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Welcome to our monthly roundup of what’s new in Xero. This month, we’re excited to share updates designed to save you time, reduce errors, and give you greater flexibility. From duplicate bill detection to streamlined GST reporting, we’ve been busy making Xero even better. So sit back, and read on to learn how these enhancements can benefit you and your business. 

Global: Avoid duplicate bill payments and streamline bill reviews [Product Idea] 

Exciting news! You asked, and we listened. We’ve rolled out not one, but two, highly requested updates to Xero that answer eleven of your most requested product ideas. 

Firstly, duplicate bills are a thing of the past! The new duplicate detection feature proactively alerts you when potential duplicate bills are detected, regardless of how the bill was created in Xero, reducing the risk of overpaying suppliers and the time-consuming task of rectifying errors. 

Secondly, say goodbye to clicking through individual bills or juggling multiple tabs: a new quick view of bills lets you view and approve bills directly from a single screen, streamlining your workflow and saving precious time. 

Australia: Easier GST reporting

We’ve streamlined the GST transactions reports to be more user-friendly. You’ll enjoy a more intuitive layout with combined tax rate and BAS field tabs, and customisable filters to find the exact information you need. No more endless scrolling; the wider view and sticky header make navigating the reports a breeze.

UK: New reporting fields added to the annual accounts template

Improvements to the annual accounts template have made it simpler to create reports. This pack of necessary reports for end-of-year accounts provides a more intuitive and consistently formatted solution to streamline your workflows and save you time. 

Now, you also have access to new system fields that auto-populate key information like fixed asset schedules, net profit before tax, and net profit after tax. This means less manual entry and more accurate, up-to-date reporting. We’ve also tackled a pesky bug that affected report fields during editing, so your reports will stay intact and dynamic. 

These are just some of the updates that have rolled out in Xero this month. You can check out the October edition here, and for a full list of what’s new this November read the release notes in Xero Central. 

The post What’s new in Xero – November 2024 appeared first on Xero Blog.

When building a professional services business such as an accounting firm, creative agency, architecture firm or consultancy, there are four common challenges you’ll likely face: managing your ever-growing list of projects, tracking billable hours, getting paid on time and keeping a handle on your cash flow and revenue forecast. 

Fortunately, if you’re aware of these challenges, you can put processes and technology in place to help you manage all the moving parts as you grow and stay in control of your business.

Apps available in the Xero App Store can help streamline and automate some of these processes, giving you more visibility over the metrics that matter so you can drive profitability while keeping your clients and staff happy. 

1. Forecasting your revenue

The challenge: One of the biggest hurdles for professional services businesses is predicting revenue – important for reporting to stakeholders, making hiring decisions and forecasting overall growth. Shifting market dynamics and fluctuating client demands can make it tricky, and relying on historical data alone can lead to inaccuracies.

How to address it: Start by analysing your target market. Look at similar businesses to get a sense of pricing and demand, and then use conservative estimates to create your own revenue forecast. As you gain experience, refine your projections based on actual data and consider creating multiple forecasting scenarios—best case, worst case, and most likely. When you’re ready to go beyond spreadsheets, reporting software and apps with revenue forecasting capabilities can help you visualise trends and adjust as needed.

Apps can help: Syft can help you create beautiful, interactive reports, forecasts and dashboards that sync with your Xero data and give you a full picture of your business. ProjectWorks can give you smart revenue projections based on financial and resourcing data, all of which you can see and control from within the app. 

2. Timesheeting and tracking hours

The challenge: Keeping track of hours worked can be tedious, but it’s crucial for billing clients accurately and managing resources effectively. Inaccuracies in time tracking can quickly eat away at your profitability, and inconsistencies can throw off timelines and budgets for projects, burning out employees and losing the trust of your customers. 

How to address it: Implement user-friendly time-tracking software that encourages your team to log hours consistently. Look for apps that allow for real-time tracking and integrate with other systems your team uses, like Xero. This type of technology can give you more visibility over who’s working on what, and for how long. The result? You get tighter control over project budgets and hours to maximise profitability of jobs, and can more accurately quote in the future. 

Apps can help: MinuteDock makes logging hours efficiently easier for employees, with the ability to easily switch between clients and projects and track time via their smartphones, while giving you centralised timesheets. It connects timesheets with Xero to automatically generate invoices with the right details. 

3. Project management and resourcing

The challenge: Managing multiple projects can quickly become chaotic, especially if you’re juggling deadlines, client expectations, and limited or changing team resource.

How to address it: Choose a project management tool like Trello or Asana to organise jobs and keep an eye on project progress, and consider an app to manage employee resource, showing you who is available or over-capacity. Clearly define project scopes, deadlines and responsibilities from the start. Check in regularly with your team to identify roadblocks early and keep everyone on track. All of this can help you deliver projects to a high standard, on time and within budget. 

Apps can help: Projectworks shows you your current employee capacity at a glance, so you can more easily plan successful jobs without impacting timelines or burning employees out. 

4. Getting paid

The challenge: Late payments – or what we call ‘unapproved debt’ – can cause financial, emotional and physical stress on small businesses, and make it hard to manage healthy cash flow. 

How to address it: Establish clear payment terms upfront – make sure clients understand your billing process and deadlines. You might decide to set up invoice reminders, offer incentives for early payments or apply fees to late payments.

Apps can help: Digital invoicing options in Xero make it easy for clients to pay you promptly. Our global data shows that invoices with an online payment service attached get paid up to twice as fast as customers who don’t use online payments. Plus, apps can help automatically apply late fees and customise invoices with accurate timesheet data. For example, payment apps like GoCardless automate payment collection from regular customers so you’re no longer chasing unpaid bills. MinuteDock allows you to set details like hourly rates and tracking categories, making invoices more accurate and therefore more likely to be paid on time. 

Final thoughts

Starting a professional services business comes with challenges. However, when you focus on establishing solid processes for revenue forecasting, timesheeting, project management, and invoicing, you’ll build a more resilient business that’s prepared for growth.

