Xero Plans for 2014

We read out of Australia Northern Business Consultants writes: We can officially put the rumours to sleep. As part of the festivities of Xerocon 2013, Xero has announced their plans for the coming year. Whilst no formal release has been made to the public, our NBC representatives couldn’t wait to share the news!
Keep an eye for for these fantastic new developments in 2014…

LITE STOCK MODULES:

Proving once again that Xero is the platform for the people, due to popular demand, Xero is introducing a lite stock module in 2014. This component will perform stock monitoring for accounting purposes in terms of hosting stock listings and providing stocktake figures. Whilst this stock module does not track your stock movements with regard to the particular phase or stage your stock is at, Xero has a range of Add-on partners which can provide you a more comprehensive analysis.

QUOTING FUNCTIONALITY:

Xero’s upcoming Quoting functionality will be built into the front end of the sales module. Xero users will be able to create and send a quote to their clients electronically. Each quote will contain an option to either approve or decline the offer. The instant a quote is approved, a notification is sent to the issuer prompting the next action in the process. Each stage is mapped and monitored automatically by Xero, reducing the time and hassle expensed chasing up non-responsive clients. To make life even easier, Xero is streamlining the transition from quote to invoice to occur with a simple push of a button.

PURCHASE ORDERS:

Purchase Orders in Xero will operate in a similar fashion to quoting. Xero’s Purchase Orders component will interact directly with your suppliers and will track the status of your order, phase by phase to assist you in effectively managing your stock levels.

DOCUMENT STORAGE:

Xero is working on redeveloping its existing document storage system. At present this function is only available for payables and expense claims. Moving forward, document storage will be available at every input point. This means your accountant and/or professional advisor, will be able to access any supporting documentation to assist them in providing you with a more comprehensive service. Xero users will be able choose between single or multiple document uploads and allocate them to their relevant transactions. Additionally a ‘documents’ tab will be added to the Settings toolbar in which every uploaded file will be archived.

BANKING STAGE 2:

 For Banking Stage 2, Xero needs your help. Xero is asking all of its users to put pressure on their banks to provide direct feeds to Xero, as opposed to involving a 3rd party aggregate like Yodlee. Xero’s vision is to gain authorisation to integrate bankfeeds from your net banking platform. This connection will provide instant updates to Xero rather than having to contend with a 10 day turn around. Furthermore, should this direct link be authorised, Xero will be looking to harness the increased functionality in order to make payments at the click of the button. Imagine one platform that could do it all – recognise bills, allocate expenditure and pay your supplier without having to jump between screens or platforms! An advancement this significant could revolutionise the way we do business.

PAYROLL:

Next year we can expect big things from Xero’s Payroll package. Xero is currently working on building a Payroll system for the US market, making Xero the first accounting software in the States to introduce an accounting and payroll package rolled into one! When the new and improved payroll package hits Aussie shores we can expect to see a brand new mobile phone app including:

• a function for employees to clock timesheets and apply for leave
• a function for employers for leave management
• the ability to upload photos, job descriptions, roles, and contact details for each employee
• document storage
  
  

FIXED ASSET MODULES:

In 2014 Xero’s fixed asset module is being overhauled to comply with ATO depreciation standards.The overhaul will allow depreciation schedules to be hosted on the site, and give Xero users the ability to upload photos and tax invoices for each asset. This will enhance your accountant’s ability to comprehensively review your assets and ensure you are receiving the best deduction.