From July to September 2024, small business sales fell by 2.5% compared to the same quarter in 2023 (ie year-over-year (y/y)). This is despite the Bank of Canada implementing interest rate cuts to try to encourage consumer spending. The latest data shows that while the time it takes to get paid is improving, late payments and sales of goods and services continued to fall over the three months to September 2024. This suggests that Canadian small businesses continue to be resilient, even in the face of challenging conditions. It’s now easier for you to find and use sales functionality tax in Xero. The revamped sales tax home screen centralises Xero’s sales tax features, providing easy access to reporting and calculations alongside helpful information to guide you through the reporting process.
Smart data and insights
Xero’s feature set delivers comprehensive accounting capabilities designed to streamline financial management for businesses of all sizes. From automated invoicing to multi-currency support, these features work together to simplify complex accounting processes while providing real-time insights into business performance. Xero operates through a cloud-based platform that enables real-time financial data access and collaboration across teams. The software processes transactions, updates records, and generates reports instantly, allowing businesses to maintain current and accurate financial insights. As a cloud solution, Xero ensures data consistency whether accessed through Windows, Mac, or mobile devices, eliminating version control issues and enabling seamless remote work.
Automating accounting improve workflows, enhance accuracy, and make operations better. Learn how you can automate accounting processes in 6 easy steps. Learn the hidden costs of poor invoice tracking and 15 highly effective tips for tracking invoices and payments. These promotional prices represent significant discounts from regular rates, making it a good time for businesses to implement Xero’s accounting solutions. Feature access and limitations vary by plan, allowing businesses to select the most cost-effective option for their specific requirements.
Xero represents a pivotal advancement in this evolution, offering cloud-based accounting software that addresses the complex financial challenges faced by modern businesses across various growth stages. Xero’s cloud-based platform enables seamless collaboration between team members, accountants, and financial advisors through role-based access controls. Multiple users can work simultaneously on financial tasks from any location, while maintaining data security through customizable permissions.
US: Simplify wholesale operations with enhanced sales orders
Xero’s extensible platform grows alongside your business through third-party integrations and customizable features. The software adapts to increasing transaction volumes and complex business requirements while maintaining performance. Real-time analytics and reporting provide actionable insights for informed business expansion decisions. Toronto — February 6, 2025 —Xero, the global small business platform, today released its quarterly Xero Small Business Insights (XSBI) data for Canada. XSBI provides a snapshot of the health of the small business sector measured across sales performance, late payments and time-to-be-paid. For established businesses requiring comprehensive features, the Established plan is priced at $4 USD per month (regularly $80), which is a substantial savings of $456 over xero blog 6 months.
UK: Auto-extraction of payment details from bill attachments
In an era when data-driven decision-making is more important than ever, traditional accounting workflows mired in spreadsheets and paper-based expense management processes are increasingly falling short. Businesses require agile, comprehensive financial tools that provide instant insights, enable seamless collaboration, and adapt to rapidly changing economic landscapes. Built-in compliance features handle tax calculations and reporting requirements automatically. Xero maintains audit-ready financial records, calculates sales tax, and generates required reports. This automation reduces compliance risks while ensuring businesses meet their regulatory obligations without extensive manual oversight. Xero provides comprehensive cash flow management through real-time payment tracking and automated reminders.
These are just some of the updates that have rolled out in Xero this month! You can check out the December 2024 edition here, and for a full list of what’s new this February, check out the release notes in Xero Central. We’ve updated Xero’s e-Invoicing functionality to meet the latest Malaysian government requirements. You can send consolidated e-Invoice statements directly from Xero to IRBM.
Xero serves a diverse range of businesses, from self-employed professionals and small startups to established midsized companies. The platform particularly excels for businesses with multiple employees, remote teams, or those requiring collaboration with external accountants and financial advisors. Growing ecommerce businesses benefit from inventory management capabilities, while service-based companies leverage project tracking and billing features.
We’ve updated our responsible data use commitments
Real-time access to financial data combined with automated processes significantly reduces manual bookkeeping tasks. The platform automatically processes bank feeds, categorizes transactions, and updates financial records, saving hours of data entry time while maintaining accuracy. This allows businesses to focus on strategic projects rather than routine accounting tasks. Automated bank reconciliation matches transactions with accounting records in real time through direct bank feed integration. Xero learns from previous entries to categorize transactions automatically and flags potential discrepancies for review.
If you’re a payroll admin, it’s now easier for you to access historic real-time information (RTI) submissions for reverted and deleted pay runs, giving you better transparency and ability to self-serve. You can download your historic RTI submissions from the RTI filings table in payroll. You’re now able to download sales order PDFs in Xero Inventory Plus to use for a variety of purposes.
- Xero provides comprehensive cash flow management through real-time payment tracking and automated reminders.
- We’ve updated Xero’s e-Invoicing functionality to meet the latest Malaysian government requirements.
- The integration between Xero and Brex creates a seamless connection between corporate card spending and accounting records through automated data synchronization.
- Access Xero features for 30 days, then decide which plan best suits your business.
US customers banking with PNC Commercial can now connect to a brand-new PNC Commercial bank feed. And if you’re an Australian customer using Suncorp Bank, you can now sync your loan transaction data with Xero thanks to the addition of loan accounts to the Suncorp Bank feed. We’ve made Xero even better with some UK tax enhancements designed to save you time and reduce errors.
