New Xero Announcements From Xerocon 2018 Helping You Work Smarter
At this massive event specifically for all those interested in business automation and fintech, Xero gave a huge insight into the future of cloud accounting for accountants, businesses and advisors, announcing new features, partnerships and acquisitions to help you work smarter.
You may want to sit down – Xero never fails to deliver brilliant news!
MTD for VAT Made Easy
Xero announced full compatibility with MTD for VAT. From April 2019, businesses will be able to submit their returns directly from Xero to HMRC. As well as being MTD compliant, Xero users will now have more control and visibility of their VAT and will also benefit from being connected with HMRC in real time.
“Making Tax Digital will make business taxes more accurate and more efficient but importantly, with Xero it will be easier than ever for business owners, accountants and bookkeepers to meet their compliance requirements in the UK”
Steve Vamos, Xero CEO
At Xerocon 2018, Xero demonstrated the MTD process within their software and here at OutserveWeb we particularly liked the VAT client dashboard where accountants can see the VAT position of all clients!
Direct Tax Filing From Instafile
Xero recently acquired Instafile, a cloud-based accounts preparation and tax filing solution. Instafile connects UK accountants, bookkeepers and small businesses to UK compliance bodies (including HMRC), integrating with Xero for the preparation and filing of Corporation Tax returns and statutory accounts.
Furthermore, Instafile is available to all Xero partners for free!
Faster Banking Connections
With the introduction of Xero’s industry-leading bank feed API, financial institutions such as Tide, Starling, TransferWise, Revolut and Soldo now provide much faster direct feeds into Xero. This is especially helpful as businesses can now track foreign exchange payments as well as managing expenses and uncovering deep insights about their performance. These new fintech integrations now give UK small businesses access to more financial information from their accounting dashboard, faster than ever before and at no extra cost.
Construction Industry Scheme (CIS) Returns Direct From Xero
Introduced at Xerocon 2018 – Xero have innovated a way for construction contractors to be able to file Construction Industry Scheme (CIS) returns directly in Xero. Currently available as an open beta, this feature will reduce administration and importantly, reduce errors.
Automated Connections With 150 Companies
The newest member of the Xero family, Hubdoc, can connect with 150 companies for businesses and advisors. This means, in practice, that Hubdoc will obtain bills, receipts and other financial documents from more than 150 financial institutions and vendors that UK small businesses interact with daily.
Spend Less Time on Payroll
New payroll employee bulk upload and direct integrations with the government NEST pension scheme, mean that big time-savings for business owners and accountants, who can now spend more time building their business instead.
More Control Over Projects
Job costing and time tracking tool, Xero Projects, now integrates with Trello and Xero Payroll. The powerful information they deliver allows you to see exactly where you are up to with your projects. View your true profitability and efficiency of projects in one place.
More Intuitive Xero Dashboard
The Xero dashboard is more intuitive than ever. Find what you need quickly – a necessity when running a business. Accountants and Bookkeepers can be even more efficient when helping clients, as the new dashboard allows for easier navigation, meaning you’ll be in the know when it comes to helping clients.
“The features we’ve announced at Xerocon London make sure that UK small businesses can spend less time on their business and more time growing it. From tax and compliance to financial performance, projects and payroll, the new features in Xero make it easier, simpler and more efficient for businesses to get on with what they do best. And for our accountants and bookkeeping partners, it means less time searching for information, and more time giving their clients the valuable insights they need to help them grow. We fundamentally believe in the power of technology to help small businesses, and the UK economy as a whole, continue to expand”
Steve Vamos, Xero CEO.
These new features and announcements will enable businesses to become more productive and future-proof, not forgetting how much time can be saved!
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(We are Xero integration specialists and a certified Xero Partner!)