Product wrap from Xerocon London 2022

And that’s a wrap! What an unimaginable couple of days it’s been at Xerocon London, kicking off the product replace with the launch of our thrilling new product for sole merchants, and watching as our groups share the newest instruments and options in Xero.

It’s been an actual privilege to share how we’ve been responding to the altering world of labor over the previous couple of years, with merchandise that enable you to streamline your work, offer you flexibility and management in your follow, and construct relationships which can be each significant and worthwhile. 

Being along with our neighborhood in individual is an excellent reminder of our function, and it’s a privilege to co-design and create the way forward for our product suite collectively. When you weren’t capable of be part of us at Xerocon, listed here are a number of of the highlights that we lined throughout the two-day occasion.

Introducing Xero Go for sole merchants

I used to be thrilled to unveil the early launch of Xero Go — the brand new cellular app we launched within the UK to ease the burden of economic admin for sole merchants and their advisors. It is a key a part of our dedication to serving to using companies win the warfare on expertise and provides them the absolute best likelihood of success in an ever-changing surroundings.

Along with serving to them streamline the guide, time-consuming components of being self-employed, Xero Go will even assist sole merchants be compliant with upcoming Making Tax Digital for Earnings Self Evaluation (MTD for ITSA) necessities to maintain digital information, whereas serving to advisors to service sole merchants extra effectively in mild of those elevated reporting necessities. 

The app is complemented by a Xero Go associate plan which is accessible for UK advisors, and is accessible now to obtain on iOS (Android coming quickly).

Making ready your shoppers for MTD for ITSA

MTD for ITSA goes to be seismic in scale, impacting as much as 4.2 million companies throughout the UK. It would essentially change the UK tax panorama, however will guarantee small companies have the instruments they should grow to be extra environment friendly and succeed within the years forward.

There are three key modifications that can affect your shoppers. However don’t fear, we’ll be right here to assist you each step of the best way. You can begin getting your shoppers prepared by:

• encouraging them to maintain digital information in the event that they presently aren’t (which means saying goodbye to shoeboxes of receipts and post-it notes)
• Encouraging common revenue and expense monitoring. MTD for ITSA will imply elevated reporting frequency, with updates despatched to HMRC extra usually slightly than yearly
• utilizing suitable software program to handle digital information, and ship MTD for ITSA submissions to HMRC (beta testing of our resolution is underway and Xero companions can be part of now)

At Xerocon London, we talked about our dedication to making sure that you’ve the expertise, processes and follow proposition in place forward of 2024. This contains our end-to-end resolution that we’ll be placing in your palms earlier than MTD for ITSA is remitted. 

Being a part of our Xero beta will assist you to undertake it early for a few of your shoppers, so do take into account becoming a member of. Most significantly, don’t wait till 2024 to begin fascinated with MTD for ITSA.

Embracing the altering world of labor

The Altering world of labor report — which examined the attitudes and behaviours of small enterprise employers and their workers within the UK — was additionally launched at Xerocon London. The outcomes of this analysis strengthened how vital it’s that small companies undertake expertise to ease stress and frustration for themselves and their workers.

Alongside the report, we  offered our suite of worker administration instruments in Xero to assist small companies handle their workforce extra successfully. These included updates to Xero Payroll, a demo of Xero Me and a peek at our integration with Planday. It was nice to see so many advisors participating with the Planday crew and actually fascinated with how these instruments will assist their shoppers.

Higher managing your follow workflows

Attendees at Xerocon London have been handled to a sneak peek of our new doc packs function, which is coming quickly to Xero HQ. This safe on-line portal permits shoppers to simply view, obtain, electronically signal and return paperwork to you — multi function safe, accessible place. It would additionally combine with Xero Tax, making it even simpler to share paperwork with shoppers.

We additionally shared the enhancements we’re making to job supervisor in Xero Apply Supervisor (XPM). Utilizing job supervisor is an effective way to extend effectivity, keep in charge of your follow and drive collaboration throughout your crew. These updates will make it simpler to see, discover and monitor jobs, with a contemporary desk in addition to new sorting and filtering choices.

Getting fast entry to solutions in reporting

We lately introduced that we’re retiring the older variations of our reviews in Xero, so we will concentrate on including much more worth to our new reviews. Xerocon London was an incredible alternative to point out you simply how a lot performance we’ve packed into our suite of reviews, and it was fantastic to see these ‘aha’ moments within the viewers after we shared among the newest customisations.

When you haven’t tried our new reviews, it’s a very good time to leap in and provides them a go. When you’re undecided how one can get began, we recommend opening the brand new Revenue and Loss report in Xero. There’s a helpful product tour in there that can information you thru the brand new layouts and settings.

Managing money stream with Xero Analytics

Our newest Xero Small Enterprise Insights report discovered that 94% of small companies within the UK skilled at the very least one month of unfavourable money stream in 2021, which is a staggering determine.

Xero Analytics might be probably the most highly effective software we’ve got to assist your shoppers handle their money stream. Nonetheless, one of many issues that may actually affect short-term money stream are these much less frequent however larger quantities like VAT. So we have been excited to share that we’ve constructed an integration with HMRC that captures your shoppers’ VAT obligations in real-time.

In our breakout session on managing money stream, we demonstrated the brand new short-term money stream function that permits you to replace the deliberate or anticipated cost date of your overdue payments and invoices in bulk from inside short-term money stream, permitting you to extra actively handle your money stream projection.

Xero and GoCardless to supply Prompt Financial institution Pay to UK prospects

We have been additionally thrilled to share that  we’ve prolonged our partnership with GoCardless, the worldwide chief in direct financial institution funds, to supply its Prompt Financial institution Pay function to Xero’s prospects within the UK. 

For time-strapped small enterprise homeowners, the necessity to generate and subject invoices after which chase funds throughout a number of techniques is a large, time consuming problem. By introducing built-in on-line funds, small companies can save an enormous period of time and higher meet buyer wants by offering a number of cost choices. 

The brand new open banking function, immediately built-in into the GoCardless world cost platform, will supply accountants, bookkeepers and small companies a brand new different to taking one-off funds. With Prompt Financial institution Pay, Xero customers can obtain one-off bank-to-bank funds from new and present prospects whereas nonetheless utilizing Direct Debit for his or her recurring funds.

The function is presently being rolled out and can quickly be out there to Xero UK prospects. 

We’re (nonetheless) on this collectively

If there’s one factor I took away from Xerocon London, it’s that the partnership we’ve got with our accounting and bookkeeping companions is a permanent one. You’re a vital a part of our enterprise, and I can’t wait to work with you to proceed making life higher for small companies throughout the UK.