Every three months Xero releases a number of new features and 2021 is going to be no different. Xero has already released a number of updates over the first three months of 2021.
The most exciting update of the quarter is an increase in artificial intelligence to the bank reconciliation in Xero. Xero already has had the ability to “guess” which code you would like to reconcile a transaction but this feature is becoming stronger than ever. In the past, Xero simply looked at the transaction amount and payee to make its guess as to where you would like that transaction coded. This meant that Xero didn’t always guess right and you would have to manually change the suggestion.
Xero is now going to look at every single detail of the bank transaction in order to make its assumption more accurate. This should reduce data entry even further for many businesses.
In addition to this update, Xero has also made access to support easier, by allowing you to search support articles from directly within Xero (Just click the question mark in the top right corner of Xero). They have also redesigned many of the reports to make them easier to customise and understand.
Hubdoc has also had an exciting new release. It can now identify and notify you of any duplicate documents or similar documents that have been uploaded. This means that you are not going to run the same risk of entering bills into Xero twice, and it can even identify statements that may relate to an invoice that you have already uploaded. This is going to reduce confusion and be a huge timesaver for many businesses.
Xero has also announced that all users will be required to enable two step authentication (2SA) over the next 12 months. 2SA is an additional security measure that requires you to enter a unique code into Xero when logging in. This is in addition to your username and password. The requirement will first be rolled out to Xero users who are advisors, subscribers or payroll administrators. Xero will contact you directly regarding this but we are of course always happy to help out if you need further support.