What's happening in the Xero space? Here is what we uncovered during Xerocon San Francisco.
Have you noticed that your Xero has gone offline for an hour or two in the last couple of weeks? This is because Xero is moving to a new platform, one that will allow them to develop further the technology that they include within their software.
Such developments as, machine learning (the ability for Xero to nearly completely reconcile your transactions, without your input), predictions on data entry side of the accounting, removal of account codes for some transactions and a Facebook integration with Xero!
While we are yet to receive the specifics of these new developments, they were announced to be out within the next 12 months, although I expect much sooner based on Xero's previous history with their developments.
The other benefits of moving to this platform are increased stability, speed and security. An improvement on three important aspects of Xero's existing platform. Xero is the first of all of its competitors to move to this AWS platform, the potential of this new platform is exponential, we cannot wait to see what the future holds in both the Accounting world and further.
Xero Touch - the mobile app.
Most of you will be aware of the existing mobile application for Xero. This will be updated to make the invoicing much easier, and will include some of the machine learning technology, mentioned above.
This will make the already quick invoicing process much quicker!
If you use a Samsung Galaxy or other Android device, you will now have the option of contacting your adviser (Us!) directly from the mobile application. If you have an iPhone, no need to fear, Xero promise that this feature is just around the corner.
A long-time coming...
Another new announcement at Xerocon SF is the ability to create "bank transfer rules". This will mean that you don't need to select transfer the corresponding bank account to perform a "transfer" within Xero.
This is a very welcome feature, and we will certainly be making sure that our clients have these set up where appropriate.
Xero's developing ecosystem
There have been some more specific Xero "add-on" developments and pipeline developments coming up soon. Should you be on a Xero add-on such as Cin7, Dear Inventory, Receipt Bank, Deputy or Vend, we suggest that you get in contact as there may be something in the pipeline that will further enhance the benefit of being on the cloud software.
Should you only be using Xero, we also suggest that you get in contact with the office, as there are many cost effective Xero add-ons that make running a business just that little bit easier.
There were also very many new add-ons entering the ecosystem, so while there may not have been a perfect solution for you six months ago, an innovative tech company may have solved this for you! We spent considerable time at Xerocon interviewing all of the existing add-ons as well as he new players in the market. We were pleasantly surprised by all of the new entrants, most of which will be making their Australian ecosystem debut at Xerocon South, next month.
Just in case you missed it before:
Xero has finally released their new reporting engine, allowing for further customisation and a Rubix cube of opportunity. Key changes include new template layout, creation of schedules and custom reports, including custom templates. Should you wish to further develop your understanding of the new reports, or have us guide you in creating reports for your business, we suggest that you give us a call, so we can help you get the most out of your Xero subscription.
Other handy recent features include the inclusion of the wages and PAYG amounts in BAS without having to run a separate report and input these figures manually. You will need to select a tick box on all of those wages line items, so if your BAS isn't pre-filling, make sure you check your payroll settings for each one of your pay items.
A fun fact for you to finish up this summary. To hit home how quickly technology is adapting, currently in China, it's possible (and is done regularly) to "print" an entire house including all furnishings (including the forks and mugs!) in as few as 8 hours!
The 2020-21 Federal Budget is a road to recovery paved with cash. Some of the measures are aimed at addressing the harsh lessons COVID-19
has taught us and seek to centralise production back in Australia to ensure our industries can be self-reliant.
Reflecting on the past 6 months, particularly since the effect of Coronavirus on financial markets, I am concerned that many investors do not have a clear and tailored investment strategy. My observations are that investors seem to be failing to understand one basic investment principle; 'The higher the return the higher the risk’.
The updated alternative tests released by the Commissioner of Taxation are broadly similar to the alternative tests that were released in connection with the original decline in turnover test. However, there are some key differences.