See all apps for professional services businesses in the Xero App Store.

The post How to tackle the top four challenges of running an agency or firm appeared first on Xero Blog.

Earlier this year we announced the farewell of our classic invoicing product to pave the way for something new, and to allow us to build more of the invoicing features you have been asking for, on a single platform going forward. We’re confident that this change is the right move longer term for you and your business to gain more invoicing features faster. 

That said, we’re approaching a busy time of the year and want to make this transition to new invoicing as smooth as possible. That’s why we’re extending the availability of classic invoicing to 27 February 2025. 

New invoicing updates

We’ve delivered over 30 product updates to the new invoicing product. Check out what’s changed and stay up to date with the new invoicing hub on Xero Central. 

Learn new ways of working 

We’ve integrated many of the features you love from classic invoicing and have been taking the feedback you’ve provided into the development of new invoicing, and we will continue to add more features to our new platform, before the end of February.  However, there will be new workflows to familiarise yourself with so if you need help along the way, our new invoicing education hub is the best place to get started. 

As always, your feedback is essential, so please share your thoughts on Xero Product Ideas. Your input ensures new invoicing can continue to meet and we hope, exceed your expectations as we evolve it. Please check out Xero Central for the latest updates and helpful resources. 

We’re with you every step of the way

Our new and improved invoicing has been designed to bring you more flexibility and customization options – and help you get paid on time. We’re committed to evolving every product we offer, to create the best experience for our customers now, and into the future.

The post We’re extending the availability of classic invoicing to 27 February 2025 appeared first on Xero Blog.

Cuts to official interest rates and income taxes have begun in some countries, with some hoping the changes would help boost consumer spending. Unfortunately, this doesn’t seem to be the case yet for small businesses, according to the latest Xero Small Business Insights (XSBI) data. 

What cuts have happened?

Central banks have been busy in the past few months, switching their focus from raising interest rates in an attempt to fight inflation, to cutting interest rates to boost growth. The Australian and New Zealand governments also introduced income tax cuts. Here’s how it’s played out over the last few months:

• June: The Bank of Canada kicked things off with interest rate cuts
• 1 July: Australian income tax cuts started
• 31 July: New Zealand income tax cuts started
• August: The Reserve Bank of New Zealand and the Bank of England started cutting their interest rates
• September: The US Federal Reserve started to cut its main interest rate

Notably, the Reserve Bank of Australia is yet to start cutting interest rates as it remains concerned about inflation. 

How has this impacted small business (so far)?

At this stage, there are no clear signs of an uptick in spending in response to either income tax or interest rate cuts. The latest XSBI data (and small business confidence surveys) show that consumers are yet to spend any extra in small businesses. In fact, in Canada, New Zealand and the US, small business sales are lower than they were in the same month a year ago. In Australia and the UK, sales are higher than they were last year, but only just.

Xero small business customers are experiencing this on the ground too. Renae Kund is the Managing Director at Cape York Motorcycles in Cairns, Queensland, Australia. She says a boost from Australian income tax cuts was short-lived: “While the initial tax cuts did result in a brief surge of interest and inquiries, we’ve noticed that this momentum did not sustain itself. Our customers, although appreciative of the additional disposable income, seem to be approaching their spending with caution. The economic uncertainty continues to influence their spending habits, leading to a more conservative approach overall.”

To navigate this uncertainty, fluctuating consumer confidence and other challenges, Cape York Motorcycles decided to take a multifaceted approach through:

• Optimising tour packages
• Partnering with other small businesses
• Increased marketing efforts to reach wider audiences
• Enhanced customer engagement through social media
• Offering informative and useful information for riders

“Recently, we’ve invested in technology to streamline our booking process and improve customer service. This includes an upgraded website with user-friendly booking features and automated communication tools to keep customers informed and engaged,” adds Renae. “Despite the current challenges, we remain optimistic about the future. The demand for our unique and adventurous travel experiences is resilient, and we believe that with the right strategies, we can navigate through the uncertainties.”

Why are benefits not yet flowing?

While it’s frustrating there hasn’t yet been a sales boost, it’s important to recognise that consumers don’t yet seem confident enough to start spending more in small businesses. This highlights that the effects of interest rate and income tax cuts on consumer spending can take time. Other economic factors, like unemployment and the structure of financial systems, can also impact how long an upturn in consumer spending takes. 

For example, the Bank of Canada has cut its interest rate multiple times in recent months, but the unemployment rate in Canada is higher than other countries. This might encourage people to hang on to any extra cash rather than spend it. Similarly, mortgages in the US tend to have longer fixed terms than in New Zealand. This might mean that, despite a cut to the Federal Funds rate, repayments in the US are no lower for many people who have a home loan.

When will the benefits start to appear?

With so many factors at play, it’s unclear when benefits will start to appear for small businesses. There’s speculation that central banks will continue to cut interest rates in the coming months, which may spur a lift in economic activity. As we head into the traditionally busy end-of-year holiday season, many small businesses will be hoping to see things improve.

Renae thinks that consumers are looking for more certainty in the economic outlook: “For a more pronounced and sustained improvement in business turnover, a combination of factors will likely need to come into play. Continued economic stability, further interest rate cuts, and increased consumer confidence are crucial.”

What can small business owners and their advisors do right now?

It’s unfortunate that many small businesses are yet to benefit from these policy changes, but there are steps they can take to get prepared for when customers return. In addition to the steps outlined by Cape York Motorcycles above, small businesses can also try the following:

Boost productivity: It’s always a great time to think about productivity boosting changes in your business. Earlier this year, Xero put together this handy guide, Increasing productivity in small businesses, to help small business owners and their advisers think about how to lift productivity.   

Get paid faster: You can also make sure that you are being paid on time for the sales that you are making. XSBI data shows that, on average, small businesses are paid at least a working week late which can have a big impact on cash flow management.

