Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

It’d be one thing if payroll year-end meant a single last pay run. But this busy period involves meeting multiple deadlines and submission dates, all while following HMRC rules. Whether you’re a seasoned payroll manager or doing it for the first time, payroll year-end can be tricky. Here’s a step-by-step guide to the process. 

What is HMRC payroll year-end?

Payroll year-end is when a business finalises payroll records for the tax year. Think of it as closing out your payroll for the period: you’re reporting to HMRC the total amount you’ve paid your employees and the deductions you’ve made, which is necessary admin before starting a new tax year.

Every twelve months following your final pay run, you’ll need to send specific information to HMRC: a Full Payment Submission (FPS) and possibly an Employer Payment Summary (EPS). You’ll also need to issue P60s to your employees and make any adjustments to tax codes for the new tax year.

A step-by-step guide to year-end

1. Check when your payroll ends

The usual payroll year-end date falls on 5 April. However, each business pays their staff over pay periods that work for them, meaning that some pay monthly and some weekly, or within a weekly multiple. You can do payroll year-end before 5 April. You must submit reports to HMRC on or before your employees’ final pay day of the year (which will most likely be before 5 April). 

Keep in mind: it’s better not to rush these processes. Make sure you have the right, complete information so you don’t need to make adjustments after submitting.

2. Verify leavers and new starters

New employees might have joined the business, and others might have left. Now, more than any other time in the year, is the time to know exactly who is on the payroll. Make sure to communicate clearly with managers so that nobody gets missed or any dates confused. 

Timing is important. This task needs to be done before submitting your Full Payment Submission (FPS) or Employer Payment Summary (EPS) or else you’ll likely tie yourself in knots trying to go back and change these details. 

3. Conduct your final pay run

Just as you’ve been doing throughout the tax year, you’ll need to complete a final pay run. If you no longer have employees to pay, you must process a pay run for nil payments. 

It’s worth noting: the payment date must fall in month 12 (generally between 6 March and 5 April). 

Once you’ve done your final pay run, and made sure you’re up-to-date on your starters and leavers, you need to send the final FPS and, if needed, EPS by 19 April. Double check your submissions before the deadline to try and avoid any possible errors. 

4. Finalise your payroll year-end process

Most payroll software will help process your year-end. For example, if you’ve done your final pay run before 19 April, Xero will automatically submit your final EPS to HMRC for you. This will happen between days 12 and 19 of the month, in time to meet the 19 April deadline. When you set a cease date, Xero will record this in your EPS. 

If you need to make a correction or forget to make a claim, it’s important to do so by 19 April. See more info here.

5. Prepare and give out P60s 

A P60 is a document that summarises how much an employee has earned, plus how much tax and National Insurance Contribution they have paid, in a year.

All employees who worked for a business on the final day of the tax year must receive a P60 by 31 May. It’s the employer’s legal duty to provide the document by this deadline. Once the final payslip and any corrections are complete, it is time to issue P60s.

P60s will be available in Xero payroll from the end of March. 

6. Transition to the new payroll year

So you’ve taken care of your HMRC submission and P60s. Now you can prepare for your new payroll year by looking at the P9X. This government document tells you the latest personal allowance and tax codes so you can update your processes starting from 6 April. 

It’s a good idea to check certain thresholds and processes, even if these are included in your software. That way you can feel confident everything is under control. For example, pay attention to the following:

• The threshold for student loan and postgraduate loan repayments
• CA2700 certificates for deferred National Insurance which must be renewed each year before you can process an employee’s pay for the next tax year
• Childcare vouchers that might need to be reviewed – double-check employees don’t need a change in the value they are eligible to receive. HMRC asks employers to complete a Basic Earnings Assessment (BEA) in advance of each first pay period in a new tax year

Key dates and deadlines for payroll year end 2025

Calendar reminders can save a lot of stress when keeping track of important deadlines. Consider setting up alerts to give yourself enough warning for the following:

• 5 April 2025: 2024/25 tax year-end 
• 5 April: The last day to update your employee payroll records and your payroll software
• 6 April: The new tax year for 2025/26 begins
• 19 April: The deadline for the final submission of the 2024/25 tax year
• 22 April: The deadline for month 12 PAYE
• 31 May: The deadline to send your employees their P60s
• 6 July: The deadline to report on expenses and benefits (using your payroll software if applicable)
• 6 July: The deadline to submit your P11D and P11D(b) forms
• 22 July: The deadline for payments of class 1A National Insurance Contributions on benefits in kind to HMRC (If you’re not using digital systems, the deadline is 19 July)

Streamline year-end payroll 

Navigating year-end payroll requires preparation. Understanding common challenges and knowing how to overcome them for a smoother year-end process can be a big help in getting started. 

