Tech Lowdown: Xero, Accounting Insights, Reducer and more
This week, our tech round-up features updates from Accounting Insights and Xero, Reducer’s integration with Xero, Crunch’s release of Crunch Zero, and Tier 3 from iPayTotal.
Xero product updates
Last month, Xero announced the fast-track release of tools and products targetted at assisting UK small businesses affected by the coronavirus.
“These tools will help businesses stay on top of cash flow so they can make more informed decisions,” Xero director of operations Damon Anderson told AccountingWEB. “Our short-term cash flow feature offers the insights needed to better manage cash flow. It will also give accountants the opportunity to make more informed decisions on behalf of their clients.
Payments is another area we’ve been improving with the launch of Pay with TransferWise, which makes it possible to pay multiple bills and input data at the click of a button.”
- Business snapshot (pilot): Shows crucial business data in charts, tables and at-a-glance figures to help compare profit and loss, turnover, expenses and efficiency between different periods. It is free to Xero business edition customers until the end of August 2020. “The aim of this tool is to provide a visual dashboard of key financial metrics, so you can see how your business is doing with simple to read insights into profit and loss, turnover, expenses and efficiency between different periods,” said Anderson.
- Short-term cashflow (pilot): provides 30-day bank projection, showing the impact of paid on-time bills and invoices, so businesses see cashflow changes in real-time. “We’ve launched this tool to [offer] a short-term view of your bank balance at no extra cost to an existing subscription,” added Anderson.
- Monthly revenue export: Agents can download a monthly revenue export of client organisations in Xero HQ, providing a high-level view of year-on-year revenue changes, current cash balances and primary banking relationships across clients.
- TransferWise payments: Bills can be paid through Xero and transactions reconciled regardless of the bank used.
- Monzo feeds: Earlier this year, Xero launched Monzo business bank accounts feeds, meaning small businesses who bank with Monzo can link their Monzo business account directly to Xero, and securely import transactions.
- Xero’s cash flow guide: Small businesses are advised on compatible Xero app marketplace tools, as well as pain points and solutions.
- Expense management: Mileage in Xero Expenses automatically calculates distances based on addresses. Company card tracks and approve expenses paid with company outgoings, using a company card or petty cash.
- Xero projects improvements: Businesses can add start and end times into the calculator to automatically populate time spent on a job to assist accurate invoicing. Once invoiced, businesses can mark entries, tasks and expenses on a project, giving a clear picture of remaining and uninvoiced work.
“Before Covid-19, 46.5% of small businesses in the UK were cash flow positive (Xero’s Small Business Insights, 2020). It was a problem then, and it’s still a problem today,” said Anderson. “By providing tools to give businesses a clearer picture of their overall finances, our aim is to support cash flow management and business health.”
Accounting Insights offers free accounts receivable solution
Created for UK SMEs struggling through Covid-19, Accounting Insights is offering a free accounts receivable Power BI reporting solution for Sage 50 accounts users.
The software connector and suite of templates automate the linking of Power BI to receivables and payables data.
Reducer joins Xero app marketplace
UK cloud-integrated price-comparison solution Reducer announced its integration with Xero at the end of May 2020, joining the expanding list of services on Xero’s app marketplace.
The Xero integration enables Reducer to analyse bill-uploaded attachments. When financial data from Xero is shared, Reducer identifies areas of overspending, sources quotes from suppliers and suggests deals corresponding specific business needs.
Using research insights, Reducer creates a report for each client and handles any chosen switches using research insights.
Crunch releases Crunch Zero
Last week, digital accounting firm Crunch announced the launch of its first software-only product Crunch Zero. The service is a basic bookkeeping service for freelancers, contractors and small businesses, and is free for the self-employed for the first three months.
Crunch Zero offers invoice and expense management services, with features such as bank reconciliation being added later this year.
After 1 September 2020, the service will cost £2.50 a month.
iPayTotal launches complete banking and payment solutions
International payment gateway iPayTotal recently released a Tier 3 package to its clients for high-risk businesses. The banking solution provides company registration, registered/virtual office address, global IBAN/SWIFT accounts and merchant account solutions to accept payments.
IpayTotal crypto-processing, offshore company incorporation, offshore bank accounts and prepaid cards services as part of its Tier 3 package.