Check out Xero Small Business Insights to see how your country is doing, read analysis from Xero’s economist, and even download and explore all the data yourself.

The post XSBI: Are interest rate or income tax cuts benefiting small businesses yet? appeared first on Xero Blog.

There is a growing movement in the accounting industry towards new services and cloud-based tools, in large part due to the talent shortage crisis being felt across the US and Canada.

The number of US accountants decreased by around 17% in the last couple of years, and this talent shortage crisis is causing pressure to evolve the role of the modern accountant. For firms to stay competitive to prospective employees, they need to go beyond adopting cloud technology and offer meaningful roles and career growth using a mix of innovative tools.

As this is an industry-wide challenge, we believe the greatest impact in solving it will come from collaboration. So we’re launching Xero Mentor Match, a peer-to-peer mentoring initiative for Xero’s US and Canadian accounting and bookkeeping partners. 

The program offers a platform for accountants and bookkeepers to connect to others, whether it’s to educate and inspire their peers, or to learn from industry-leading role models who represent what it means to be an advisor today.

How Mentor Match works

Xero has partnered with Mentorloop – which provides mentoring software to organizations worldwide – to bring the Mentor Match program to life. It uses a unique algorithm to analyze cohorts and create equitable, peer-to-peer connections. This means mentors and mentees are matched according to their complementary interests, skills and goals. 

Who Mentor Match is for

Mentor Match is for all Xero partners (anyone who works in an accounting or bookkeeping firm that is part of the Xero partner program), from practice owners and decision-makers through to undergraduates and interns. Regardless of your age, experience or skill level, you’ll have the opportunity to learn from the industry’s brightest minds, or inspire – and be inspired by – the next generation of talent.

Match with the industry’s best

Mentor Match has launched with some of the industry’s best already on board. Anyone who joins the program has a chance to be matched with mentors from the Xero Partner Advisory Council, Xero ambassadors and some influential names in the accounting and bookkeeping community.

“Being a part of the Xero partner program transformed my solo venture into a thriving business fueled by a community that supports growth and innovation. As a firm believer that we all have something to teach and to learn, I am excited to be a part of Xero’s Mentor Match program. Sharing experiences, exchanging knowledge, and embracing fresh perspectives builds a stronger community that enriches us all.”

– Dawn Hatch
Founding Partner, Matax

Are you ready to meet your match?

If you’re looking to shape your career or help others shape what it means to be an accountant or bookkeeper today, Mentor Match is the program for you. Head to Xero Mentor Match for US and Canada partners to learn more, and sign up to become a mentor, mentee, or both in just a few minutes. 

Let the matchmaking begin!

The post Introducing Xero Mentor Match: A mentoring program for industry partners appeared first on Xero Blog.

As outlined in the autumn Budget, the UK government is committed to delivering Making Tax Digital (MTD) for income tax Self Assessment, which will be mandated in April 2026. We’re pleased that this gives accountants and bookkeepers more certainty on timings as they prepare for this deadline.

At Xero, we’re ready for MTD for IT and will be participating in HMRC’s public testing phase from April 2025. To do this, we’re enhancing our UK plan offerings to ensure we meet clients’ future filing requirements.  

Introducing the enhanced Xero Cashbook plan for MTD for Income Tax 

We’re adding enhancements to our existing Xero Cashbook plan, so you’re able to support small business clients at all stages and needs of MTD for IT. 

Xero Cashbook is an existing partner plan which provides bookkeeping essentials for non-VAT registered clients. It’s available to buy now so you can get businesses ready for the change. It will include everything that’s in the current Xero Cashbook plan (including automated bank feeds, cash coding and reporting), plus these new features:

• MTD for IT filing functionality 
• Easy data capture with Hubdoc to pull key documents such as receipts into Xero automatically
• The ability to send up to 10 invoices and quotes per month 
• Improved client access options

We plan to add the Hubdoc, invoicing and client access features to existing Xero Cashbook plans from April 2025.

Now is a great time to consider moving clients onto a Xero Cashbook plan ahead of April. This will help your practice get a head start on moving clients onto a digital platform and using bank feeds, so they’re ready for MTD. Plus, Xero Tax can support your clients with their current self-assessment needs, and is available to Xero partners at no additional cost. 

When will Xero’s MTD for IT functionality be available?

Xero plans to launch an MTD for IT beta from April 2025 so that accountants and bookkeepers can take part in HMRC’s public testing phase. Xero is HMRC-recognised as ready for MTD for IT.

MTD for IT functionality will be available in the enhanced Xero Cashbook plan in addition to being included in our line-up of current UK business plans. A version of the enhanced Xero Cashbook plan will also be available for small businesses to purchase directly later in 2025. This means we’ll have plans that support businesses at all stages and complexities, and the opportunity to move plans as their needs change.  

What happens next?

As we get closer to HMRC’s public testing phase for MTD for IT in April 2025, we’ll be in touch with more details on eligibility and how you can sign up for Xero’s beta.  

MTD for IT is a big push to support small businesses through this significant change and offers a real opportunity for you to build even closer relationships with your clients by helping to get them into good digital habits. But it’s not just on you; we’re here to listen and work with you. We’ll be rolling out webinars and other supporting content in the coming months to help you and your clients prepare for MTD for IT. Please keep an eye on the MTD resource hub.

We know this will mean initial work for you and your clients, but when regulation impacts accountants and bookkeepers, the industry always adapts, finding ways to create new opportunities from the changes. MTD for IT will be no different, and we hope it will make the accountant and small business relationship even stronger.

The post We’re ready to support you with Making Tax Digital for Income Tax appeared first on Xero Blog.

Supporting and championing small businesses is at the core of our purpose, which is why we launched the Xero Beautiful Business Fund last year. This initiative provides more than £350,000 in funding globally to our small business customers in the UK, South Africa, Australia, New Zealand, Singapore, Canada and the US. 