Using software that is HMRC-recognised, like Xero, can streamline payroll and simplify compliance. Features such as automated RTI submissions, simple adjustments and automated payroll calculations keep records accurate and up-to-date. With all necessary data securely stored in one place, you and your team can access it anytime, from anywhere, for seamless collaboration. This results in a smoother payroll process with less stress and greater confidence.

​​For more info, check out our payroll software for small businesses.

The post Your ultimate payroll year-end 2024/25 checklist: steps and deadlines appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

I wanted to give you a quick update on a decision we’ve made about payroll after listening to customer feedback.

Earlier this year we launched our new plans: Ignite, Grow, Comprehensive and Ultimate.

We designed the plans to give everyone more access to some of the most useful tools for running a business. For employers, payroll is obviously one of those critical tools. So we decided to build it in as an integral part of the package. 

That was the thinking and, as a result, many customers now have access to payroll for the same or lower price. However, we acknowledge this wasn’t right for everyone.

We listened to the feedback: bundling of payroll doesn’t give you the flexibility you need for additional employees, and we know that has meant some large jumps in pricing. Thank you. Your feedback is critical in helping us get it right for you.

We’re changing things so that you can add employees to any plan for £1.50 per employee, except for Ultimate which will remain at £1.

This decision has just been made, and we’re now working through the technical adjustments needed.

We’ll be in touch in the new year when timing is confirmed.

Nothing changes for now. Your existing migration plan still stands. If this still works for you and you want access to the full suite of features within that plan, you don’t need to do anything.

However, if you want to move to a different plan and add further employees for payroll, you’ll have the flexibility to do so. We’ll be in touch in the new year as to when this will be possible.

Thank you for your patience as we work to get this right, and thank you again for your feedback, and for being a Xero customer.

The post An update on payroll in our new plans appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

With the Malaysian government’s push towards a digital economy, small and medium enterprises (SMEs) must adapt to new requirements. One key development is the National E-invoicing Initiative. This initiative aims to modernize how businesses manage invoices, helping to streamline operations, improve compliance, and enhance efficiency across industries.

If you’re an SME in Malaysia, here’s what you need to know to prepare for the transition.

What is the National E-invoicing Initiative?

The National E-invoicing Initiative is a government-led project designed to implement a nationwide electronic invoicing (e-invoicing) system. It’s part of Malaysia’s broader digital transformation strategy to promote transparency, reduce tax evasion, and improve the efficiency of financial processes.

At its core, e-invoicing replaces traditional paper-based invoices with digital versions that are transmitted in real-time between suppliers, customers, and the Inland Revenue Board of Malaysia (IRBM).

Key benefits for SMEs

Adopting e-invoicing offers several advantages for SMEs:

1. Improved cash flow: Faster invoice processing means quicker payments from customers. By reducing manual errors and delays, your business can maintain healthier cash flow.
2. Reduced administrative burden: Automating the invoicing process frees up valuable time for your finance team, allowing them to focus on more strategic tasks.
3. Enhanced compliance: E-invoicing ensures that all transactions are recorded and reported accurately, helping SMEs stay compliant with tax regulations and avoid potential penalties.
4. Cost savings: By eliminating paper-based invoices, businesses can reduce printing, postage, and storage costs.

Timeline for implementation

The rollout of the National E-invoicing Initiative will occur in phases based on annual turnover:

• Phase 1: Mandatory e-invoicing begins on 1 August 2024 for businesses with an annual turnover exceeding RM100 million.
• Phase 2: Businesses with an annual turnover between RM25 million and RM100 million will need to comply starting 1 January 2025.
• Phase 3: The initiative will extend to all taxpayers on 1 July 2025.

SMEs should start preparing now to ensure a smooth transition when it becomes mandatory for their business size.

How to prepare for e-invoicing

Here are a few steps you can take to get ready:

1. Evaluate your current invoicing system: Assess whether your current software can handle e-invoicing. Cloud-based accounting solutions like Xero offer seamless e-invoicing capabilities, ensuring compliance with new regulations.
2. Train your yeam: Make sure your finance and accounting teams are familiar with the new e-invoicing requirements and how to use the necessary tools effectively.
3. Engage with your suppliers and customers: Inform your business partners about the upcoming changes and work together to ensure a smooth transition to e-invoicing.
4. Consult with experts: If you’re unsure about how the initiative will impact your business, consider seeking advice from a tax advisor or accounting professional.

