Xero : 30/04/2021 - Xero News May 2021

Xero News May 2021

The latest in product, ecosystem, partnerships and business at Xero

What we've been working on

Deep dive

Building on our commitment to Singapore small businesses and partners

We recently announced the introduction of localised billing for our subscribers in Singapore, as part of our commitment to helping small businesses and their advisors in the region.

From July, customers and partners in Singapore will enjoy a seamless, transparent billing experience when paying for their subscriptions. This will remove the need for customers to consider fluctuations in the USD/SGD currency exchange every month.

It's one of many enhancements to be announced this year, and part of our continued growth in the region.

Since opening our Singapore office in 2016, Xero has invested in enhancing our product suite for local customers. Some of the work we've done to bolster our offering in Singapore includes:

• building bank feeds for Singapore SME banks, and adding new financial partners in payments, lending and digital banking
• offering Singapore GST capability, by automating the process of GST calculation for IRAS' Form 5 requirements
• including Hubdoc in Xero business plans, to provide customers with data capture, extraction and processing technology that saves time and reduces manual work
• making e-invoicing seamless for customers through compliance with IMDA's InvoiceNow initiative and the acquisitions of Tickstar and Invoici
• adding a number of Singapore-based apps in the areas of compliance, payroll, payments, point-of-sale and practice management

To support Xero partners, we have added:

• Singapore Report Templates, making it easy for partners to generate financial statements that are compliant with Singapore financial reporting standards
• Singapore Chart of Accounts templates, saving partners time when onboarding new clients into Xero

Small businesses are the backbone of Singapore and the future of the economy. We're continuing to work closely with the small business community, advisors and the Singapore Government to remove friction, create new opportunities and enable our subscribers to grow and thrive.

Read more about our work in Singapore

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Other Xero updates

We've made a number of other updates on the Xero platform over the past month, including:

Global

Upload COA templates in CSV format to Xero HQ

We've made it even easier for accountants and bookkeepers to customise their Chart of Accounts (COA) templates in Xero HQ. They can now upload an existing COA template in a CSV format to their template library. The template will be automatically mapped to Xero account codes, helping onboard new clients faster, without creating a new COA template from scratch.

Making reports more beautiful in Xero HQ

We've given the Report Styles page in Xero HQ a facelift. This makes it easier for accountants or bookkeepers to upload their practice logo and choose the title colour that will appear on new published reports.

Xero and Bookkeeper360 collaborate to help US small businesses

We are pleased to announce a new collaboration with Bookkeeper360, a Xero platinum partner and accounting platform for startups and growth-stage businesses. Through the Bookkeeper360 app, which integrates with Xero, small businesses can view their finances, track business goals and access accounting expertise all in one place.

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Other Xero updates

We've made a number of other updates on the Xero platform over the past month, including:

Global

View all bank rules in one place

Setting up bank rules helps businesses reconcile some of their more frequent transactions, such as 'Parking'.

Now, they can view the details of each rule (such as 'Payee contains Parking') in one bank rules list, rather than having to click edit.

AU & NZ

US

Register to receive e-invoices

Last year, we offered the ability for Xero customers in Australia and New Zealand to send e-invoices directly from the Xero platform. This allowed them to benefit from both governments' commitment to faster payment times. We've now launched the ability to receive e-invoices. Once customers register, incoming e-invoices will be delivered directly into Xero, pre-populated as a draft bill.

Stay compliant with updated 1099 reports

Setting up separate 1099 rules for each account code can be a hassle. That's why we've introduced a new feature that allows businesses to select multiple accounts when setting up rules. We've also given them more visibility, so they can see which bank account a transaction was paid from and which credit card transactions were automatically excluded. Our latest 1099 reports also reflect the new regulatory changes from the IRS, to help businesses stay compliant in 2021.

Global

New apps join the Xero App Marketplace

We welcomed more than 20 new partners to the Xero app marketplace last month, including Knit Payroll and HR, OrderMate, Appropo, Bepoz, and BrightPay.

Learn more about Xero updates

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Xero business update

Global

An update on Xerocon 2021

As the pandemic continues to disrupt travel and large gatherings, with countries moved in and out of lockdowns, we've come to the tough decision that there is just too much uncertainty to go ahead with a Xerocon event in 2021.

We're working behind the scenes to explore how we can continue to connect in meaningful ways, stay inspired, and share the latest product and technology innovations with our customers, partners and communities.

Read more about Xerocon

UK

Xero invited to UK small business taskforce

The UK's Small Business Minister has invited Xero to become the only software member of a government-led small business taskforce. Gary Turner, managing director of Xero UK & EMEA, will now join regular engagements and advise the government on policies to support small businesses in the UK.

The taskforce is made up of a range of business leaders and industry experts who represent small businesses across the UK. Its aim is to provide the UK Government with external advice on the priorities and issues impacting small business owners.

US

Expanding our community through

Black Professional Groups

We have recently announced new partnerships with the National Association of Black Accountants, Oakland Black Business Fund, and the Black Business and Professional Association, to foster closer collaborations with Black accounting and finance professionals, and to support Black- owned small businesses.

Read more

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Xero business update

AU & NZ

Boss Insights report shows the rise of the self-employed in Australia

Despite the challenges of 2020, our latest research shows Australia has yet again proven to be an overwhelmingly resilient nation. While many businesses had no choice but to reduce staff or close their doors after the arrival of COVID-19, many Aussies chose to make the leap into self-employment.

Prepared in partnership with Bernard Salt and his team at The Demographics Group, the reportidentifies key trends and patterns in the digitisation of small businesses, and uncovers where opportunities lie for small businesses in a post-COVID world.

Learn more

New NZ research shows investing in wellbeing has financial benefits

Research commissioned by Xero and conducted by the New Zealand Institute of Economic Research (NZIER) reveals small businesses can get up to $12 back on every dollar they spend on employee wellbeing. According to NZIER, poor mental wellbeing affects decision-making and productivity for an average of 13 weeks. Happier, healthier employees are more productive and more profitable than their burned out, unsatisfied teammates.

Xero's guide, The Next Level, offers tips for small businesses to get started with wellbeing, as well as digital tools to become more productive and more profitable.

Learn more

Xero recognised as one of ANZ's Best Places to Work

We're thrilled that Xero has been recognised as one of Australia and New Zealand's Best Places to Work. The prestigious annual list, published by The Australian Financial Review and BOSS Magazine, is based on a rigorous assessment process that's backed by behavioural science research.

Xero ranked #4 on the technology industry list, from around 1000 nominated organisations across all categories. Our inclusion is a result of our achievements and innovative practices in three core areas: flexible working, diversity and inclusion, and employee wellbeing.

Learn more

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