There were 28 winners overall, four in each country, who were awarded based on their 90 second video entry about how they would use the funding to support their future business goals. There were four categories – Innovating for environmental sustainability, Strengthening community connection, Trailblazing with technology and Upskilling for the future. 

As a judge, it’s been a privilege to see some of the amazing things that British small businesses are doing, whether evolving their business models with technology or incredible initiatives that benefit broader society. The passion and innovation on show is an extraordinary showcase of the power of UK small businesses, and what the Xero Beautiful Business Fund is all about. On behalf of the Xero team and my fellow judges, we’re incredibly excited to support the growth of these businesses and help them invest in their future.

Alongside myself, this year’s local UK judging panel included Vangelis Kyriazis, Co-founder and CEO, Syft Analytics; Ravi Shah, Partner, Vinod Shah & Co; Michelle Ovens CBE, Founder, Small Business Britain; Nabeel Nauzer, Commercial Operations Analyst, Xero. 

The lucky UK winners will each receive £10,000 in funding. I’m proud to say the winner of the Upskilling for the Future category – The Code Zone – was also awarded one of four global prizes, worth an additional £25,000. 

Here are the UK winners:

Upskilling for the future: The Code Zone

The Code Zone focuses on teaching valuable coding and computing skills to children aged six and upwards, through online and in-person coding clubs. Its platform of interactive games and tailored, ‘spiral curriculum’ help members gain confidence and develop key digital skills. With a growing range of local and online clubs, the organisation teaches children and young adults core coding capabilities and educates them about the possibilities of careers in tech.

Ashley Payne, CEO of The Code Zone and global winner in the Upskilling for the Future category shared: “Winning the Xero Beautiful Business Fund means the world to us at The Code Zone. This incredible support from Xero empowers us to expand our mission of making coding education accessible and fun for even more children across the UK and beyond. With this funding, we can reach new heights in upskilling the next generation, bridging the digital skills gap, and inspiring young minds to shape the future with technology. Thank you, Xero, for believing in our vision and helping us create lasting change.”

Innovating for environmental sustainability: Kapdaa 

Founded by a mother-son duo, Kapdaa is dedicated to transforming material waste into new opportunities. The business collects offcuts—leftover pieces from fashion and interior designers, textile weavers, and mills—and repurposes them into new products like notebooks, bags, and sleep masks. With these efforts, Kapdaa has prevented more than 10,000 meters of fabric from entering landfills and has collaborated with renowned names such as Raeburn, Emma Shipley, the National Portrait Gallery, and Selfridges.

Now, Kapdaa is tackling an even bigger challenge: post-consumer waste. The company is developing a groundbreaking AI system that can automatically detect garment compositions, enabling effective recycling in the UK. This innovation aims to significantly reduce the number of unwanted garments ending up in landfills, promoting a more sustainable and circular future for the fashion industry.

Nish Parekh, Co-founder of Kapdaa shared: “We’re really excited to have won the Xero Beautiful Business Fund. This support comes at a crucial time as we work on creating a plug-and-play sorting system here in the UK. It will help us tackle some immediate challenges and continue our journey towards a more sustainable future in textile recycling.”

Trailblazing with technology: Primary Care International

Primary Care International (PCI) is a social enterprise on a mission to enable person-centered, integrated primary healthcare. This not only means supporting and equipping healthcare workers with skills and resources, but creating learning opportunities to bridge the healthcare gap between low-resource and high-income settings. PCI has already delivered training and consultancy to organisations like the WHO and UNHCR and by 2025, aims to reach 25,000 healthcare workers globally, caring for 7 million people. 

Mamsallah Faal Omisore, Strategy and Clinical Director of Primary Care International shared: “PCI is absolutely delighted to have won the Xero Beautiful Business Fund for UK in the trailblazing for technology track. For a small organisation like ours, getting funds to do the amazing work we do can be a struggle. We are so thrilled that the judges found us worthy! We hope to use the funds to apply AI capabilities to our products and make learning more accessible and relatable for our healthcare heroes around the world.”

Strengthening community connection: Art Works South Yorkshire

Art Works South Yorkshire is a not for profit creative arts organisation, inspiring and helping adults with learning disabilities to reach their potential. By providing opportunities to participate in workshops run by professional creatives, Art Works hopes to challenge people’s perceptions of learning disabilities and autism through celebrating creativity. The organisation has supported artists showcase work in a range of galleries and public spaces across the UK.

Miss Kayleigh Cruickshank, Director/Founder of ArtWorks South Yorkshire shared: “ArtWorks is thrilled to have been awarded this incredible funding, which will allow us to strengthen our work within the community and continue making a meaningful difference.  This funding is a huge step forward in empowering us to create more opportunities and ensure that our disabled artist’s talents are celebrated within the community. We are so grateful to Xero for supporting our vision to transform lives and build a more inclusive community through the power of art.”

Huge congratulations to all the winners, and thank you to everyone who took the time to enter the fund and share your stories.

The post Celebrating the UK winners of the Xero Beautiful Business Fund 2024 appeared first on Xero Blog.

South African small businesses pack a big punch, and despite facing ongoing challenges, they are resilient, ambitious and optimistic. Supporting and celebrating these businesses is at the heart of why Xero exists, so I’m very happy to announce the South African winners of the 2024 Xero Beautiful Business Fund. Launched last year, this fund provides more than R8,000,000 in funding globally to our small business customers in South Africa, Australia, New Zealand, Singapore, the UK, Canada and the US. 

There were 28 winners overall, four in each country, who were awarded based on their 90 second video entry about how they would use the funding to support their future business goals. There were four categories – Innovating for environmental sustainability, Strengthening community connection, Trailblazing with technology and Upskilling for the future. Each winner will receive R250,000 in funding.

As a judge, I was once again so impressed and inspired by the stories of these self-made businesses. They embody the resilience and optimism that’s at the heart of South African small businesses. This year’s winners are doing incredible work, using technology to innovate and make a positive impact on their communities. 

