Xero has recently launched a few new features such as Xero Expenses and Xero Projects. You might be thinking if these new features are worthwhile. According to Xero, the recent changes will drive profitability and provide users with better visibility across projects.
Xero Projects is a new project management feature that helps keep track of all your time and costs. Invoices can be issued based on a percentage of the total fee, the entire project, or materials and time incurred to date. This tool makes it easier to track how much has been invoiced to a client and for the client to know how much they still need to pay.
Time is equivalent to money when it comes to business and Xero Projects can help you find out if you are gaining a return on your time and on each job you complete for your clients. It works best for businesses in professional services, creatives and trade sector.
Xero has also rolled out a new navigation update that ensures that everyone is able to gets on with their daily tasks efficiently and easily. The menus have become more intuitive, making it easy to find the most used tools even for new users.
The “Business” menu now has the tools that most businesses use, such as invoicing, bills and expense claims while the Accounting menu now holds tasks such as reports, bank accounts and settings like chart of accounts, manual journals, etc. Favourites can also be created by clicking a star on a report or on a tool within Advanced Accounting. Note that Inventory is now called “Products and Services.”
The navigation bar features an organisation menu where you can switch between organisations and a “Do more with Xero” section where an organisation can be connected to third-party apps.
To further save you time, you can simply type a letter to get popular tasks such as “i” when you want to access all invoices or “b” when you want to access all bills. Here are some shortcuts that can save you time.
a – bank accounts
b – bills
c – contacts
d – dashboard
e – employees
I – invoices
P – purchase orders
Q – quotes
R – reports
As you look for different ways to grow and improve your business, seeking professional advice from a business consultant could prove to be an important and helpful decision.
You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.