cashflow forecasting
Xero demonstrated their new cashflow forecasting tool which is likely to be released in the first quarter of 2020. Xero have created a short-term 30-day cashflow forecasting tool to give a better view of your financial health. The new cashflow reporting capability will be a great addition to your business.
If you have any questions regarding any of the above new features, then do not hesitate to click here to get in contact with the Nexia New Zealand Information Systems team.