For the second year, we attended Xero’s yearly conference in the London ExCel – The UK’s largest accounting convention with over 3,000 professionals in attendance! This is the best place to learn about the latest developments in the Xero ecosystem and demo the newest add-ons, apps and integrations. It allows us to remain at the forefront of accounting technology which in turn benefits our clients.
Below we share some of the key points from the conference:
Making Tax Digital (MTD)
With MTD just around the corner and expected to affect 1.1 million small businesses across the UK from April 2019, Xero were keen to show off their new VAT experience. Xero have used MTD to refresh their VAT reporting package and these improvements are available at no additional cost to you. During the conference, we got a sneak peek at the new VAT user experience and were impressed with the end product.
As we attended Xerocon we have been given advanced access to Xero’s new VAT reporting. We will be trialling the software ahead of April to ensure we are able to assist with any queries as MTD comes into effect.
For more information on MTD and how it may affect your business, please see last editions article.
New Xero Features
Xero announced a host of new features during the conference which are being rolled out over the coming months. By now you will have seen the new navigation system, making the even more intuitive and easier to use. The key change is the splitting of the navigations between Business and Accounting.
To help you save time, Xero has introduced ’email to bills’ which will reduce your manual data entry by automatically extracting information from bills and receipts. This means you will have more time to focus on your business and less time on the numbers.
A brand-new version of Xero invoicing will also be launching in early 2019. This will have new functionality and should allow users to create and manage invoices faster and more effectively.
Detailed articles on these new features will follow.
Xero App Ecosystem
Xero now has over 700 integrated apps for small businesses to choose from, however, selecting the best app may seem like a daunting task. That’s why Xero are introducing a new App Partner Programme which will make selecting and implementing apps easier. Apps will be tiered from bronze to platinum based on a number of criteria, making it simpler for you to pick the best app for your business.
Xero have just been awarded Account information Service Provider (AISP) status by the FCA which means they can take advantage of the new open banking regulations in the UK. This will see the introduction of an updated bank feed API and will give business owners real time access to their financial data. It will also improve the ease and speed that companies can gain funding from financial institutions. All this comes at no additional cost to you.