How Xero can help

At Xero, we understand that regulatory changes can be challenging, especially for SMEs. Our cloud-based accounting platform is designed to simplify financial management and help businesses adapt to new requirements like e-invoicing.

With Xero, you can:

• Generate and send e-invoices effortlessly.
• Track payments and manage cash flow in real-time.
• Ensure compliance with the national e-invoicing mandate through automated reporting.

Final thoughts

The National E-invoicing Initiative is a significant step towards a more digital and transparent economy in Malaysia. While the transition may require some effort, the long-term benefits for SMEs are undeniable. By starting your preparations now, you can position your business for success in this new era of digital finance.

Ready to embrace e-invoicing? Explore how Xero can help your business stay ahead of the curve.

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice.

The post Malaysia’s National E-invoicing Initiative: What SMEs need to know appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

Payroll year-end can be a busy time for businesses as they navigate deadlines, submission dates, and HMRC rules. Without enough planning, year-end has the potential to be highly stressful. Learn the essentials of payroll end-of-year submission, including common challenges and ways to tackle them.

What is HMRC payroll year end?

Payroll year-end sees a business wrap up the tax year for payroll purposes. Every twelve months, following your final pay run, you’ll need to send specific information to HMRC: a Full Payment Submission (FPS) and possibly an Employer Payment Summary (EPS). You’ll also need to issue P60s to your employees and make any adjustments to tax codes for the new tax year.

Think of it as drawing a line under your payroll for that period. You’re telling the government the total amount you’ve paid your employees as well as the deductions you’ve made, and taking care of necessary admin before you can embark on a new tax year. 

This is in contrast to your usual payroll which happens every payday – usually weekly or monthly – rather than just at the end of the tax year. 

If you’re new to payroll, read about what is it and how it works.

Tackle common year-end payroll challenges

Manage large quantities of complex data

When a business grows, the amount of employee information also grows. It can be difficult to keep accurate records when employees earn fluctuating amounts of money, receive different benefits, or come and go throughout the year. 

That’s where Xero accounting and payroll software helps. It accurately stores information in one place and does the complicated calculations for you. 

Avoid lack of communication

In a busy workplace, it can be hard to keep each other updated on employees. Somebody might have been paid a bonus or had a change in status, such as becoming eligible for more childcare vouchers. 

Put in processes where the person or team in charge of payroll is told about anything relevant. This might mean regular meetings or using HR checklists.

Keep up to date with changes in legislation

It’s crucial to stay in the loop with changes to HMRC’s rules and deadlines. 

The gov.uk website is your best first stop for such information. 

Be aware of hard deadlines

Not only does a business need to do its final payroll, it must also perform the other year-end tasks, all to set deadlines. 

Having the right software can keep this on track. When more work is automated – and all done in a single place – you’re freed up to focus on other tasks.

For payroll year-end 2024/25, key dates are the following:

• 5 April 2025: 2024/25 tax year-end 
• 5 April: The last day to update your employee payroll records and your payroll software
• 6 April: The new tax year for 2025/26 begins
• 19 April: The deadline for the final submission of the 2024/25 tax year
• 22 April: The deadline for month 12 PAYE
• 31 May: The deadline to send your employees their P60s
• 6 July: The deadline to report on expenses and benefits (using your payroll software if applicable)
• 6 July: The deadline to submit your P11D and P11D(b) forms
• 22 July: The deadline for payments of class 1A National Insurance contributions on benefits in kind to HMRC. (If you’re not using digital systems, the deadline is 19 July)

Use a checklist to stay on track

With multiple deadlines and tasks to manage, a year-end checklist is essential for staying organised. Look out for our soon-to-be released step-by-step guide, which breaks down each task and its timeline to help keep you on track.

Embrace payroll software for year-end tasks

Xero cloud-based accounting software can streamline your payroll and make year-end reporting easier to tackle.

HMRC-recognised, Xero simplifies your compliance with automated RTI submissions and easy adjustments. Payroll calculations are also automated, so your records stay correct and up-to-date. Likewise, pension re-enrolment is a speedy process, meaning it’s easier to meet your obligations.

So then, when it comes to year-end, you’ll be in good shape to hit the deadlines. All the relevant reports and information will be waiting in one, secure place – ready for team members to work alone or collaboratively, from wherever they are in the world. That means less stress and more confidence that you’ve nailed the payroll process. 

Get more info about payroll in Xero here. 

