Xero Quarterly Update: Q3 2020
As the year continues on, Xero are still busy releasing new features. A few of the most noteworthy updates include more development to credit limit functionality, tools to help you manage cash flow, and a much-requested feature, the ability to add a delivery address.
The credit limits functionality, released earlier this year allowed you to enter a credit limit for a certain customer and then view how much of their credit limit they had remained. You can now also block invoiced from being sent to the customer when they are going to exceed their credit limit. If you now try to approve an invoice for a customer and it is going to cause them to exceed their limit, Xero will hold that invoice in draft until the customer drops back under their credit limit once again.
Everyone on the Business Editions of Xero will now see a new “Short-term cash flow” button under the “Business” heading. The Short-term cash flow feature is an interactive tool that visually projects your bank balance for the next 7 or 30 days, based on the impact of invoices and bills being paid. This can be really helpful for businesses that have strict overdraft limits or just want a visual representation of their bank balance.
Since Xero first started, a huge amount of users have requested the ability to include a delivery address on sales invoices, as well as the billing address. Xero have finally come to the party and released this feature! You can now add, edit and display a delivery address when creating an invoice but note that you must be using the “new invoicing” screen to use this feature.
On another note, Figured, one of our most popular Xero addon apps has recently released a new product called Commercial Manager. Historically, Figured has provided budgeting software to Agri businesses only. This new “commercial” product opens the Figured software up to businesses of every kind.
Figured, both the Agri and Commercial versions allow you to budget your profit and loss, cash flow and balance sheet with ease. Figured integrates with Xero so you can compare your actual financial results to budget with the click of a button.
Budgeting can be a very powerful tool for businesses, especially in times of uncertainty such as these. It allows you to guess what is going to happen in the coming months and compare this to your actual results. This helps you keep track of how your business is performing and whether or not you are reaching your targets and goals.
Figured is designed to be simple to use and at $20/month + GST, it is a wallet friendly option as well. If you would like to discuss this software for your business, get in touch with your Client Manager. We are also happy to give you some tips on how to prepare a budget yourself, or take it off your hands completely, and prepare it for you.
