Cloud-based accounting software service provider Xero has announced changes to its popular small business starter plan. Following investigations by the company in the wake of the coronavirus pandemic, Xero has optimized the functionality of its payment and insight tools.
As a result, small businesses that handle their financial affairs on their own or work with accountants can enjoy more efficient bookkeeping. After the starter package has been redesigned, Xero users can take advantage of an increased billing limit, which has been raised to 20 per month. The bank reconciliation limit has also been lifted.
In addition to the usefulness of the revised Xero Starter Edition, companies, including sole proprietorships, can use other fine-tuned tools such as Hubdoc, which enable automated document collection and management.
Xero Starter Plan
Despite the harsh commercial climate, Xeros research found many examples of new business startups, which led to the announcement of the update.
In the United States, over 500,000 applications for an employer identification number have been logged since mid-March, according to the Census Bureau. In the UK, Company House data shows that nearly 200,000 businesses were launched from mid-March to mid-July.
“History has shown us that after a downturn there is a revitalization of business, with some of the most challenging periods in history producing incredible feats of creativity and ingenuity,”
“We want to help these new companies, who are just starting out, prepare for a digital environment right from the start by lowering the barriers to entry.
We also know that with COVID-19, getting paid on time and controlling cash flow is more important than ever. We want to do everything we can to ensure companies stay strong by providing deeper cash flow insights and creating seamless experiences so they can get paid faster. “
Xero’s Starter Plan benefits from new Insights tools that help small businesses and sole proprietorships better manage their cash flow. With the new dashboard functions, users receive a predictive overview of their account balance for the next 30 days based on the existing data. Xero claims that it will allow business owners to stay in better shape as their businesses grow.