The post Ditching the stress of year-end payroll 2024/25 appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

Welcome to our monthly roundup of what’s new in Xero. This month, we’ve introduced updates designed to help you to get paid faster, streamline tax rules and regulations compliance, and manage your sales tax with ease. With enhancements from the ability to send invoices via SMS to improvements in Xero Tax and sales tax reporting, we continue to make Xero even better. Read on to learn more about the latest features and enhancements.

AU: Get paid faster with SMS invoices [Product Idea]

You spoke, we listened! You can now send invoices via SMS. Give your customers a convenient way to pay, no matter where they are thanks to the arrival of send invoices via SMS . This was a popular Xero Product Ideas request, and we’re thrilled to deliver this time-saving, payment-boosting feature. 

UK: Save time and manage all your clients’ compliance needs in one place with Xero Tax [Product Idea]

For UK accountants and bookkeepers, you can now use Xero Tax to prepare and file partnership tax returns with HMRC. This means you can manage the vast majority of compliance tasks and all in one place. It will help you save time and money, as well as provide a better service to your clients. This enhancement is a result of our work to bolster  Xero Tax so that accountants and bookkeepers can serve even more clients in one place. Read the blog post to find out more. 

US: 1099 just got easier 

We’ve made some changes to managing your 1099s in Xero, to make onboarding easier and more intuitive and help you to get up and running quickly. During tax time this year, you’ll notice that preparing your 1099 will be easier and feel more intuitive. These changes were based on customer feedback, and we’re confident it will make a big difference during tax time.

These are just some of the updates that have rolled out in Xero this month. Check out the full list of what’s new this December in the product release notes on Xero Central, and view the previous product update on the Xero Blog.

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

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

From January 2025, new climate reporting legislation will be introduced. It will require big businesses in Australia to track their carbon emissions and include the results in sustainability reports, which they’ll need to submit alongside their other annual reporting obligations.

While this law directly targets businesses with more than 100 employees, the impact will inevitably trickle down to their suppliers, who may need to provide emissions data to them. 

The requirements for small businesses and their accountants are due to be phased in over 2026 and 2027. However, mandatory climate-related financial disclosures, which will bring both challenges and opportunities, may begin much sooner.

As we head towards the new year, here’s what this legislation means for you, and how you can prepare your business or practice ahead of the change.

What this means for small businesses

While small businesses aren’t directly impacted by the legislation at this stage, they may still need to provide emissions data to larger clients who are subject to the reporting requirements. 

If you’re a small business, you may need to invest time and resources in measuring and reporting your emissions, even though you aren’t legally required to. That’s because large businesses may favour suppliers who can provide climate-related reporting to help them meet their own obligations.

It’s also a great opportunity to decrease your carbon footprint, because once you measure it, you can reduce it. Savvy consumers are becoming increasingly aware of businesses that exaggerate their sustainability efforts, so if you have robust data about your emissions, you can also protect your business from accusations of greenwashing.

By proactively managing your emissions and demonstrating a commitment to sustainability, you can gain a competitive advantage and strengthen your relationships with customers and partners. Research from Deloitte found that roughly two-thirds of Gen Zs and millennials will pay more for sustainable products and services, while around a quarter have stopped supporting businesses with unsustainable practices.

What this means for accountants

Accountants can play a crucial role in supporting businesses as they comply with the new climate reporting requirements. The introduction of this legislation presents a great opportunity to get ahead of the game and offer new services to your clients early.

If you’re an accountant with small business clients, you’ll need to:

• understand the legislation 
• help clients accurately calculate their carbon footprint
• provide assurance (through an audit) on climate-related disclosures

This is a new area for many, but you don’t need to be a sustainability expert to provide carbon accounting services. In the end, it’s just maths. With the right tools, you can help your clients track and measure their emissions.

Luckily, there are lots of resources out there to help you get started. Check out the Sumday Academy for a range of courses and learning tools.

How Xero can help

We’re committed to helping small businesses and accountants transition to mandatory climate reporting. For small businesses, the good news is that the data you already have in Xero can be used to understand your carbon footprint. 

You can find carbon footprinting apps in the Xero App Store. These apps connect to Xero and use your Xero data to measure your emissions.

Xero partner Sumday provides accountants with an easy-to-use tool for measuring and reporting emissions to an auditable standard. So check out Sumday, along with Greenly and a range of other apps at different price points. There’s something for everyone.

The climate reporting legislation is a significant step towards greater transparency and accountability in corporate Australia. While it presents challenges for small businesses and accountants, it also offers opportunities to drive positive change.

Whether you need to start reporting now or not, it’s a great time to take a step towards a greener future.

