Unlocking the Power of Xero’s New Features

Key Insights:

• Smarter Financial Insights with Xero Analytics Plus: Gain better decision-making tools with Xero Analytics Plus, which offers cash flow forecasting, customisable reports, and easy-to-understand dashboards.
• Faster Payments with Online Integration: Improve cash flow by using Xero’s integration with Stripe, PayPal, and GoCardless, allowing quicker invoicing, faster payments, and automatic reconciliation.
• Meet JAX, Your AI Assistant: Coming soon, JAX will provide 24/7 support, answer financial questions, and automate tasks, making it easier to use and get the most out of Xero.

There’s a reason we work with Xero and recommend it to all our clients: business owners need tools that simplify operations, provide insightful analytics and streamline payment processes. We recently went to Xero Roadshow and learnt about some of the features that are new, and were reminded of other existing functions that are under-utilised.

We’re many things but gatekeepers aren’t one of them! Read on for a quick guide to the Xero features you should know about. Make sure you’re getting the most out of that subscription. 

1. Xero Analytics Plus: smarter insights for better decision-making

In a data-driven world, businesses that can harness their financial information gain a strategic edge. Xero Analytics Plus offers deeper insights into cash flow and profitability. The tool empowers users with:

• Short-term cash flow forecasting
• Business performance insights: gain a clear understanding of revenue, profit, and cash flow over time to identify trends and opportunities
• Customisable reporting: filter and personalise reports to focus on specific time periods or business segments
• Track financial information from a snapshot on your dashboard. Easy to see, easy to understand and a quick reminder whenever you log in of where you’re at

2. Accepting Online Payments: streamline cash flow

Getting paid faster is crucial for businesses, and Xero makes this easier with its online payment integration. By partnering with leading payment gateways like Stripe, PayPal, and GoCardless, Xero enables seamless invoicing and payments. The benefits include:

• Improved cash flow: reduce the time spent waiting for payments by enabling customers to pay invoices online with just a few clicks
• Automatic reconciliation: payments are automatically matched with the corresponding invoices, reducing manual entry and human error
• Faster invoice payment: when customers can pay directly from an invoice, businesses see a significant reduction in the time it takes to get paid.

This feature not only speeds up payments but also offers a more convenient and professional experience for customers.

3. JAX: Just Ask Xero – Your AI Assistant (coming soon)

Artificial intelligence is transforming how businesses interact with software, and Xero’s upcoming AI assistant, JAX (Just Ask Xero), is a game changer. Expected to launch soon, JAX is designed to assist business owners in navigating Xero’s features and answering questions about their financial data. Key functionalities include:

• 24/7 virtual support: JAX provides real-time help by answering queries, making it easier for users to find the information they need without navigating through menus or guides
• Insightful financial queries: users can ask JAX for insights such as, “What’s my cash flow forecast for next month?” or “How much do I owe in outstanding invoices?”
• Task automation: JAX may also assist with automating tasks such as invoice creation and report generation

We’re sure JAX will evolve as quickly as AI is – exciting to see where this one could lead.

4. New Invoicing: more control and flexibility

Xero’s new invoicing system gives businesses greater control and flexibility over how they manage and send invoices. Designed to streamline the invoicing process, it offers:

• Real-time updates: track when an invoice is opened, viewed, or paid, keeping you in the loop at every stage
• Customisable templates: personalised invoices with custom branding and templates, ensuring a professional look for all communications
• Automated reminders: set automatic reminders for customers who have overdue payments, saving you from manual follow-ups.

5. Business Snapshot: an holistic view of your business

This one’s been around for a while but it’s underused! The Business Snapshot tool offers a high-level overview of your business’s financial health. It provides a real-time summary of essential financial metrics, such as:

• Revenue and expenses: quickly assess income versus expenditure, helping businesses monitor their profitability at a glance
• Cash position: understand your cash balance to ensure there’s enough liquidity to cover operational expenses
• Debtor and creditor analysis: review outstanding invoices and bills to maintain control over cash inflows and outflows.

If you want to know more about Xero’s new or existing features, you can read about Analytics Plus here or reach out to us for a chat. We love taking clients through this platform – we know how much it can help owners and change a business.