Competition is fierce in every segment of the market, and online accounting software is no exception either. Much like accounting itself, accounting solutions are forced to evolve either by improving or replacing existing features or by going through a complete overhaul.
Xero, an online accounting program trusted by over one million SMBs and sole-proprietors worldwide, is the prime example of a solution capable of constantly improving according to the needs of the general public. 2017 wasn’t any different when it came to adding new features to the mix, and this time they are mostly catered towards any participants of the Xero Partner Program.
Managing expenses with Xero is already a hassle-free process and with the new updates it will become even more streamlined. Popular features like receipt capturing with the app are all kept in the newer version of Xero Expenses, too, but now receipts are automatically processed, meaning that submitting an expense claim is reduced to the touch of a button.
The biggest changes, however, involve the Expenses section in the desktop account: as in most cases of software overhauls, it has been fully redesigned to match the needs of Xero users. Expense claims now appear in a convenient list in an order chosen by you, from the claim’s status to the employee who submitted it. The most necessary information is present in this list view in order to help you navigate through claims with a single glance, but there is also a more detailed view of expense claims as well. Reviewing and approving claims is now ridiculously easy in this new Expenses section, and due to the fact that claims are converted into bills once approved it is far more logical, too.
Additionally user permissions are more flexible than ever and, as a nice and highly-requested addition, Xero users can now submit expense claims on behalf of others and at the same time send automated push notifications to the co-worker(s) in question. And last but not least, Xero has added expense analytics into the mix through which users can view a real-time and accurate view of company spending.
The new Xero Projects feature is a great aid for those who want to capture, track and report on the time and money spent on specific jobs. Projects seamlessly integrate with all default features of Xero like bank reconciliation, bills and invoices – although there is the option to invoice clients based on projects, too. Xero Projects now fully supports fixed price or time billing as well, making sure that the right person will be charged the right way.
Keep in mind, however, that regular Xero users can only activate this feature upon a request to Xero Partners, who in turn can invite as many clients to Projects as they want. Partners can enjoy Xero Projects for free for the rest of 2017, but after the initial period expires a currently unspecified monthly fee will apply to all users.
A New Bunch of Xero Apps
Xero already offers over 500 integration options with third party apps and there is no sign of that growth ever slowing down. The latest addition to the apps library mostly involve software available in the UK and Australia, but there are solutions that might be useful for U.S. customers as well.
Grow is a reporting tool with which data can be compared when either originating from Xero or from any other source on a fully customized dashboard in real time.
Grow also lets you visualize certain data in order to focus your company’s attention on goals and objectives that are of utmost importance.
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Additional features of ReportAmigo include the building of contact groups and the creation of financial reports containing charts with key highlights.
ExcluServ Connect (Concur)
ExcluServ is not a true app, but a so-called bridging solution between Xero and Concur, an expense, travel and invoice management platform. Thanks to the seamless connection provided by ExcluServ, users can smartly manage billable expenses and even view all Concur invoices and expense receipts attached to the corresponding Xero purchase invoice.
Demo of Concur
Best Online Accounting Software of 2018