The post Climate reporting legislation: What it means for small businesses and accountants appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

We’re excited to share some new apps in the Xero App Store: Caseware and Wagepoint. These apps bring key capabilities into the Xero platform, to simplify your year-end workflows, payroll and compliance. It’s all part of our work to make life better for people in small business and their advisors across Canada.

Complete year-end compliance work faster with Caseware

Caseware is a Canadian-born, global provider of audit, financial reporting and data analytics solutions for accountants and bookkeepers.

It seamlessly integrates with Xero, helping you complete year-end compliance work faster by reducing the need to manually export and import files between Xero and Caseware. You can also save time on manual data entry, by importing trial balances and general ledger data from Xero into Caseware’s cloud suite of assurance and financial reporting solutions.

The new Caseware Working Paper integration is now available – jump into the MyCaseware portal to give it a try and see how it might help you free up time to serve your clients and grow your practice.

See cash flow in real time with Wagepoint

Wagepoint’s new integration with Xero connects your clients’ payroll and accounting, so you can see cash flow in real time, do bank reconciliations, create and send invoices, and more.

To save you time, we’ve added the ability to automatically map your chart of accounts and export your payroll and subscription invoice transactions to Xero. If you want even more customisation, you can set custom mapping for child accounts under ‘Wages & earning expenses’, ‘Wages & earnings liabilities’, and ‘Employee benefit expenses’.

Wagepoint has been available in the Xero App Store since 2017, so we’re thrilled that we can enhance their existing tools for you and make it even more powerful for your practice.

The Xero App Store features hundreds of connected apps, which are all certified by Xero to make sure the way they bring data into Xero is accurate and aligns to accounting standards. Our AI-powered recommendation engine makes it easy to find the right apps for your practice, and try or buy the app in a few clicks.

We can’t wait to hear what you think about our new Caseware and Wagepoint integrations, and look forward to continuing to deliver more for our Canadian customers. For example, earlier this year we launched a partnership with Jobber, a Canada-based app developer and the top player in the field services space.

For a quick glance at other apps designed for Canadian partners, check out this collection of apps for advisors in the Xero App Store.

The post Using Caseware and Wagepoint to streamline your EOFY appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

Customer experience (CX) is more than a buzzword – it’s pivotal to building solid relationships with your customers and gaining a competitive edge. It’s often discussed in the context of large businesses like airlines or banks, but CX is equally important for small businesses, where things like recommendations and positive reviews can make a huge difference. 

Here, we’ll explain why building a positive, memorable experience for your customers can boost your success. We’ll also break down three core components of stand-out CX.

Why does customer experience matter for small businesses?

When consumers have seemingly infinite choices, two key factors can set you apart from the competition: 

• your product or service  
• the experience customers have with your business 

Unlike larger corporations, small businesses often cultivate a more personal, one-to-one relationship with customers. This can be an asset in creating unique and memorable experiences. 

When you focus on creating positive interactions, these experiences can turn satisfied customers into advocates who can help attract new clients – often at a much lower cost than traditional advertising.

What does customer experience look like in a small business?

CX looks different for every small business, but there are three things that  will set you up for success, no matter what industry you’re in. 

1. Understanding your customers, their needs and wants

The foundation of a great customer experience starts with understanding who your customers are and what they truly need and want. Get to the heart of what motivates your customers, their pain points and their goals. 

Start by gathering insights through surveys, feedback forms, and data analytics. Regularly analysing this data helps uncover trends in behaviour and preferences. This allows you to make informed improvements that genuinely meet customers’ expectations, ease friction, or solve a problem they may be facing. 

2. Meeting customers where they are

Today’s customers expect a certain level of personalisation and convenience, and they’re more likely to stay loyal to brands that meet their expectations. So consider whether you’re delivering service in a way that aligns with your customers’ preferences and habits, and making life easier for them. 

How can you deliver this kind of experience with limited time and resources? Automation can power timely and personalised communication at scale. Whether it’s scheduling invoice reminders, letting customers choose their preferred way to pay, or reaching out to customers on their favourite social media platform, these simple yet impactful touches show customers that you value their business. 

Tips: 

• Set up automatic invoice reminders in Xero to give your customers a friendly nudge when payments are due or overdue. Try the Paidnice app  to send SMS reminders, apply prompt payment discounts and more. 
• Payment apps like Stripe, Square and Airwallex give customers more ways to pay, allowing them to choose the method most convenient to them. 
• Connect a job management or customer relationship management (CRM) app to Xero. This kind of software makes it easy to deliver highly personalised communication in a streamlined way. 

3. Measuring success and improving

No customer experience strategy is complete without regular evaluation. Metrics such as customer satisfaction scores, net promoter scores (NPS), and retention rates offer insight into how well you’re meeting customer needs and what might need adjustment.

