Xero 2024 Updates

 

Xero continues to innovate in 2024, enhancing its platform with new features aimed at making accounting easier and more efficient for businesses. The biggest updates include AI integration, mobile app improvements, and enhanced functionality for small business owners. Let’s dive into the key updates:

I-Powered Automation

Xero is introducing artificial intelligence to automate several tasks, making bookkeeping more intuitive and efficient. The AI tools can now:

  • Auto-categorise expenses and transactions based on previous entries, helping users save time.
  • Generate cash flow predictions, giving businesses better foresight into their financial health.
  • Provide personalised insights into business performance, offering recommendations based on trends and past activity.

These AI-driven features allow business owners and accountants to focus more on strategic decisions rather than manual data entry.

Mobile App Enhancements

The Xero mobile app has received a significant upgrade, offering a more user-friendly experience:

  • Invoicing on the go: Now you can create and send invoices directly from your phone in just a few taps.
  • Enhanced reporting: Access real-time reports from anywhere, with visuals that make understanding your finances quicker and easier.
  • Expense tracking: Users can scan receipts with their phone cameras, automatically linking them to corresponding transactions in Xero.
  • Multi-currency management: For those dealing with international clients, Xero’s app now supports real-time currency conversion and tracking.

Streamlined Payroll Management

Xero has simplified payroll with updated compliance tools that ensure businesses meet the latest regulations. In 2024, the platform offers:

  • Single Touch Payroll (STP) Phase 2 compliance ensures businesses report employee payments correctly.
  • Time tracking integration: Employees can now log work hours directly into Xero’s system via the mobile app, linking seamlessly with payroll.

Customised Reporting Features

Xero has also expanded its reporting capabilities, allowing for more tailored insights:

  • New report templates: Businesses can customise reports to track specific KPIs or financial metrics, and share these instantly with their accountants or stakeholders.
  • AI-assisted report analysis: The system can flag unusual activity or discrepancies in reports, making audits and compliance easier to manage.

Integration with Third-Party Apps

Xero’s ecosystem is becoming even more interconnected in 2024, with new partnerships and integrations:

  • Seamless sync with project management tools: Xero now integrates with apps like Trello and Monday.com, offering a holistic view of business operations.
  • Enhanced e-commerce capabilities: Sync your online sales platforms like Shopify and WooCommerce with Xero for automated sales tracking and inventory updates.

 

Sustainability Features

A new feature in 2024 is Xero’s focus on sustainability tracking. Businesses can monitor their carbon footprint and get insights into making eco-friendly choices. This is a step towards integrating social responsibility into financial management.

Gold partners of Xero Software

This means we have many Xero business clients and we are Xero proficient.

Feel free to meet us if you want an accounting partner to support your business and use Xero.