Xero unveils new product innovations for US customers
Xero, the global platform for small businesses, has introduced a range of new product innovations aimed at streamlining accounting and compliance tasks for its US customers. These advancements, announced at Xerocon Nashville, are designed to help small businesses and their advisors manage cash flow, simplify sales tax and compliance, and gain deeper financial insights.
Diya Jolly, Chief Product and Technology Officer at Xero, emphasized the company’s dedication to delivering winning solutions in payments and core accounting for the US market. “Today’s announcements demonstrate our investment in addressing the unique needs of this market,” Jolly stated. Enhancements include an improved bank feed experience, new bank reconciliation features, and updates to sales tax and 1099 processes. Additionally, new technologies are being introduced to facilitate payments, helping businesses save time and get paid faster.
New Features Streamline Payments for Small Businesses
With managing cash flow being a top priority for US small businesses, the global platform’s new features aim to help them get paid faster:
New Beta for Bill Payments: The global platform’s embedded bill payment solution, powered by BILL, simplifies paying vendors and improves cash flow management. Small businesses and their advisors can approve and pay bills directly within Xero, using ACH transfers, credit/debit cards, or checks.
Expanded Payment Options:In partnership with Stripe, Xero is introducing new payment methods, including direct bank transfers and ‘buy now, pay later’ options, in addition to existing payment options like credit cards and digital wallets.
Tap to Pay: Launching early next year, this feature will allow small businesses to quickly create invoices in the Xero Accounting app and accept payments on the spot via mobile devices.
SMS Invoices: Later this year, Xero will introduce the ability to send invoices via SMS, helping businesses streamline their invoicing process.
Enhancements to Core Accounting and Compliance
Xero is further enhancing its US product with several updates:
Improved Bank Feed Experience: The global platform has expanded its direct bank feeds from 20 to over 700 in the past 18 months, improving connectivity with major banks in the US and Canada.
New Bank Reconciliation Feature: This allows accountants to reconcile bank statements with Xero data more accurately, ensuring financial data accuracy.
Enhanced Bank Feed Monitoring:New technology will help detect bank feed disruptions, allowing customers to report issues directly in Xero.
Localized Chart of Accounts: The global platform will soon offer optimized charts of accounts tailored to different business types, along with updated financial reporting features to meet US market needs.
Advancing Sales Tax Compliance and Client Insights
Xero continues to focus on easing compliance and enhancing advisory services:
Streamlined W-9 Collection:Integrated W-9 requests and tracking help businesses with independent contractors manage 1099 preparation more efficiently.
Expanded Sales Tax Reporting: Xero now offers automated state-based sales tax reporting for all invoicing users, reducing manual work and filing stress.
Client Insights Dashboard: A new dashboard in beta will provide advisors with key metrics and financial health insights for their clients, allowing for more targeted advisory services.
These innovations reflect Xero’s commitment to customizing its platform to better serve the needs of US customers.
