Accounting software company Xero is looking at further expanding their their footprint in the market with a version 8.0 update that will impact more than 147,000 Australian businesses already using the service.
The new changes which arrive today will include batch deposits which addresses the time saving issue for small-medium businesses by letting customers pay by cheque or multiple invoices at once. Deposit slips will also be available for Xero users to take to the bank or batch export to CSV for more advanced requirements. An additional receipts function will allow users to send receipts to thank customers for invoice payments within Xero.
Batch Deposits: In Xero, Batch deposit is the accounts receivable equivalent to batch payments. From the Sales dashboard, a user can easily select the invoices to be paid and press the ‘Deposit’ button. Once the batch is confirmed, payments (or part payments, if the amounts have been adjusted) will be created for the selected invoices. This negates the need to drill into each individual invoice.
Deposit Slips: If the batch deposit is created from a number of cheques, a user has the option to print a deposit slip to take to the bank for quicker processing.
Receipts: According the the Xero blog, the new receipts feature will allow users to thank customers for invoice payments. These can be initiated from a batch deposit, where a separate email for each unique customer will be created, or from any single payment record. Xero attaches a copy of the receipt to each receipt email. Receipt documents can have their layout edited so users can easily apply their branding. The option to customise the standard text used for the email body from the email settings.
The existing reports tool will receive an overhaul as it moves towards a ‘report centre’ style system. There will be a few new reports going live with the update but one of the major ones is the P&L report (Profit and Loss). The new P&L report layout will feature a new way of controlling the report layouts and wider options for customising and creating formulae whilst having the ability to switch between multiple bank accounts within Xero. Upgraded contact lookup and new invoice exporting tools is also part of the package.