One of the many benefits of cloud accounting software is the ability for the software vendor to quickly roll out new releases and we don’t have to do anything. The hard part is keeping up as a user. Over the past year or so, Xero has rolled out many new enhancements that you may have noticed yourself or you may have received an e-mail about. Although all updates have been interesting; have improved the product; or have changed something that makes accountants excited, not many of the new features specifically benefited you.
The next several months are going to be different. Xero (the organization) has recently raised a new round of funding and their focus on the US market is bringing to bear many things that I have personally wanted to see. They are moving faster and far better than any of the other cloud software companies in their niche. Even QuickBooks can’t keep up.
As new features are announced that I think are important to my client base, I will let you know.
Last week, there was a new feature released that enabled attaching documents to transactions. This new functionality is Phase 1 to the longer term goal of being able to manage all of your business finances and financial records in Xero.
Up until this point, there were third party integrations that could help do the same, but I held back in rolling any of this out as I waited for Xero to do it in the core product. We now have the ability to upload and attach (or drag and drop) documents, pictures, spreadsheets, etc. to almost any type of transaction in Xero.
I see the value here in keeping great records of who we are paying and what we are buying, not just to create an online filing system, but with the intent to thoroughly support expense deductions.
What I love about the way they built this feature is that everyone now has a “file box”. You can upload your documents and I can do the attaching and associating with the transactions. An added benefit, is that I probably won’t have to ask you as many questions! So, when you buy a new computer, you scan the document into your file box and I have what I need. Plus, we have it saved for safe keeping.
In the coming weeks, Xero will be rolling out an e-mail feature which I am hoping will allow for taking pictures of receipts and e-mailing them to your file box.
If you are ready, let me know, and we will start using this new functionality.
Also, you may have seen an e-mail about Xero rolling out an integrated payroll solution by year end. Although I am waiting on some more specifics, this will be a good option for those of you with simple payroll or those of you moving to Corp status in 2014.