XERO has confirmed the roll-out of Billable Expenses and Invoice Reminders for small businesses, designed to expedite payment by clients.
Research commissioned earlier this year by the software company showed that more than a quarter (27%) of small business owners believe accounting issues, such as slow or late payments, are the biggest obstacles to the success of their business. The same number says chasing payments is one of the most difficult parts of running a business.
The roll-out will take place in three distinct phases. Available immediately, small businesses will be able to 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 allow 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.
Xero managing director Gary Turner (pictured) said: “Cash availability really can be make-or-break for small firms, which is why it’s critical to keep a close handle on invoicing and accounts.”
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay
Kevin Reed discusses the worrying findings from HMRC on micro-businesses' problems handling Real-Time Information, and the latest thoughts on how accountants can provide value-added services
PwC has strengthened its tax reporting practice with the acquisition of Selera Labs, a data technology firm
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government