The upgrade to the Starter plan removes the limit on bank reconciliation and increasing the invoice limit to 20 per month. It has also added a profitability dashboard to Xero Projects. Among information that provides are total profit margin, along with all work invoiced and costs associated with the project.
The cloud software company said it will extend the availability of its insight tools to all business edition customers. These were made available to customers during the COVID-19 pandemic with the short-term cash flow and business snapshot tools now available permanently. Xero said it will produce premium functionality for the two tools sometime in the future.
Xero plans to introduce premium functionality for business snapshot and short-term cash flow tools in the future.
It also has enhance the Stripe set up experience to make “it faster and easier for any small business to create an account and accept card payments from Xero online invoices,” the company said in the announcement. Xero is also building a deeper integration with GoCardless. The integration will be live later this year. In addition, Xero said it would soon make enhanced integrations available for PayPal and Square.
Using online invoicing and online payments in Xero is vital to getting paid faster and improving cash flow. Xero's research has found small businesses that use online invoice payments can be paid up to 14 days faster than those who don't.
Credit limits, a new feature introduced this year, allows businesses to quickly visualize the impact of extending credit to customers and define the level of risk they are prepared to take.