Aussie advisors: Get EOFY ready with FY21’s key product releases

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Following the arrival of the pandemic, the way we live and work has changed for good. And after what was undoubtedly their busiest year yet, Aussie advisors have been reminded just how crucial it is to streamline their processes. In response, the Xero team has worked to meet you there, updating our product in line with everything from legislative requirements to the need for even greater flexibility.

Amidst the chaos of the past 12 months, it’s possible that you may have missed some of our latest updates and new releases. Whether it’s helping sign client signatures anytime, anywhere or making logging into your account even more seamless and secure – Xero is here to help you prepare for whatever comes next. In time for EOFY, join us as we run through some of the highlights:

Sign signatures electronically and securely with document packs

As of 1 April 2021, all Australian partners now have access to document packs in Xero HQ. This means you’re able to digitally collate client documents and finalised tax returns, and share everything that needs to be signed – all within Xero. Catering to an increasingly remote working environment, document packs allows you to do everything from combining management reports and BAS returns to uploading PDFs.

Not only is this a huge time-saver come tax time; it also means no more chasing of handwritten signatures all year round.

Customise your chart of accounts templates in Xero HQ

After listening closely to partner feedback, in late 2020 we introduced the ability to customise your chart of accounts within Xero HQ to better suit your practice and customer needs. This March, we released even more flexibility complete with further customisation that allows you to import your own CSV chart of accounts.

Best of all, it’s easy to customise a chart of accounts template with as many variations as you need. Once you create a consistent structure and have client accounts standardised to your preference, you’ll find that your practice is set up to operate more efficiently and effectively.

Streamline the login process and boost security with Xero Verify

Recent research from Verizon revealed that 80% of data breaches can be prevented by basic actions such as enabling multi-factor authentication (MFA) to protect yourself and your customers from cyberattacks. To provide you with fast, easy and secure access to your Xero account, in March this year we launched our very own MFA authenticator app called Xero Verify. Built using the highest security standards, Xero Verify only takes a few minutes to set up and sends a push notification to your phone (or other device) so you can just tap and go each time you log in.

Amar Latif, tax agent and co-founder of MAD Crew Wealth, explains, “When it comes to multi-factor authentication I’m looking for two key things: security and efficiency. Xero Verify connects straight to my Apple Watch, so it couldn’t be simpler – no matter where I am, I know I can log into my Xero account quickly and securely.”

Save time with automatic activity statements

In response to demand from our partners, we’ve provided further functionality around automatic activity statements. We know that some of your clients like to manage their own activity statements, while you might be tasked with looking after others. To allow for this, we’re giving you the flexibility to switch the automatic activity statements functionality on and off for individual clients – so you can determine who gets statements and how often they get them.

Navigate profit and loss and balance sheets with increased ease

One of our community’s most requested features has been the ability to display and sort by account codes rather than account names within Xero Reporting – and in early 2021, this became a reality. Now, you can move between profit and loss and balance sheet reports with ease by selecting the account code to show in the account name column.

All of which means reports are easier to understand and you spend less time searching for what you need.

Gain complete visibility over your account transaction reports

Following feedback from our community, this year, the Xero team has worked to provide you with more visibility over account transaction reports in Xero Tax. This update means that you can now view the related account column, ultimately allowing you to see where a transaction has gone. Designed to save you time and effort, this increased functionality is especially handy for when you need to unearth client-coded transactions.

Natalie Lennon, founder of Two Sides Accounting, tells us, “Being able to view account transaction reports at a glance has been a huge time saver for us. By reducing the number of clicks needed, this update has reduced the amount of time we have to spend on the work.”

Like Natalie and Amar, accountants and bookkeepers across the country have been increasingly adopting digital tools to help them work smarter. By embracing Xero’s latest product updates and new releases, you’ll be set to streamline and simplify your processes this EOFY and beyond.

Don’t forget to register for our upcoming quarterly product update, where our education team will walk you through a demo of all the latest releases, so you can maintain your advisor certification.

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