Alongside myself, this year’s local South African judging panel included Susan van der Valk, Partner at MGI Bass Gordon; Rushaan Toefy, Owner of Rushaan Toefy Financial Services; Bulelani Balabala, Founder of the Township Entrepreneurs Alliance; and Sarah Minns, National Account Manager, Xero.

Innovating for environmental sustainability: House Harvest

House Harvest’s female-run, climate smart aquaponics farm produces fish and quality produce for their local community. Their low-carbon operation reuses 90% of their water while using fly larvae for sustainable fish feed. The funding will help build new storage areas, a mobile packhouse and more.

Gugulethu Mahlangu, Managing Director at House Harvest said: “This support is not only a recognition of our hard work but a stepping stone toward making an even greater impact. With this funding, we will build a packhouse and integrate solar energy, reinforcing our commitment to sustainability and nourishing our community with pesticide free foods! I sincerely thank Xero for believing in our vision and helping us take significant strides in our business to grow bigger and better”.

Strengthening community connection: The Underdog Project

The Underdog Project is a non-profit that connects underprivileged youth and shelter dogs to inspire collective healing. They work with local youth to build life skills and teach humane education in conjunction with force-free dog training with shelter dogs. They’ll use the funding to establish a permanent peer-leader programme for previous graduates.

Emily Smith, Head of Communications and Fundraising at The Underdog Project said: “Winning this funding is indescribable—it’s a dream come true for The Underdog Project. This funding is essential for our non-profit as we work to establish our Peer Leader Programme, which is crucial in enhancing our impact and moving us closer to our long-term goal of a community-run organisation. We are honoured to direct these funds towards establishing this initiative, which will benefit not only peer leaders but so many more youth and dogs in need of our support.”

Trailblazing with technology: Atomedge

Atomedge creates some of the most advanced and medically accurate 3D anatomy models of the human body, for use in education, medical research, interactive applications such as gaming, as well as animation, and illustration. The funding will help them purchase new computers, VR headsets and more.

Guy van der Walt, Founder and Director at Atomedge said: “Being selected as the Trailblazing with technology winner will not only give our business the financial boost we need to move to the next level, but it also affirms the widespread value of our work in advancing the field of medically accurate, ethically created 3D anatomy models for medical education, research and app development. The funds will allow us to invest in new computing hardware and promotional material so that our anatomy 3D models can ultimately add value to a much wider audience.”

Upskilling for the future: ABEOD

ABEOD, an aviation advisory company and certified drone operator, uses innovative drone solutions for safer, streamlined operations that are accessible to diverse communities and industries. They’ll use the funding to help launch their drone school, expanding their reach to areas that need it most.

Hermanus Gerber, Director and co-founder at ABEOD said: “Winning this funding enables us to take a significant step forward in expanding our impact through the launch of our drone school, bringing accessible drone training to communities that need it most. We’re excited to use this opportunity to create a platform that empowers underserved communities across South Africa with valuable skills in UAS operations”.

Congratulations to all the winners, and thank you to everyone who took the time to enter the fund and share your stories.

The post Celebrating the South African winners of the Xero Beautiful Business Fund 2024 appeared first on Xero Blog.

We’re thrilled to announce the global and country winners of the 2024 Xero Beautiful Business Fund, who each share in the NZ$750,000 total prize pool. We were blown away by the entries from passionate small businesses and non-profits across seven countries. Our judging panels were both inspired and challenged by the task of selecting 28 exceptional winners. A special thanks to our judges, and a huge thank you to all who entered and shared their wonderful stories.

Small businesses from Australia, the UK, the US, Canada, New Zealand, Singapore, and South Africa shared 90-second videos explaining how they would use the funds in one of the four categories: innovating for environmental sustainability, strengthening community connection, trailblazing with technology and upskilling for the future. The fantastic entries reiterated what we know about our customers – they’re passionate individuals dedicated to making a difference in their communities. 

The four global winners each receive NZ$70,000 (or the local currency equivalent) and the other 24 winners each receive NZ$20,000 (or the local currency equivalent). Check out the winners in our announcement video below:

Strengthening community connection

Congratulations to the global winner in this category, The Bowling Club. It’s a community eatery in New Zealand offering $4 meals, or free meals, to those in need. Originally a food truck, it now serves an average of 900 meals per night with a team of 23 staff members. The funding will go towards a new blast chiller and storage to help meet growing community needs.  We can’t wait to see the impact it makes.

Congratulations to the other country winners too:

• Zenly (Australia)
• Well Suited Kingston (Canada)
• Foreword Coffee (Singapore)
• The Underdog Project (South Africa)
• Art Works South Yorkshire (UK)
• The Chicago Tool Library (US)

Innovating for environmental sustainability

Congratulations to Australian small business, Other Matter®, the global winner in this category. They offer an innovative and environmentally responsible alternative to traditional vinyl decals. Crafted from a sustainable, algae-based polymer, the decals are fully recyclable and enable a circular lifecycle. Funding will help Other Matter® move production from being handmade to using automated systems. We’re excited to see this unique approach to decals grow.

Congratulations to the other country winners too: 

• Glory Allan (Canada)
• Confidential Document Destruction (New Zealand)
• Seven Clean Seas (Singapore)
• House Harvest (South Africa)
• Kapdaa (UK)
• Sea Quester Farms (US)

Trailblazing with technology

Congratulations to Prosthetic Art Technology, an Australian company using technology and sculpture to empower and support people by creating life-changing silicone prosthetics, and the global winner in this category. They’ll use the funding to upgrade key modelling software, purchase a new 3D printer, and research new 3D scanning technology. We look forward to seeing the impact of this new technology on their business.

Congratulations to the other country winners too: 

• Flourishing Postpartum (Canada)
• Cusp Studio (New Zealand)
• Tack One (Singapore)
• Atomedge (South Africa)
• Primary Care International (UK)
• Ocean Conservation Research (US)

Upskilling for the future

Congratulations to the global winner, UK-based The Code Zone, who offer online and local coding clubs for kids aged six and upwards. Through the clubs, kids can learn to code in a fun and inclusive way while getting equipped with critical thinking and problem-solving skills. We’re delighted that the funding will help The Code Zone recruit and train more mentors and open more clubs to reach more children.

