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What You Need to Know About the Coming Changes Of Xero Accounting Software

By FastLane Team, July 20, 2022 (8 mins)

Xero is one of the most popular accounting systems and programs and it’s a good solution for keeping track of your financial records. The firm continuously upgrades its software for improvements and to ensure that customers find their software usage easier.

You might be wondering what new exciting changes Xero has in store. This post will hopefully pique your interest in learning about the upcoming Xero revolutions.

 

What you will learn:

1. How does cloud accounting work?

2. What is Xero accounting software?

3. What are the current features of Xero?

4. What are the new features of Xero?

5. When will the new features of Xero be available?

6. How can FastLane help?

7. What assistance does FastLane offer?

 

Guide To Xero Accounting Software Upgrades | Xero | FastLane

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How does cloud accounting work?


Cloud accounting is a term for online accounting software that is hosted on a remote server, hence it’s deemed to be in the “cloud.”

 

Accountants use the software to carry out their duties, while business owners and other staff members may add the necessary papers and files. These documents and procedures are all secured to allow everyone to access them and keep track of all transactions.

 

Many users are unaware of the benefits of cloud accounting software, but employees who use it can access their program on their own devices and submit data to the cloud, allowing for more efficient processing. This allows you to access your data and programs from any location, at any time.

What is Xero accounting software?


Xero is a cloud-based online accounting software that offers book keeping and accounting services such as invoicing, billing, bank transaction reconciliation, and connection to a live bank feed among other things.

 

The simple program is adaptable to any form of company, regardless of size or sector, and data may be easy to access via a variety of devices and can be referred back to any information at any time of day.

 

Guide To Xero Accounting Software Upgrades | Xero | FastLane

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What are the current features of Xero?


Xero hk is built to make life easier for businesses, and the strong platform aids you in running things effectively while maintaining records neat hence the current features they have are…

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Direct bank feeds


  • Link to bank with direct feeds to banks like HSBC & DBS Airwallex 
  • Link to payment platforms e.g. Paypal & Stripe
  • Reconcile bank transactions to keep track of capital movement
  • Improve banking procedures 

 

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Easy invoicing


  • Easier for small businesses to invoice and pay their clients
  • Create professional-looking bills in minutes 
  • Allow multiple online payment methods e.g. Paypal and Stripe

 

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Multi-currency support


  • Enables simpler tracking of gains and losses from different currencies
  • Use xe.com to provide a view of foreign currency exposure 
  • Offer a report showing the balances of all active currencies
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Extensive integration with

business applications


  • Access to 1000+ third-party business applications
  • Help business categories e.g. Point of sale and B2C E-Commerce 
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Easier to

process payroll


  • Real-time updates to general ledger
  • More efficient pension assessment, tax code application and tax filings
  • Provide a payroll activity and payment summary report
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Easy collaboration with

team members & accountants


  • Allows businesses to update customers & other users throughout the network via a shared online dashboard
  • Provide users the option of being informed when any responses are posted by Xero hk
  • Add and remove shared users

What are the new features of Xero?


Xero is eager to share the new features that will allow customers to get quick answers and optimise financial analysis.

Here are 3 major features of Xero updates to enhance user experiences such as…

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Streamline Financial Analysis


  • Additional tools e.g. formulas, schedules, switch rules, notes, and more 
  • Additional reports e.g. General Ledger, Journal, and Bank Reconciliation Reports
  • Adding foreign currencies to new reports
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Enhancing Customization


  • Personalise the presentation and structure of reports to specific requirements
  • Customise the way to look at the data with extensive range of reports and common layouts

 

 

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Increasing Flexibility


  • Allow using both standardised and customised reports
  • Additional functions like adding, hiding or reordering columns and filtering or grouping data

When will the new features of Xero be available?


Xero will retire older versions of its reports. Users will be able to access previous versions of our reports until July 31, 2023. After this date:

 

  • Users won’t be able to access any previous versions of our reports
  • All previously saved drafts will be erased from Xero
  • Users will have read-only access to old published and archived reports.

 

For Australian and New Zealand users:

 

  • Will not be able to create or edit old report packs in Xero HQ or send them out to their clients’ organizations
  • All published or archived report packs in a client’s company will continue to be read-only at the client level.

Some reports will not be retired on this day, instead, they will be upgraded at a later time, for example, the Budget Manager, Business Performance Dashboard, Payrun, Payroll, Tax, GST Reconciliation reports, and Reporting API. Visit Xero’s website, www.xero.com, to explore the details of Xero’s updates.

How can FastLane help:


Since 2013, FastLane has assisted over 1000 clients with a variety of services such as auditing, legal, tax, banking support, company secretary, company formation and accounting services, etc. We’ve worked with clients from a wide range of industries, so we’re capable and flexible in assisting our clients with their specific needs, no matter how complex they may be.

Our clients are particularly pleased with how we have catered to their company and industry needs once they get their hands on Xero, and we’ve been with them every step of the way. We’re a Certified Xero Advisor and Platinum Partner for over 7 years of cloud-based accounting hong kong solutions, and our customers are delighted with how we’ve tailored their experience based on their company and sector demands when they try on Xero accounting hong kong. Our clients also are thankful for us for being there every step of the route.

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Our clients are particularly pleased with how we have catered to their company and industry needs once they get their hands on Xero, and we’ve been with them every step of the way. We’re a Certified Xero Advisor and Platinum Partner for over 7 years of cloud-based accounting hong kong solutions, and our customers are delighted with how we’ve tailored their experience based on their company and sector demands when they try on Xero accounting hong kong. Our clients also are thankful for us for being there every step of the route.

Furthermore, we provide a wealth of Xero add-ons and have built a business network that includes professional lawyers, marketing experts, banks and fintech firms, co-working spaces, VCs and accelerators to assist our customers in developing stronger enterprises.

 

Guide To Xero Accounting Software Upgrades | Xero | FastLane

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What assistance does FastLane offer?


FastLane can offer you these services to help both new Xero accounting hong kong users and existing users to transit to update the system of Xero such as….

Audit Engagement

Quicker and more efficient Annual Audit and Taxation Procedure without shifting documents.

Xero Accounting Catch Up

Our book keeping catch-up plan guarantees that your financial information is organised, correct, and ready for annual audits.

Xero Health Check

We guarantee that your book keeping satisfies accounting hong kong regulations with our Xero health check plan. You would get more informed judgments and ensure the accuracy of your financial reports. 

Xero Training

We offer professional training with our accountants to allow you to get comfortable with Xero in your company’s operations and simplify the usage of Xero.

Xero Implementation

We create a bespoke implementation method by tailoring the Xero elements to your company’s needs. Our Xero integration process will guarantee that you have an enjoyable experience.

Xero Accounting Outsourcing

You may now devote your attention to more significant business activities, and we’ll handle your accounting operations. We provide monthly, tri-annual, bi-annual, and annual book keeping and accounting services.

Xero Integration with Other Cloud Solutions

Xero connects with over 1,000 applications to ensure that small firms have a simplified accounting system and process. We can help you personalise your user experience by linking Xero with other online accounting solutions that allow you to perform manual tasks more quickly.



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