Having attended the Xero Roadshow in Cape Town today I wanted to give you an update on some of the issues I brought up with the developers as well as some interesting facts and discussions that were raised:
- Tasked developers to assist with bank feeds for Zimbabwe and how best to engage the banks
- Tasked developers to look at option for VAT instead of Sales Tax for Zimbabwean and South African Companies during setup to avoid editing – good news for South Africa is this has been changed for new companies setup as from yesterday, with all applicable VAT codes now preloaded. Zimbabwe work in progress but might be able to give option of VAT or Sales Tax as a tweek in setup.
Xero Survey done recently in South Africa produced the following interesting results:
- 52% of GDP is being produced by Small/Medium size enterprises (SMEs).
- 40% of SMEs are using spreadsheet software like excel to capture their accounting data (a lot more in Zim I am sure!!).
- 50% of SMEs are using some form of desktop accounting software.
Some of Xero’s latest figures released read as follows:
- 700,000 clients now connect online with Xero.
- 500 add-ons now available and growing by the day.
- 240,000 clients signed up to Xero last year.
- Xero has 99,97% uptime with 1500 software updates released last year (thats over 4 updates a day to the software).
- Xero clients get paid 14 days faster using online invoices and payments, and invoice reminders.
Recent features added and some new ones on the horizon:
- Find and recode helps you correct bulk errors very quickly – did you know about this? 11million recodes have been done worldwide since feature was released last year.
- New reports with additional features such as GP %, formulas, additional filters, insert columns – all coming soon!!
- Uncoded bank lines can be exported to client for comment in editable PDF and reimported into Xero.
Lastly there were some representatives from Xero approved add-ons that I spoke to, 2 in particular stood out for me:
- Spotlight Reporting – great for those clients who require more customised reports, with visual detail such as graphical displays and charts CLICK HERE.
- Receipt Bank – capture manual invoice and expense claim details and import them electronically saving your bookkeeper/accountant hours of data entry CLICK HERE.