-As published by Accounting Today
Xero has fast-tracked the release of two new features on its online accounting platform to help COVID-affected businesses stay on top of cash flow and their business health. As businesses across New Zealand seek relief from government loans and otherwise, accountants and accounting tools remain of paramount importance in getting them through this crisis.
Xero has been working on expanded reporting tools, and accelerated the release of the Business Snapshot and Short-Term Cash Flow features to meet the business continuity needs of its small-business users now.
Business Snapshot, first announced in November 2019, helps businesses compare profit and loss, revenue, expenses and cash balances in different periods through a real-time, single report, instead of needing to generate additional reports or spreadsheets. By delivering a single report for clients, accountants can help their small business clients understand crucial health metrics quickly, providing a starting point for deeper conversations around business performance, and possible risks or opportunities. View the demo here.
Short-Term Cash Flow, first announced in September 2019, enables businesses to project their bank balances 30 days ahead, showing the impact of existing bills and invoices if they're paid on time. This tool in particular was built in close consultation with Xero's small business and accounting communities. The short-term cash flow pilot will be rolled out in the next two weeks. View the demo here.
The two tools are still in development and testing with the broader Xero community, but are now being rolled out for free to all Xero customers in Business Edition plans until August 31, 2020.
New export feature for accountants
Additionally, accountants and bookkeepers using Xero HQ can now download a monthly revenue export of client organizations to get a high-level view of the health of their clients. The report shows year-on-year revenue changes, current cash balances and their primary banking relationships, giving advisors oversight on which clients are impacted most, potential eligibility for banking support packages, and creating a starting point for conversations with those that need the most help. The export forms part of a new COVID-19 support page, with links to supporting resources. View the demo here.