Congratulations to the other country winners too: 

• Anika Legal (Australia)
• Flourish Kitchen (Canada)
• Christchurch Riding for the Disabled Association (New Zealand)
• Two Men Bagel House (Singapore)
• ABEOD (South Africa)
• Kendra Baker Veterinary Relief Services (US)

Again, congratulations to all of our winners and a heartfelt thank you to everyone who participated.

Learn more about the 2024 winners and their incredible stories on our website. Or follow Xero on LinkedIn, Facebook and Instagram for more updates and opportunities like this.

First launched in 2023, the Xero Beautiful Business Fund aims to empower Xero’s small business customers to achieve their growth plans and drive future success.

The post Announcing the 2024 winners of the Xero Beautiful Business Fund appeared first on Xero Blog.

“The UK doesn’t really have the practice of living in multigenerational homes that other cultures do. We are one of the most age-segregated countries in the world; as we grow older, we tend to move away from family, forming bubbles of people who are the same age, who think like us and talk like us. That can lead to issues like loneliness, ageism and social isolation,” said Louise Goulden, founder of The Together Project. “Our mission is to change this and instead connect generations through joy.”

The Together Project is a winner of the 2023 Xero Beautiful Business Fund in the ‘Strengthening Community category,’ and deepens intergenerational connections within communities nationwide. We sat down with founder Louise Goulden to learn how the charity is tackling isolation, one shared moment at a time, and what impact the winnings have had on their community. 

Forging intergenerational bonds through song and art

Louise founded The Together Project in 2017, spurred by her own experience of isolation after becoming a new mother. “I went from having a very busy, energetic professional career to suddenly [being] stuck at home, unable to have a shower and get dressed because I had a very clingy baby,” she shared. This experience of disconnection led Louise to think about how many others might be feeling isolated, especially older adults in care homes.

Out of this realisation came Songs & Smiles, the charity’s flagship program which brings young children, their parents, and older adults together in care homes. “We sing songs, blow bubbles, dance with coloured scarves,” Louise explained. “It’s designed to be the most uplifting hour of the week.” After the music, participants sit down for tea and biscuits, creating a relaxed environment where connections flourish.

The Together Project also runs Crafting Connections, an arts-and-crafts program that pairs children with older adults in care settings. “It’s like a pen-pal scheme but through arts and crafts,” said Louise. Every month, participants exchange handmade artwork and letters, which helps foster relationships.

Bringing generations closer with the Xero Beautiful Business Fund

Over the last year, The Together Project has been rapidly expanding its operations. “We’ve expanded our services to new geographical locations and created some new projects as well, so it’s been a really exciting 12 months for us,” Louise noted.

However, as is the case with many small charities, rising costs and inflation increasingly threaten The Together Project’s ability to serve its beneficiaries. “It’s a really challenging time for a lot of small charities in the UK… there’s a lot of pressure and increased demand for funding and increased service demands, [especially with] the cost of living crisis,” she added.

When Louise heard about the Xero Beautiful Business Fund, the opportunity seemed like a perfect fit. “We got an email about the fund, and I thought, this is definitely something that’s worth us spending a bit of time on,” Louise recalled. The entry process was straightforward, involving a short video submission, and The Together Project was thrilled to be chosen as a winner.

Louise knew exactly where to put the money. “We used the funding to help support the salary of a new team assistant within the organisation,” she explained. This new role became crucial in expanding Songs & Smiles, managing everything from outreach to bookings, allowing the charity to scale its efforts without being stretched too thin. “Laura is intrinsic in the day-to-day management of the program.”

Thanks to the winnings, Songs & Smiles has since expanded to an additional 15 care homes, reaching even more people with their intergenerational programs. “It’s made a very tangible difference to what we’re able to offer,” Louise acknowledged. 

Towards a more connected tomorrow

As The Together Project looks to the future, the team remains ambitious. “We’re having some really exciting conversations about partnerships with other nonprofits and local authorities,” Louise hinted. Their goal is to continue expanding programs like Songs & Smiles and Crafting Connections to bring more generations together and further reduce social isolation.

With the support of the Xero Beautiful Business Fund and the passion of their team, The Together Project is poised to continue building a more connected future — one song, one craft, and one joyful connection at a time.

The 2023 winners of the Xero Beautiful Business Fund are an incredible group of small businesses and nonprofits who are passionate about solving problems and making an impact in their local communities. We spotlighted some of our past winners to hear more about how the fund has impacted their business and helped them achieve their goals. Stay tuned as winners of the 2024 Xero Beautiful Business Fund will be announced at the end of October 2024. 

The post How the Together Project is spreading joy across generations appeared first on Xero Blog.

This month’s Xero product updates include exciting new features and enhancements to streamline your workflows and boost productivity. 

From rolling out new tools for our accountants and bookkeepers, to improvements to the Xero Accounting app, and tools for managing inventory, Xero’s October updates offer valuable enhancements for both small businesses and advisors alike. Read on to discover how these updates can benefit you. 

Global: Get a snapshot of your client’s financial health in Xero Practice Manager and Xero HQ

Client insights is now available for all Xero partners. The insights screen in Xero HQ (and coming soon in XPM) shows you the latest shows you the latest financial data across all your business edition clients, to help you identify which clients would benefit from your support or advice and a timely conversation. Read more in the blog post: A new Xero dashboard to elevate your advisory services.

Global: Manage finances from anywhere with Xero Accounting app enhancements [Product Idea]

We’ve also made it easier to share invoices from the Xero Accounting app on iPhone, so you can manage them more efficiently on the go. You can now share invoices on any available app on your mobile device (e.g. Messages, WhatsApp and more) with a few simple taps. 

