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Cloud-based accounting software provider Xero has announced two new features designed to aid small businesses.
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Xero unveils new features
24 September 2015
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Billable expenses and invoice reminders have been added to the suite in an attempt to improve cash flow and allow small businesses to receive payments faster.
With the new services, users now have the ability to mark a bill line item as a ‘billable expense’, and assign the item to a contact, for use in a future sales invoice.
Small businesses are now also able to automatically send a customisable reminder to clients to pay outstanding invoices.
Angus Norton, chief product officer at Xero, noted that cash availability was key to the ultimate success or failure of a business.
“With the debtor day timeframe shrinking, businesses have more cash in the bank. If you have cash, you pay your bills, the light stays on and you sleep better at night,” he said.
Mr Norton added that “better cash collection results in less debt and therefore less interest to pay. With better cash collection small business owners have more money to invest back in their business, buy equipment, improve processes or expand operations”.
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According to research undertaken by Xero, small businesses using the platform were paid 30 days faster in 2014 than they were in 2011, with the provider noting “a significant improvement in cash flow and productivity”.
“With billable expenses and invoice reminders, we can help owners ensure that not only do they get paid faster but that any expenses they do incur are managed correctly,” said Chris Ridd, Xero Australia's managing director.
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