Xero has announced new and forthcoming features for its cloud accounting product, including a business performance dashboard. That means automatic delivery of industry-standard business metrics in a dashboard to provide insights on performance.
Xero business performance dashboards automates financial analysis and presents key performance indicators based on live data. Small business owners can gain insight into the performance of their business through easy to read graphs including gross profit, accounts receivable and payable days, debt to equity ratios and inventory turnover. Owners, managers and advisors can drill-down to obtain more detailed information, and the dashboards are accessible on tablets as well as computers.
A single source of business performance metrics helps small business owners work with their financial advisors.
Later this year, Xero plans to add the ability to set thresholds and alerts to receive notifications on metrics.
"The power of data and connections within Xero mean we’re able to transform transactional data into real information that empowers small businesses to thrive through better decision-making," said Xero CEO Rod Drury
"The opportunity to further leverage big data for small businesses is really exciting. By digging deeper into the data in Xero we will soon deliver additional tools like benchmarking, which will allow businesses to understand their environment and see how they are performing in their industry or region."
Business Performance dashboard is available now at no additional cost to Xero users.
Billable expenses, scheduled for delivery in July, will help businesses manage the costs that they can bill to clients. When a purchase is recorded, it can be assigned to one or more clients. Then the next time an affected client is billed, Xero will send a reminder of any outstanding items.
Xero also announced that in conjunction with Vend and Deputy, it plans to provide "an unmatched retail-focused solution for small businesses" using iOS devices.
Xero is already used millions of times a week on Apple devices worldwide, according to Xero. Over 70 percent of Xero users access Xero Touch on iOS devices. Now, Xero is one of a select group of software providers working with Apple to bring innovative mobile solutions to customers seeking to transform their businesses using iOS devices.
Xero is delivering “mobile-first” solutions for small businesses on iPhone and iPad. This will include providing the best Xero user experience and next-generation enhancements first on Apple devices and taking advantage of partner integrations to automate routine business processes, and gain better management insights when using iOS devices.
For example, the combination of Xero, Vend (point of sale) and Deputy (employee scheduling) is said to be seamlessly integrated on iOS devices.
Xero Me is a new iOS app designed to allow employees to communicate with business owners and decision-makers to request time off or view payslips on their device.
In related news, Xero has announced that it now has half a million subscribers around the world, including more than 200,000 in Australia.
Drury said that in just over eight years, Xero had built its accounting platform and become one of the fastest growing SaaS companies in the world.