Kala Atkinson have used Xero as our preferred bookkeeping and reporting tool since we began our journey to digitalise. We chose Xero because of it is cloud based, intuitive with its use of AI and boasts an ecosystem that allows us to bring efficiencies to our clients processes that encompass more than just the finance function so to attend the Xero Roadshow and learn more about new features, partnerships and hear from other accountants and bookkeepers about their experiences was an opportunity we could not turn down not to mention the halal beef chili on offer for lunch!
The day was jam packed with Bakewell tarts and content with some of the most valuable lessons learnt shared with you here.
New Features
We use xero everyday working collaboratively with our clients but still managed to pick ups some new features that we cant wait to try:
Greater AI matching in bank matching matching will not just speed up but make more accurate bank reconciliation
The ability to save as reconciled on the cash coding screen all transaction lines with bank rules without having to select every line is a huge time saver
Saving pay now options to invoice branding themes will help improve cash flow and reduce time and errors having to manually select payment options when raising sales invoices
Switching between accruals and cash basis on the Analytics Business snap shot gives additional insight to businesses reports and will help improve decision making by business owners
Xero keeps getting better and better that is why we urge the businesses we work with to digitalise with Xero at their center and the road map doesn't just stop once the show is over with new features released every month Xero continues to be a leader in accounting tech.
New Partnerships
The launch of Xeros E-invoicing solution in the UK using the PEPPOL global public network will further improve the speed and accuracy of invoicing in the UK also boosting the time it takes businesses to get paid and their cash flow.
Accounts payable just got a lot easier with Xero teaming up with payment making solution Crezco to create an seamless open banking solution to paying bills directly from within Xero. Unlike other solutions the Xero- Crezco solution is in built into xero and removes the need to transfer funds into a wallet or bank account rather making direct payments from the business bank account with authorisation made using multi factor authentication online banking credentials.
The Digital Drag
Small businesses deliver £934.8bn of private sector turnover and one in four jobs however only 30% have digitised further since 2019 compared with 69% of larger SME's with Xero estimating £77.3bn extra income should smaller business take up the challenge and opportunity to make better use of digital tools.
That equates to around £15,000 a year per business so why arent they taking them up? Xero 2023 Industry report blames a digital drag prevents the smallest businesses taking this opportunity caused by a lack of confidence in the benefits and a lack of knowledge in how to choose and implement the correct tools.
Choosing the right tools inst easy but also inst the only consideration business owners must make when looking to seize this opportunity. New digital tools will almost certainly mean a change in process and a change in interaction for the people that use them.
Working with small businesses to implement new systems we look at:
current processes- what you currently do
future improved processes- what would you like do
Specifications- what should the new system be able to do
Look in the market and short list potential matches
Arange demos to see which short list matches would work for you
See how good a fit they are to your specifications
Plan an implementation
Ensure staff have a training plan
Project manage if a third party is implementing
As a small business owner, you want to be running your business so partnering with Kala Atkinson accountants in London and Manchester will take the hard work out of any change in system and process!