Xero Adds GAAP Reporting Tool and 1099 Creation and e-Filing Integration

Online accounting software maker Xero has added a set of new features, including 1099 and GAAP compliance additions for the U.S. market, as well as integration with the Track1099 e-filing and preparation tool.  Xero now provides both International Financial Reporting Standards and GAAP-compliant reports on a single platform. Small businesses can select standard reporting for their country of origin, while accounting professionals can serve both sets of clients from Xero's Partner Edition. 

This latest release also includes email templates, payment terms, outstanding statements, and remittance advice for single payments. In addition, Xero now provides a streamlined workflow to prepare 1099s, and integration with Track1099 for e-filing. This integration will enable 1099 form data to be generated, electronically completed, and then automatically delivered to suppliers and the IRS via mail, email and e-file. If a Xero user chooses not to use Track1099, the data can be exported in CSV format for use in other systems or for manual filing.

"Small businesses asked and we delivered," said Xero president of U.S. operations Jamie Sutherland. "The 1099 feature has been beautifully designed to make filing a breeze through Xero's online accounting platform. And with Track1099, both business owners and accounting professionals can file online minimizing the cost and time-consuming workload associated with 1099s."

ExactCPA Comment, Xero, a software company founded by Rod Drury and Hamish Edwards in New Zealand is  

making quite a splash in the world of online accounting. While they still have a majority of 

their presence overseas in places like Australia and the UK, they are slowly making inroads 

into the United States market. By offering services that are applicable to both GAAP and IFRS 

compliant entities, Xero could not only revolutionize the way small business operates, but they 

could also serve a far more global client base.

I have personally seen more people requesting the services of Xero certified accountants. If they 

continue to expand their presence in the global marketplace, they may very well give the major 

players cause for concern. Any Xero users out here that want to weigh in?