Global: Managing your inventory is now more efficient [Product Idea]

It’s now easier to navigate your products and services list and view key information at a glance with new inventory filtering options within Xero Inventory. Filter inventory items by type (tracked or untracked) and apply this filter to your export. Your export file will also show the quantity on hand. Plus, you can now customise your columns and save your preferred view as a default. These small (and highly requested) improvements will make it easier to track your inventory, to ensure you have the right stock on hand.

Global: Preview reports from the layout editor

Check out the new preview panel in the layout editor of all reports in Xero. This enhancement will  help you to customise report layouts with minimal effort. 

AU, UK, NZ: Accept payments without the hassle of creating an invoice

Xero customers can now sell any time, anywhere, by creating a payment checkout without the need to create an invoice. Simply generate a payment link to share with your customers, and keep track of when you’ve been paid. No set up is required, but you must be connected to an online payment provider such as Stripe, GoCardless, or Paypal.

These are just some of the updates that have rolled out in Xero this month. Check out the September edition here, and for a full list of what’s new this October, check out our Release Notes in Xero Central.

The post What’s new in Xero – October 2024 appeared first on Xero Blog.

How do you think small businesses in your area are doing? New regional and provincial data from Xero Small Business Insights (XSBI) helps track differences in small business performance within Canada and within the US. This data provides a more granular look at each country by sharing a richer, more nuanced perspective when compared to national level statistics.

The new data covers:

• Canada: Alberta, British Columbia and Ontario
• United States: Northeast, Midwest, South and West (the major regions defined by the US Census Bureau)

To help set the scene for this new data, we’ve released two new research notes covering how sales and payment times have tracked in each region and province since 2017. This includes how they performed during the Covid-19 pandemic and how they’ve recovered since. 

You can download the full research notes from the XSBI Commentary and Research page.

How can you use this data?

Regional data can be especially helpful for small businesses and advisors who want to benchmark performance against similar businesses in the region. You can take the insights and make adjustments or set achievable goals for your business or clients. Some considerations could include:

• How do your payment times compare to the average in your province? What payment services can you implement to improve them?
• How do sales in your local business compare to average sales in the broader region?
• What factors might be contributing to economic volatility in your area? How can you plan for these now and into the future?

What did we learn from these reports?

Canada: 

• Alberta has experienced more volatility in sales performance compared to other provinces, probably due to a reliance on the energy sector and the flow-on impacts of global oil price fluctuations. Payment times rose during the pandemic – a trend not generally seen elsewhere in the XSBI data – but have since improved
• British Columbia was the province most impacted during the pandemic lockdown period, probably due to its exposure to international trade and tourism. British Columbia has had the smallest improvement in payment times over the period XSBI has been tracking them
• Ontario’s large, diversified economy protects it from the fluctuations seen in the other two provinces. The most recent months of data point to improving sales performance after a weak 2023. Ontario small businesses have had the most improvement in payment times over the period XSBI has been tracking them

United States:

• The Northeast has shown the biggest improvement in payment times since 2017 out of the four major regions. Payment times improved by around three days, after earlier having the longest wait time, indicating better cash flow outcomes for small businesses
• The Midwest was the least impacted by the pandemic of the major regions, possibly due to its strong agricultural industry. However, recent statistics show only three months of positive sales growth in the 15 months to March 2024
• The South now accounts for nearly a third of the US economy according to the Bank of America, with strong and diversified industries and sectors – great news for small businesses. It had the shallowest slowdown in sales of any of the major regions during 2023 and the early months of 2024
• The West had the strongest pre-pandemic average sales growth. However, despite a diverse economy, small businesses sales have struggled to recover since the pandemic, making the West one of the weakest sales performers.

The post What new XSBI data tells us about North American small businesses appeared first on Xero Blog.

When you think of ‘circular fashion’ you might think of donating your old clothes and items to local charity shops, or online marketplaces. But what about consignment stores that pay you for your most-loved items and offer credit notes that allow you to refresh your wardrobe at the same time? 

That’s exactly what Kirsta Hawkins, owner of sustainable consignment store Mutual Muse, wanted to bring Australian shoppers when she opened her first store in 2014.

We had a conversation with Kirsta and her Chief Operating Officer, Emma Barton, about how they introduced a new kind of fashion sustainability to customers, and took circular fashion to a new level with the help of Xero and connected apps. 

A different kind of second-hand retail 

The beginnings of Mutual Muse came from a simple idea to offer something meaningful. “I decided to start Mutual Muse because I wanted to do something that was fulfilling in life, and I’ve always felt like I needed to have something that was really meaningful to me,” Kirsta says.

Typically, consignment stores offer the person giving their clothes a form of payment instead of just accepting donations. After growing up seeing consignment retail stores throughout America, Kirsta decided to bring her own version to life in Melbourne. 

“Where I grew up, every neighbourhood had their own little consignment shop,” she says. “And so I was living in Melbourne for a couple of years and really aching for that specific type of secondhand retail, and no one else was doing it at the time, so I thought maybe I’ll give it a go.”

And with that, Mutual Muse was born. Kirsta started by buying clothes directly from people and  offered a unique model of immediate cash or store credit for items sold to Mutual Muse. Soon, markets turned into a store. Today, Mutual Muse consists of a team of more than 30 people keeping the wheel of circular fashion turning. 

From shoebox accounting to Xero

It didn’t take long before tax receipts and bookkeeping paperwork piled up. That’s where COO, Emma Barton, came in to help shift Mutual Muse to Xero. 

“Coming into the business, it was clear that Kirsta had a preference for doing things with a pen, and paper receipts, and shoe boxes…  It was a bit of a moment for me and an entry into a conversation where I said, ‘there’s easier ways of doing this. We could digitise this, we could streamline it, we could make life easier’.” 

Emma took on moving Mutual Muse’s accounting from shoeboxes to software, with the help of accounting firm Bramble and Briar. And with the help of connected apps, keeping track of their business’s needs — from seller payments and store credits to payroll — was simple. 