But feedback isn’t limited to numbers. Qualitative insights can be just as powerful, especially public ratings and reviews that can drive word-of-mouth referrals. 

Tip: Try the NiceJob app to gather reviews and referrals directly from customers and turn your reputation into a growth engine. You can create automatic, set-and-forget campaigns to collect a steady stream of reviews. At the same time, you’re meeting the customer where they are and making the process easy for them. 

Once you have this information, it’s time to make some improvements. Customer preferences and market trends are always shifting, so it’s crucial to stay adaptable. By consistently refining your tactics, you can keep the customer experience fresh, relevant, and responsive to changing needs.

Ready to build a stand-out customer experience?

Mastering these three pillars – understanding needs, meeting customers on their terms, and continuously measuring success – can create a customer experience that not only attracts new clients but helps build long-term loyalty, driving growth for your business.

The post Three ways to build a stand-out customer experience appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

We recently announced a strategic partnership with Xeinadin that builds upon years of working together. Ellie Redfern, Enterprise Account Manager at Xero, recently spoke with Symon Barkway, a partner at the Xeinadin Sittingbourne office and the area managing partner of the North Kent region, on his journey with Xero and why he’s passionate about helping other accounting firms embrace change. 

Tell us about your firm? 

At Xeinadin Sittingbourne, our team of 30, mostly Xero-certified advisors, supports small and medium businesses across various industries, including construction, healthcare, and non-profits. We were an early adopter of Xero, and over the years we’ve helped many clients transition from manual bookkeeping to digital solutions like Xero, especially with Making Tax Digital. Our healthcare clients, in particular, benefit from Xero’s features like tracking categories, and we also serve foster carers, schools, and non-profits.

What’s your role at Xeinadin? 

I’ve been with Xeinadin Sittingbourne (as it’s now called) for 12 of its 30 years. I’ve spent most of that time working with small business owners getting them onto Xero. Now, as the area manager for North Kent, my focus is on growth, learning from other firms’ use of technology and sharing that knowledge to help others.

What’s the most rewarding thing about the work you do? 

Helping people interpret their financial data and reach their goals is the most rewarding part of our work. Many new clients are surprised when we ask about their aspirations, but our team is really there to support them in achieving their goals. Ultimately, our success is tied to theirs, and it’s fulfilling to be part of their journey and see them and the people around them grow. 

How long have you been using Xero?

When I joined the firm, they had started using Xero as early adopters. I was amazed at how much it could do compared to other accounting software. Xero does everything well. Over the years I’ve seen core accounting continually improve, and I can see that Xero listens to feedback and makes meaningful changes. We’ve gone from a very small number of clients using Xero to nearly all of our bookkeeping clients on the platform. 

What have been the biggest benefits of using cloud technology in your firm? 

Cloud technology has transformed the way we work, especially since the pandemic, offering greater flexibility and saving time.

With cloud accounting, we can access client data at the same time as them, allowing us to work more efficiently, and guide them on how to understand their numbers. Many of them have become more engaged with their data through learning how to use cloud accounting software, quickly seeing the benefits. For example, builders who learn to invoice customers directly from their phones while on-site, realise how much time it saves, how quickly they get paid, and how it helps them stay on top of their finances.

What do you see as the biggest trends happening in the accounting industry right now?

Number one is the shift from compliance to advisory, largely driven by advancements in technology, particularly AI. As automation takes over many data processing tasks, especially as MTD comes into force, we need to focus more on interpreting financial data as opposed to inputting. This change is exciting as it allows accountants to provide deeper insights and more value to clients.

Secondly, as accountancy is an ageing profession, attracting talent is becoming more important.  We need to understand and appeal to younger generations to make accounting an industry they want to work in, for instance things like offering flexible working and using the latest technology. There’s some great opportunities to attract engaged young people that think differently and are future-focused.

What does the strategic partnership between Xero and Xeinadin mean to you? 

We believe in strength in numbers. Xeinadin is a fast-paced environment with lots of change, and with that comes some fear and uncertainty. Our partnership with Xero is about working together to alleviate some of the fear around change and supporting firms with digital transformation. It’s about providing a strong support network, showcasing Xero’s capabilities that enable them to give the best experience to their clients, and connecting firms with a community for shared learning.

What’s your advice for other firms who are on their own digital transformation journey? 

Don’t let the scale of change discourage you. The process will be challenging and there will be setbacks, but staying focused on overcoming these hurdles will ultimately result in a solution that’s fit for purpose for years to come. Investing time now will make things easier for you and your clients, and it will absolutely be worth it in terms of the service you can offer and the engagement you get from your clients. 

