7 exciting updates from Xerocon South 2016

StuartBusiness Technology, Cloud Accounting

Last week Stu and Kurtis packed up and headed north to sunny Brisbane for Xerocon South 2016. We joined other accountants and finance professionals to hear loads of exciting announcements, updates and innovations for advisors (that’s us!) and end-users (that’s you!) across the two day event.

Overall, Xero in 2016 and beyond is moving towards a more automated and intuitive platform. And by the sound of the below updates, we think its safe to say that Xero are continuing to remove redundant manual and administrative processes to make doing better business a breeze.

Check out these 7 exciting updates from Xerocon, set to hit your Xero file over the next 90 days.

A not-so-new security feature: Two-Step Authentication
This feature has been slow on the up take by Xero users but has been available for the last 9 months. The feature provides an additional layer of security and helps keep your Xero account secure.

Two-Step Authentication verifies the identity of a customer logging into the Xero dashboard by requiring them to use their existing password and a second, unique code randomly generated by the Google Authenticator app on their smartphone, each time they log in. The Two-Step Authentication means only the Xero user with access to that trusted device will be able to log in, making it difficult for unauthorised people to access the account.

Xero and Veda partner to deliver accurate business information
The Xero and Veda integration means that small businesses using Live Contacts in Xero will have even more information available to them on who they are doing business with.

The information is not only clear, accurate and completely up to date, business owners can use this information to understand whom they’re doing business with by checking their Veda Credit Score (a ranking between 1-1200, that ranks that business’s credit ranking) reducing avoidable business risk.

Quotes available on the iPhone app
Keep your business moving by creating and managing quotes and turning them into invoices when the work is done.

Now available from the iPhone app, you can produce a quote on the spot, or copy an existing one all from your mobile device.

Reward your early paying customers with a discount
Coming soon will be ability to apply a prompt payment discount to an invoice when paid in a designated time frame. This removes the current cumbersome process of applying a credit note, which is slow and inefficient.

BPay to be available as a payment option
Xero has now integrated with electronic bill payment system BPAY. BPAY, which is backed by the Macquarie Bank DEFT payments system, will now allow users of the Xero invoice Pay Now function to generate the required BPay Biller Code and EFT Code to enable payment to be made through their online banking platform.

PayPal to be available as a payment option
Reconciliation in Xero when using PayPal is a breeze! PayPal now pushes through the payment against the invoice, which creates a bank transaction in your Xero file. It also pushes through a spend money transaction for the PayPal feed, meaning all you need to do is click ok on each item and you are reconciled. Simple!

Chatbot: Hey Xero
Hey Xero, Xero’s chatbot was demonstrated at Xerocon, which integrates directly with Facebook Messenger and will be available soon.

The chatbot leverages machine learning technology and the transactional data processed in Xero, to enable businesses to query their latest financial data, including who owes them money, when their next bill is due or how much money is in their bank account. It also connects to the Xero Advisor Directory and can recommend a suitable accountant or bookkeeper in their area.

Xero is also working to make the tools available to other messaging platforms such as Slack and Apple iOS Messages in the future, enabling Xero subscribers and new customers to access their accounting dashboard from their platform or device of choice.

Want to supercharge your Xero? We can help. Let’s talk.

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