Saturday 30 July 2022 | No. 35
XU Biweekly The independent news source for Xero users, by Xero users
GOCARDLESS INTEGRATES OPEN BANKING PAYMENTS WITH XERO By Linda Yang, GoCardless
Instant Bank Pay to offer accountants, bookkeepers and their small business customers a new alternative to taking one-off payments
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OCARDLESS, THE GLOBAL LEADER IN DIRECT BANK PAYMENTS HAS TODAY ANNOUNCED AT XEROCON LONDON IT HAS PARTNERED WITH XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TO PROVIDE ITS INSTANT BANK PAY FEATURE TO XERO’S CUSTOMERS IN THE UK. Instant Bank Pay is a new open banking feature directly integrated into the GoCardless global payment platform. With Instant Bank Pay, Xero users can receive
one-off bank-to-bank payments from new and existing customers while still reaping the benefits of Direct Debit for their recurring payments. Instant Bank Pay supports all businesses, including those with recurring revenue models. According to GoCardless research, 85 per cent of recurring revenue businesses have a need for collecting one-off payments, such as a supplementary fee during tax season. Using Instant Bank Pay, Xero customers can accept...
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XEROCON RETURNS, HOTTER THAN EVER! READ ALL ABOUT IT
XERO UNVEILS
XERO GO A NEW APP TO HELP SOLE TRADERS ACCESS ENTRY-LEVEL ACCOUNTING By Anna Curzon, Xero
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ERO’S NEW APP WILL HELP THE UK S E L F - E M P LOY E D BUSINESSES AND THEIR ADVISORS DIGITISE FINANCIAL ADMIN AND PREPARE FOR NEW DIGITAL TAX RULES As the benefits of digital transformation are realised by more small businesses, Xero, the global small business platform today announced the early release of Xero Go, anew mobile app designed to serve the increased number of sole traders over the last two decades1that is available for IOS download today. According to HMRC, there are around 2.6 million sole traders in the UK and the freemium app will make it easier to access accounting software for small self-employed business-
es including sole-traders, tradespeople, freelancers and gig workers, expanding Xero’s offering to provide a more cost-effective entry point into cloud accounting and digital record-keeping.“ This is a product that caters to the entry-level accounting needs of the self-employed – a growing area of demand. So we wanted to offer early access to a product that caters to the basic accounting needs of self-employed businesses in the UK, the number of which has increased over the last 20 years, and also those of their advisors,” said Anna Curzon, Chief Product Officer at Xero. “Xero Go helps businesses streamline the manual, time-consuming elements of being self-employed, while also providing accountants with accurate, clean financial data they
need to service these clients.” Xero Go will also support the self-employed to get ready for one of the largest changes to the UK tax system — Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). From April 2024, self-employed individuals earning above £10,000 will be required to keep digital records of income and expenses on MTD-compatible software, and to make more frequent submissions.The app will give those impacted by the government legislation one easy tool to capture and track expenses digitally on-the-go and manage invoices. Expenses are recorded throughout the year and available in one place at tax time, reducing the need to chase up missing information..
Xero Go will enable the self-employed to: • Record expenses on the fly using the Quick scan feature, powered by machine learning. Quick scan extracts expense information from receipts, imports them into Xero Go and auto-suggests tax categories for them, saving time on manual expense record gathering and tax coding around submission dates and supports better accuracy • Create, send and track customisable invoices — including customer reminders for late payments — and add Stripe payments to invoices to streamline invoice management, get paid faster and feel more in control of their finances.
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Saturday 30 July 2022 ISSN 2054-7234
35
9 772054 723006
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