The post How Xero is supporting digital transformation at Xeinadin Sittingbourne appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

We use data to create innovative products and features for our customers. These help small businesses save time and make better decisions, and give advisors the information they need to help their clients thrive. Data is critical to innovation, and the opportunities to put it to work for the benefit of our customers are exciting.

With these opportunities, comes an obligation to use data responsibly, which we take very seriously. In 2020, we made a company-wide pledge to responsible data use and introduced a set of commitments into our business. These were updated in 2024, to ensure that as technologies continue to evolve, we keep pace with how we manage and use data.

Our latest responsible data use commitments ensure we continue to meet the expectations of our community, and remain a trusted and insightful small business platform.

What’s changed?

Our responsible data use commitments remain substantially the same. We’ve streamlined our commitments, grouping similar ones together. We’ve also clearly outlined how we meet each commitment, so we continue to be transparent about how we use and store your data.

Our updated commitments bring together the strong practices we’ve put in place over the years, and help address what we know our customers care about. This includes how we’re using technology like artificial intelligence in a responsible way to make customers’ lives easier.

What hasn’t changed are the values that underpin our approach to data use. We believe the updated commitments allow us to continue to innovate safely, and provide our customers and partners with assurances about how we keep their data safe and secure.

Our updated commitments

Here’s what our updated responsible data use commitments look like, at a high level.

You can find more information about how Xero uses and stores data responsibly, by visiting the responsible data use commitments page on our website. You can also see our terms of use, privacy notice and data processing terms.

The post We’ve updated our responsible data use commitments appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

Bank feeds have transformed how small businesses manage their bookkeeping. Gone are the days of manually comparing bank statements with accounting records. Today, with cloud accounting, you can securely and automatically import bank transaction data and easily reconcile it, so you have a single, up-to-date view of your transactions and cash flow.

Bank feeds reduce manual admin and automate data entry. They make reconciling easy which enables you to use up-to-date information when making business decisions. Bank feeds truly unlock the power of Xero for a small business.

But misconceptions about bank feeds are still holding some people back from experiencing the benefits. Here, we set the record straight and bust the top three myths about bank feeds.

Myth #1: Bank feeds are unreliable

The UK has some of the best bank feeds in the world, thanks to UK Open Banking and the continuous enhancements being made.   

Thanks to UK Open Banking, bank feeds today are more stable than ever. At Xero, we’ve been embracing open banking concepts for over 10 years, but the launch of UK Open Banking in 2018 accelerated the coverage and quality of direct bank feeds. Among the raft of new benefits it has brought, open banking has made it easier for business owners to connect their bank feeds in Xero through a completely digital process. 

Yes, there were some teething issues with bank feeds when UK Open Banking was first introduced, but as an industry we worked closely with banks to develop a seamless experience over time. Xero now monitors performance through metrics like set-up consent success rates and connectivity rates on a bank-by-bank basis, and works with financial institutions to address the rare performance issues that arise. 

In April 2023, the Joint Regulatory Oversight Committee (JROC) was formed to help improve the availability and performance of bank feeds across all service providers. JROC has set up a new data collection framework to track and analyse API performance from both banks and third-party providers like Xero. While this reporting is optional for now, it aims to boost API performance by enhancing transparency and accountability in the UK’s open banking system.

Henk Van Hulle, CEO of Open Banking UK said: “Open banking’s success is testament to the collaboration with the fintech industry and sectors such as accounting. One in five small to medium-sized enterprises (SMEs) in the UK now benefit from open banking, and our research has shown that firms are increasingly utilising open banking-driven cloud accounting services to understand and manage their cash flow in near real-time, speed up settlement times, and to help avoid late payment fees. 

Myth #2: Bank feeds aren’t secure

Xero is regulated by the Financial Conduct Authority, and we use bank-level encryption and rigorously tested software and systems to keep your data secure.

Worried about security? You’re not alone! Many people think automated bank feeds mean opening up your bank data to everyone on the internet. But in reality, Xero bank feeds are protected by multiple levels of security. Xero is regulated by the Financial Conduct Authority (FCA), and we use high-level encryption and rigorously tested software and systems to keep your data secure. Xero provides security assurance for every method used to import your bank transactions, so you can have peace of mind that your financial data is in safe hands.

What’s more, the days of entering your bank details every 90 days are behind us. Re-authentication is now quick and hassle-free, with the option to ‘renew’ the bank feed in Xero. Accountants with standard or adviser permissions can also do this on behalf of their clients.

