The main apps they are introducing are shown in more detail below.
Expenses
Xero expenses allow staff and company directors to collate their business expenses paid for personally, via the Xero login or app via photo capture. The app will also read basic information of the receipt such as supplier, date, VAT and net amount. This can save time and identify errors from when these are manually entered. The invoices are then checked and submitted to Xero to be approved by the relevant authorised staff member or Director.
On approval the expenses will then be available as a bill to pay. This allows you to easily pay the employee for their costs and notify them once these have been approved.
Recently added is also a mileage tracker, allowing business trips to be easily tracked and approved.
Projects
This is for businesses who work on project-based work, with a need to track time, costs and profitability per contract. Each project can be quoted and budgeted, with entries on Xero and via the app to track progress and time/costs against any forecast.
This is intended for clients with larger scales projects, as opposed to small and frequent.
Analytics Plus
This is a forecast of your business running on a 60 or 90 day forecast, with predicted future recurring transactions being decided based on Xero’s inbuilt AI. This can then be adjusted manually to add upcoming money in or out and adjust any assumptions.
The platform is customisable allowing you to add or change items metrics and presentation.
Xero bill payments
This function will allow you to pay GBP bills directly from within Xero, by connecting to your business bank account and making an authorised transfer via online banking or your banking app.
Payments can be future dated to enable you to delay until your usual billing cycle.
All payments are made via faster by using Crezco as the provider.
Payroll
This allows you to manage employee holiday, timesheets and regular payroll runs for staff as well as the ability to email out payslips directly to staff, which they can view via the Xero app.
Although the software makes payroll and its functions more efficient, it does still require the technical knowledge to operate and manage any HMRC and pension filing requirements. We therefore recommend that you speak to your adviser if you are unsure how to do this.
If you feel any of these apps would benefit for you, or if there is something more specific you need for your business, please get in touch with one of our cloud accounting specialists, who can offer a free no obligation meeting to discuss in more detail.