Maximise Efficiency: Key Xero Package Updates to Streamline Your Business in 2024

12 September 2024

Accounting & Compliance, Building a Business, Cloud Accounting, Structuring a Business

During the summer, Xero announced several changes to its plans including upgrades to both the Xero Grow and Xero comprehensive packages coming into effect in September 2024.

But what has changed?

And why are these upgrades being hailed as game-changers for streamlining workflows, improving accuracy, and saving businesses both time and money?

Here we look at 4 key changes you can make the most of as a Xero client:

Simplify Your Accounts Payable with Xero Pay Bills

Managing accounts payable can be time-consuming, but Xero Pay Bills simplifies the process.

Both the Grow and Comprehensive packages now offer expanded functionality, allowing you to handle more transactions with ease.

If your business deals with a high volume of bills and invoices, this feature ensures that you can manage everything in one place without the risk of hitting transaction limits.

This seamless integration of your accounts payable into the broader Xero ecosystem helps maintain a clear picture of your cash flow and outstanding liabilities.

How do I use it?

Set up recurring bills for regular payments to automate the process.
Take advantage of batch payments to settle multiple bills at once, saving you time and reducing the risk of errors.

Keep Track of Every Penny with Xero Expenses/Mileage

Expense tracking can be a headache, especially when dealing with multiple categories and team members.

The updated Xero Expenses feature in both the Grow and Comprehensive packages simplifies this process, allowing for more transactions and better oversight.

For businesses on the move, tracking mileage is just as crucial as monitoring other expenses.

The mileage tracking feature is now more robust, making it easier for you and your team to log and categorise trips accurately.

The increased transaction allowance in the Comprehensive package is particularly useful for businesses with larger teams or those that have significant expenses to manage.

By keeping a detailed record of expenses and mileage, you can ensure more accurate reimbursements and deductions come tax time.

How do I use it?

Encourage your team to submit expenses and mileage claims directly through the Xero mobile app.
Set up approval workflows to ensure expenses are reviewed and approved promptly.

Streamline Your Payroll Process with Xero Payroll

Payroll is another area where efficiency is key, and the upgraded Xero Payroll feature is designed to deliver just that.

Whether you’re on the Grow or Comprehensive package, you can now handle more transactions, making it easier to manage payroll for a growing team.

The Grow package allows 1 user for payroll and expenses whereas the comprehensive package offers more capacity with 5 users for payroll and expenses, which is ideal for businesses with a larger number of staff.

This feature simplifies the process of paying employees, withholding taxes, and managing deductions, all while ensuring compliance with local regulations.

How do I use it?

Set up automated payroll runs to ensure your employees are paid on time, every time.
Use the payroll reports to monitor labour costs and ensure your payroll expenses align with your budget.

Forecast with Confidence with Xero Advanced Cash Flow (Comprehensive Only)

One of the standout features exclusive to the Xero Comprehensive package is Advanced Cash Flow.

This tool provides a detailed view of your future cash flow, helping you make informed decisions about spending, saving, and investing.

With Advanced Cash Flow, you can create multiple scenarios to see how different factors—like increased sales, unexpected expenses, or delayed payments—could impact your cash position.

This foresight is invaluable for making strategic decisions that could affect your business’s financial health.

How do I use it?

Regularly update your cash flow projections to reflect your current financial situation.

Use the insights gained from cash flow scenarios to plan for growth or manage lean periods

Maximizing the benefits of your Xero package

Maximise the benefits of your Xero package by integrating these powerful new tools into your daily operations.

Whether you’re already using Xero Grow or Comprehensive, now is the perfect time to explore these features and see how they can elevate your business management.

Not sure where to start?

Our experienced team is here to help.

Get in touch to learn more about how Xero’s packages and new features that can streamline your operations and improve your business’s performance

Not using Xero yet?

If you’re not currently using Xero but are considering switching your accounting software, now is the perfect time.

Our account software switching service ensures a seamless transition to Xero, and we provide comprehensive training to get you up to speed quickly.

Ready to make the switch?

Contact us to start enjoying the full range of benefits that Xero offers, we can assist you in identifying and setting up the Xero package best suited to your needs.