“We’ve been able to pull together a system that completely automates the process and has been totally life-changing and time saving. It’s so much easier for us and our customers to understand, interact with, and more importantly get paid,” Emma says.

Moving online with Shopify

In addition to digitising and streamlining Mutual Muse’s accounting, apps have transformed the way they’re able to do business. When Covid-19 lockdowns required the bricks and mortar store to close, Kirsta and Emma needed a way to sell online.

 “We had been selling clothes via Instagram as a means to keep the business rolling, and realised that wasn’t sustainable,” Emma says. “It was an administrative nightmare.” 

Enter Shopify, which allowed Mutual Muse to move its entire shopfront online, and easily sync its sales and seller payments back to Xero via the Shopify integration by Xero. 

“It was seamless, integrating Shopify and Xero,” Emma says. “Now, we’re about to do a really exciting relaunch of our website on Shopify, and it’s just been so easy to push things back and forth between the two platforms.”

Freeing up time to spend on fashion

Fast forward to today, and Mutual Muse is thriving with three physical stores, a strong online presence and a stack of apps that keep their business and accounting running smoothly.

“Within the app stack that we use, we have payroll, sales data, payments to sellers, all of our reporting, all in one place working together seamlessly.”

Their reporting app, Syft helps create custom-built reports based on financial data in Xero, as well as data pulled from their entire app stack. 

“When we go into our finance meeting each month, we’ve got custom reporting set up that draws from the various apps we use that plug into Xero, and at a glance we can see exactly what’s happened in the business over the last month across multiple locations,” Emma says.

Emma and Kirsta can now spend more time doing what they love, knowing their app stack of software solutions are working together.

“Having apps saves us time and frees us up to be working on the things that we really want to be working on. The fun things like spending more time with our people, and spending more time in the stores,” says Emma.

“Not that I don’t love doing reconciliations, but I would much rather be at a photo shoot, or playing with clothes, or doing something creative,” Kirsta adds.

Fashion your own app stack with the Xero App Store 

Whether you’re selling secondhand items or brand new stock, your stack of software solutions can benefit from talking to each other. Get Mutual Muse’s complete retail app stack or browse retail and ecommerce apps that integrate with Xero directly, in the Xero App Store.

The post How Mutual Muse took circular fashion from trend to timeless appeared first on Xero Blog.

It’s an absolute honour to share that Xero has been awarded Canstar’s Most Satisfied Customer Award in the small business accounting software category, for the sixth consecutive year. 

This recognition is a testament to the support and trust we’ve earned from small and medium enterprises (SMEs) across Aotearoa New Zealand.

We don’t take for granted the support we get from our small business customers, and I’d like to thank everyone who rated us number one. It’s a big endorsement for the mahi we do, and we’re hugely grateful.

Canstar Blue, a customer satisfaction research and ratings business, surveys hundreds of small business owners annually to establish industry benchmarks. Business owners are asked to rate their accounting software providers across a variety of categories. 

It’s a delight to see we’ve exceeded expectations this year, illustrating the exceptional value our customers place in our software and services.

We also want to thank the team at Canstar Blue for their unwavering support and recognise the incredible work they do to shine a light on Kiwi business achievement.

We’re a Kiwi-born company, here for Kiwi small businesses. 

Our community of small business here in Aotearoa New Zealand is our greatest asset and we will continue to champion you all during these tough economic times. 

To our valued customers and all those who support us, again, a heartfelt thank you. Your willingness to trust in Xero is at the core of our success, and we are deeply grateful for your continued support.

The post Celebrating Xero success with sixth consecutive Canstar award appeared first on Xero Blog.

As a busy accountant or bookkeeper, we know you don’t always have time to go through each client’s books to proactively identify issues or opportunities. That’s why we’re thrilled to share that we’ve been testing a new client insights dashboard for advisors, which gives you a snapshot of the financial health of all Xero business edition clients, in one place.

Client insights makes it easy to run your eye down the page and quickly see how your clients are tracking overall, and which ones might need your attention. If you spot something that looks like it might need more analysis, you can dive into the client’s individual organisation from the dashboard, and get to work.

The dashboard will be available to all Xero partners globally, and rolled out over the next couple of weeks. We’re releasing it now so you can enjoy all the value it currently offers, but have big plans to enhance it with more functionality next year. We’d love to know what metrics you’d like to see in the future — let us know over at Xero Product Ideas.

Get a snapshot of your clients’ financial health

We’re releasing client insights with key financial metrics for the current month, and will continue to enhance the dashboard based on your feedback. Our next priority (based on our testing with Xero Insiders) is to add more financial metrics and date ranges, so you get even more value from the dashboard. Right now, you can:

• Identify concerns or opportunities: Quickly identify clients that need attention, by viewing key financial indicators for all Xero business edition clients in one place
• Easily view key financial metrics: See clients’ overall cash balance (in Xero), accounts receivable, accounts payable, current ratio, revenue, expenses, net profit and industry
• Dive deeper into the data: Sort, filter, drill down, and work efficiently with your clients’ data, all within Xero
• Have confidence in the numbers: View the status of your clients’ bank reconciliation, including the date, value and number of unreconciled items
• Enhance client conversations: Use Xero Analytics in client conversations, so they can monitor and keep track of business metrics themselves

Use Xero to scale your advisory services

We know that many advisors want to grow their advisory services, but struggle with the time, confidence, and ability to engage clients. Client insights not only gives you the data you need to start those conversations, but gives those less experienced in advisory services the confidence to go beyond the billable hour, so you can scale advisory across your practice.

As advisory moves toward being an essential service for all small businesses, we hope this tool frees up your time to focus on high-value work and gives you the confidence to take your advisory services to the next level. I encourage you to jump in and give client insights a try — we can’t wait to see what you think.

The post A new Xero dashboard to elevate your advisory services appeared first on Xero Blog.