Xero Accounting Software Updates

Xero are continually adding and updating the add ons and tools of their software, here we details what we think will appeal to our clients.

New Xero Features Update And Coming Soon!

This page details new features Xero have introduced that could be useful to your business and features coming soon.

Xero Core (Accessible On Computer)

  • Credit limits can now be applied to customers and if you use the new invoicing feature (not classic) then you will receive an alert when at the limit. It will also show you amount outstanding in credit limit when raising a new invoice. This will be available on classic invoicing in the future. See picture below.

Core Xero

  • Hub Doc access - in the organisation menu, you can access Hub Doc so you don't need to leave Xero now to access it. If you have not used Hub Doc, there is more information at the bottom of this page - it is a fantastic, easy, time saving way to process your purchase invoices and receipts, we highly recommend it (see picture to the left) and is free on most Xero packages.

Mobile Apps

  • iOS only (already available on Android) - you can now attach files when doing the bank rec
  • Android only - improvements to create quotes, adding line items has been improved and auto suggestion for line items has been added
  • Android and iOS - CIS deduction is automatically made for you when creating CIS invoices

Xero Expenses

  • Can now submit an expense to the company bank account which is not refundable by a client and Xero automatically creates a 'spend money' feature to make it easier to reconcile
  • Mileage feature - can now add a start and finish postcode to create a draft mileage claim which improves the accuracy of the claim and saves time

​Two new reports are available for us to provide for you specific to the COVID-19 pandemic. Contact us if you would like these.

Business Insights 

Pack includes: 

  • Profit and Loss report – summarising wages for staff and directors for January, February & March
  • Balance Sheet – 3 schedules - VAT deferred, cash position and drawings available to you.
  • Potential cash burn report
  • Cash flow report showing cash spent for the quarter of April, May and June
  • Outstanding invoices and bills 
  • App report highlighting the importance of real-time information 

Business Loan Pack

Collates all the essential information you need to apply for a business loan. This report template includes:

  • Profit and Loss showing a 3 year comparison
  • Balance Sheet showing a 3 year comparison
  • Year-to-date Profit and Loss report
  • Year-to-date Balance Sheet
  • Aged Receivables Detail report
  • Aged Payables Detail report      

Coming Soon

  • If customer credit limit function used and the credit limit has been reached you can set Xero to prevent invoices from being sent to ensure customer is forced to pay
  • Xero Projects - add staff and time to existing projects, currently it will only allow you to use duration.
  • Short term cash flow feature – interactive tool visually projects bank balance for the next 7 – 30 days based on the impact of invoices or bills to be paid in that period giving better financial information

​Paying Bills Is Set To Become Effortless!

Xero have partnered with TransferWise to allow a simple, automated bill payment solution directly in Xero. It is currently being rolled out and is FREE until 31st July 2020 allowing you to use it and see if you think it is worth paying for. 

If you have to pay a lot of bills this functions would save time and energy! Give it a go whilst it is free.

*Please note, the bank details of the suppliers need to be set up in the contact section to enable this feature and this is only available on sterling transactions.

If You Don't Use Hubdoc, Why Not?

Hubdoc is Xero's receipt and purchase invoice capture tool that converst them in to usable data and sends them to Xero. 

It simplifies the process and saves time! 

Hubdoc uses OCR (Optical Character Recognition) technology to analyse your receipts and purchase invoices for useable data.

When you upload your receipts it converts that data into digital files, ready for export.

There are some companies that it 'auto fetches' meaning that you set up access details and Hub Doc goes and fetches the invoice for you. No logging in and downloading the invoice any more!

Don't forget Cashtrak offer a one off service so we can set you up with Xero add ons and features or a one off catch up to get you up to date. E mail us:


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