The warmth, the meals, the music, the power. There’s actually no place like New Orleans, Louisiana (identified affectionately as NOLA). It was the proper location to reconnect with our valued accounting and bookkeeping companions, and share some thrilling plans for brand new instruments and options designed to make stock administration, financial institution reconciliation and tax administration easier and extra seamless. Should you couldn’t make it (or want a recap — there was quite a bit occurring!) listed here are a number of of the highlights from day one.
Serving to you navigate gross sales tax within the US
We introduced a brand new strategic partnership with Avalara that may permit us to construct a gross sales tax answer in Xero, so you’ll be able to simply calculate gross sales tax on invoices, compile versatile, state-based reporting, and entry Avalara’s trusted e-filing instruments. The partnership can even unlock superior performance throughout Avalara’s suite of merchandise — easing the executive burden of managing and reporting on gross sales tax to your purchasers.
Delegates at Xerocon acquired a sneak peek of the gross sales tax answer and have been invited to register their curiosity in early beta entry, which will probably be accessible subsequent yr to a restricted variety of customers earlier than the official launch.
Supplying you with a transparent image of stock
Following our acquisition of LOCATE Stock final yr, we’ve been constructing a brand new stock answer that may assist your small enterprise purchasers observe and handle their stock in actual time throughout a number of areas, present a transparent overview of their monetary efficiency, and save time reconciling stock information. It’ll additionally permit your purchasers to streamline workflows to allow them to get quotes, print labels and fulfill orders — multi function place.
We all know having an correct image of stock is essential in understanding the true price and demand of your purchasers’ merchandise — which then impacts their income and money circulation. This answer will probably be accessible to the US market first, and Xerocon attendees have been in a position to register their expression of curiosity for extra info and beta alternatives.Â
Dashing up workflows with automation
Lots of our prospects get pleasure from financial institution feeds, which routinely imports information into Xero so you’ll be able to reconcile your accounts. However when you’re an advisor with easy year-end purchasers, or must compensate for older financial institution statements which are not accessible in your financial institution feeds, then chances are you’ll want one other strategy to get transaction information into Xero with out resorting to complicated, guide workflows.
At Xerocon, we have been excited to share that prospects within the US and Canada can now immediately import and reconcile transaction information from PDF financial institution statements with our Hubdoc financial institution assertion extraction function. The brand new function is now accessible for purchasers of Chase Financial institution within the US, Royal Financial institution of Canada, and TD Financial institution in Canada, with Wells Fargo within the US accessible later this month and extra banks coming quickly.
Syncing BMO transactions to your Xero account
At Xerocon, we introduced a brand new partnership with BMO Monetary Group that may allow computerized transaction syncing between BMO and Xero. The brand new integration, coming later this yr, will allow you to and your purchasers acquire again time beforehand spent on information entry and reconciliation. You’ll:
- see your every day BMO balances and transactions in your Xero account routinely (no must signal into on-line banking or manually export or add information)
- have a 1-year transaction and stability historical past included proper from the beginning
- be capable to to change or deactivate this integration at any time out of your BMO account
We’re extremely excited to work with BMO and allow your purchasers to make use of expertise designed to assist them acquire again time throughout their day. We share the identical imaginative and prescient of higher serving small companies throughout the US and Canada, and this partnership is a serious first step in our relationship to do exactly that.
Making tax season in Canada much less taxing
There have been a spread of annual compliance updates for our Canadian companions who joined us at Xerocon — most notably our expanded integration with TaxCycle to assist the T2125 kind, in addition to an up to date tax mapper in Xero. We gave delegates a sneak peek of those options, which will probably be launched to our Canadian companions forward of the subsequent tax season, that will help you higher serve self-employed companies.
The thrilling information is that as of September 1, Xero associate program low cost charges for Canadian subscriptions can even apply to all TaxCycle merchandise, for these with a normal license settlement with TaxCycle (more information right here). Should you’ve already bought your 2022 TaxCycle license, we’ll retrospectively apply the low cost when you’re eligible. Chat along with your Xero account supervisor about this one!
Different thrilling updates we’re making to assist make tax preparation extra easy and environment friendly for our Canadian companions embrace a Canada-exclusive beta for the Working Trial Steadiness. This beta will let you generate a read-only Working Trial Steadiness report straight in Xero Workpapers and simply view and validate all account balances and changes. This beta will probably be accessible quickly to all Canadian advisors. We additionally shared a brand new integration with our app associate Countable — a working paper automation and administration device — to offer larger optionality for workpaper options.
Getting you fast entry to solutions in Xero studies
We have been thrilled to share some thrilling options in reporting that will help you get fast entry to solutions and streamline your monetary evaluation. Together with a refreshed design, we shared our newest performance, together with customizable administration studies, report annotations that will help you clarify monetary info to purchasers, and 28 new commonly-used codecs to save lots of you time and clicks.
We’re additionally working a pilot within the US and Canada that features a chart in our Bills by Contact report, which is step one to extra stunning visualizations. Should you haven’t had a glance but, I encourage you to test it out! We additionally introduced that we are going to quickly launch international settings that may allow you to set reporting preferences like money foundation, so that you don’t need to manually replace them every time.
Staying related at Xerocon and past
There was loads of product information to share, however by far probably the most rewarding a part of Xerocon New Orleans was having the ability to join with our accounting and bookkeeping companions who proceed to be such an important a part of our DNA at Xero. Whether or not you have been at Xerocon New Orleans or not, I wish to thanks for the whole lot you do for small companies throughout the US and Canada — we couldn’t do it with out you.