Xero today announced the pending rollout of its Billable Expenses and Invoice Reminders enhancements to its accounting solutions.
“Cash availability is key to any small business’ success or failure. With the debtor day timeframe shrinking, businesses have more cash in the bank. If you have cash, you pay your bills, the lights stay on and you sleep better at night,” said Angus Norton, Chief Product Officer at Xero.
“Better cash collection results in less debt and therefore less interest to pay. With better cash collection small business owners have more money to invest back in their business, buy equipment, improve processes or expand operations.”
“Billable Expenses and Invoice Reminders will give customers new ways of ensuring their cash flow is maintained, while getting time back from the drag of administration to get on with running their own business,” Norton said.
Xero Australia managing director Chris Ridd said, “Knowing and managing cash flow is fundamental to the success of any business. We’re always looking for ways to make that as easy as possible; with billable expenses and invoice reminders, we can help owners ensure not only that they get paid faster but that any expenses they do incur are managed correctly.”
Xero says it will rollout Billable Expenses and Invoice Reminders to customers in three distinct phases:
• From now, small businesses can use Billable Expenses to recoup costs and protect profit margins by recording expenses in bills and other transactions that need to be on-charged to a customer
• Over the next few weeks, Billable Expenses will continue to evolve, allowing bank account transactions to be tagged as Billable Expenses, while Xero’s library of reports will be updated to allow for reporting of Billable Expenses
• In the next few months, Xero will make Invoice Reminders widely available.