Myth #3: Digital bank feeds won’t save me any time

Xero users report saving up to 5.5 hours per week with bank feeds and automated bank reconciliation matches.*

We get it, setting up and finding your way around another feature can seem complex and time-consuming. The truth is, setting up a bank feed is a simple and intuitive process that can be done in a few clicks. In fact, the majority of Xero customers have already done so, which is well above industry norms.

By linking your bank directly to your accounting software, you avoid manual data entry, reduce human error and save yourself hours every week. Xero users report saving up to 5.5 hours per week with bank feeds and automated reconciliation matches.* Less time on bookkeeping means more time growing your business – or maybe just having a coffee in peace!

So, there you have it. Bank feeds aren’t just reliable and incredibly secure, they can save you precious time too. Ready to ditch those myths and embrace the future of hassle-free accounting? Why not get started connecting your business banking account to Xero. You can see all the bank feeds that are available in Xero Central. 

*August 2023 survey average across 180 customers globally

The post The truth about bank feeds: Busting the top three myths appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. No more juggling multiple tools or battling complicated software. By managing partnership tax in Xero, you can remove some of the stress around tax time for your practice and your clients.

Unlocking the benefits of Xero Tax 

Partnership tax can be quite complex, with various rules and regulations regarding profit-sharing, individual partner tax liabilities, and filing requirements. This can be a headache for businesses, and a very manual process for you as their advisor. For example, partnership tax often involves manual data entry, calculations, and reconciliation across different platforms. This takes valuable time away from core business activities and using multiple tools or relying on spreadsheets creates inefficiencies and potential for data discrepancies.

Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients. The benefits of this addition include:

• Saving time: reduces manual data entry by pulling directly from your client’s bookkeeping data in Xero.

• Simple and efficient: Xero streamlines partnership tax management by bringing everything into one platform, making it easy for the whole team to use and collaborate on tax returns together.

• Use Xero Tax for more of your clients: Xero Tax is designed to make it easy to prepare accounts and tax where your clients are using Xero. However, if a client is not using Xero, you can still prepare company accounts and tax and partnership tax by adding their data to a Xero ledger and connecting to Xero Tax.

• Better job planning and timely submissions: You can now more holistically view and manage tax obligations across your client base, giving you a quick snapshot of when your client obligations are due or yet to be filed.

• Enhance your client reporting: You can add more value by creating professional, customised annual accounts at both client and practice level with flexible formatting options to match your service offering.

Don’t just take our word for it

Accountants and bookkeepers have been benefiting from using Xero Tax for some time. And practices that will also use it for partnership tax will now be able to reap these benefits. 

Emma Reid, Partner at Cottons Group implemented Xero Tax in their practice earlier this year, and has already seen the impact of increased efficiency. 

“Since rolling out Xero Tax and reviewing our systems and processes, we are now at least one month ahead in tax return preparation compared to last year. Our improvements have not only enhanced efficiency but also positioned us to meet deadlines while fully addressing client needs. As we approach January 31st, our workload feels manageable, last-minute pressures seem avoidable, and our staff can focus on our growth initiatives.” 

Andy Housley, owner of Square 1 Accounting, has always harnessed the power of digital tools in his practice to help make life easier for him and his clients. He explains how with Xero Tax, he already had a one-stop solution for company and personal tax, but now he no longer has to flip between different tools or spend money on extra software to serve partnership clients.

“The thing I’ve always liked about Xero is that it’s simple and it works. Everything is very user-friendly. Before I used Xero Tax, it could take an hour just to get to the point where I could start producing the tax return. Now I can do the whole thing in 20-30 minutes.” he says.

He found filing his first partnership tax return a breeze, too. “The way Xero has structured it is brilliant. It’s clean, it’s simple, it works.”

The first partnership tax returns he completed using Xero Tax were so straightforward he initially thought he must have missed something. “It was that fast, I had to go back to make sure I’d done it right.”

How to get started using partnership tax 

Partnership tax is available to all Xero partners at no additional cost to you or your clients. If you haven’t yet tried Xero Tax, with the addition of partnership tax now is a great time to give it a go and avoid juggling multiple systems – and reduce the urge to tear your hair out this  tax season. 

To find out more about becoming a Xero partner, visit our partner programme page, or to access partnership tax see our help article about how to get started. 

 Visit the Xero Tax page for partners to find more resources, like our case studies and downloadable all-in-one tax guide, to see how everything works together in Xero.

The post Streamline tax time: Xero now supports partnership tax in the UK appeared first on Xero Blog.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

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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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.

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.

If Xero is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.