Global small business accounting and finance software provider Xero announced a number of new initiatives, partnerships and upcoming products at its annual user conference this week.
In a keynote at Xerocon – held live in New Orleans this year after a COVID pandemic hiatus – Anna Curzon, Product Manager, made several major announcements of interest to Xero Partners. and their customers, including plans to launch a new inventory solution that will hit the US market first. More than a thousand participants were able to apply to be part of the beta testing program which is expected to launch later this year.
In his keynote, Chris O’Neill, Chief Growth Officer, announced the availability of Xero Small Business Insights, a quarterly report prepared by research firm Accenture on business economics in the United States and Canada. , based on aggregated and anonymized data from tens of thousands of Xero customers. It is also launching with a special report “Small business snapshot — United States and Canada”, which provides information on business performance and the impact of inflation on small US businesses. These reports are available free of charge at xero.com/xerosbi.
“We are laser-focused on bringing beautiful, simple and seamless experiences to small businesses, bookkeepers and bookkeepers across the United States,” Curzon told attendees. “With our new inventory management and bank reconciliation tools, they can spend less time on back office administration and continue to grow their business.”
And a new partnership announced at Xerocon with sales tax compliance software provider Avalara, aimed at providing customers of accounting firms using Xero with better workflows in this critical practice area (see our full article).
The new Hubdoc Bank Statement Extraction tool was also announced and demonstrated by Hamish Cook, US VP of Product. This allows accounting firm partners and their clients to import and reconcile data from bank statements. This tool currently works with the four largest banks in the United States and Canada; Xero expects more banks to participate in the future.
Additionally, Curzon detailed enhanced reporting capabilities for US customers: “Our new reports include updated features that will help accountants and bookkeepers quickly access answers and streamline their financial analysis. to an updated design, we continue to deliver enhanced functionality.” A feature was also announced that will universally set reporting preferences, such as cash-based reporting, making it faster and easier to report on a company’s performance.
And, in a one-on-one interview with Curzon and Cook later that day, the two doubled down on Xero’s commitment to small business. “It’s always been a small business and Xero’s intention to make their lives better,” Cook said. “So you know we’re steadfast in our continued commitment to small business. Small businesses everywhere employ the lion’s share of people. They contribute a huge amount to GDP. And our founder used to say, if we’re successful , this will lead to better schools and eventually better hospitals in our communities.”
Curzon made a similar comment in his opening remarks: “We believe deeply with your conviction, and with your passion and our shared interest in improving the lives of small businesses here in North America. There are no limits to what we can collectively enable through Xero And we have a bold plan to harness change and drive innovation and a strong partnership with [accountants] is essential to making this vision a reality.”