In this episode of Tech Talk, Lee covers some of the key features that Xero has recently introduced in a recent product update. The report section of accounting and reports has had a facelift, which now includes a favourites section at the top of the screen. Also you now have the ability to show or hide descriptions and capture older versions of reports.
Another useful feature highlighted is the budget variance report, which provides an overview of actuals versus budgets and feeds into the Xero dashboard. There’s a minor change in the bank reconciliation feature, allowing for a compact view and enhanced algorithm on the predictions, which should improve the accuracy of identifying contacts and transactions.
Xero projects now allows tracking of individual events or projects, generates a budget, and tracks costings against it. Lee notes that it is a paid extra subscription, but users can access it from a demo point of view. Xero has updated the project section to allow individual project assignment and the ability to make a project public or private.
Also there’s a new project financials report, providing individual costs and invoices for each project and the gross profit percentage against it. The final update mentioned is in the Xero marketplace and integrations with other apps. There are also enhancements with WorkflowMax, Shopify, and GoCardless, which includes a mandate matching feature for merchants to import their active mandates.
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