Xerocon 2024: Tax, Payroll, and AI Developments

At the much-anticipated Xerocon 2024 in London, Xero, the leading cloud accounting platform and a trusted partner of Futurelink Group, introduced various innovative products to revolutionise the accounting landscape. The event’s vibrant atmosphere and forward-thinking announcements showcased Xero’s commitment to enhancing its offerings and solidifying its position as the UK’s premier accounting platform.

Xerocon Accouncements: New Partnership Tax Tool

A significant highlight was the announcement of Xero’s new partnership tax solution, available for beta testing in July 2024. This tool allows accountants and bookkeepers to seamlessly prepare and file partnership tax returns with HMRC, integrating directly with Xero data. The feature is designed to streamline the process with intuitive forms and submission options, making tax season less daunting for users. This addition to the Xero Tax package, originally launched at Xerocon 2019, reinforces Xero’s commitment to providing comprehensive tax solutions at no extra cost to its partners.

The Power of Generative AI: Just Ask Xero (JAX)

Xero also lifted the lid on its highly anticipated generative AI assistant, Just Ask Xero (JAX). Set for beta testing in August 2024, JAX leverages proprietary AI to facilitate natural language interactions with the platform. Users will be able to execute tasks like generating invoices or editing quotes simply by conversing with JAX. This innovation is poised to significantly enhance productivity by integrating with commonly used apps and devices such as smartphones, WhatsApp, and email.

Practice Management and Tax Solutions

In a move that promises to transform practice management, Xero introduced an integrated solution. This solution combines tax compliance with practice management via the Xero Practice Manager (XPM) system. This feature unifies client records, reducing the need for redundant data entry and streamlining workflow management across all practice tools. This integration allows advisers to manage client obligations, track jobs, and prioritise tasks more efficiently. This marks a major step toward a fully integrated practice management ecosystem.

Enhanced Payroll Management

Xerocon attendees exclusively previewed the new payroll manager dashboard, offering a consolidated view of payroll data across clients. This tool promises to simplify payroll management by highlighting upcoming pay runs needing attention. Additionally, enhancements to Xero Payroll will support non-traditional work hours, streamline pension setups, and offer greater flexibility in payroll adjustments.

Strategic Partnerships: Expanding Payment Options

Xero continues to innovate in payments, announcing the introduction of Tap to Pay in the UK and Australia through a partnership with Stripe. This feature allows businesses to accept contactless payments directly from the Xero Accounting app, with automatic reconciliation in Xero. Initially available to UK Android users in August 2024, the feature will expand to other platforms later in the year. Stripe’s partnership will enable bank transfers and buy now, pay later options, expanding the payment methods available to Xero users.

Client Insights Dashboard

Finally, Xero previewed a new client insights dashboard in beta testing. This dashboard is designed to give accountants and bookkeepers a comprehensive view of clients’ financial health. Moreover, this tool will flag key metrics such as business health, profit, and expenses. This will allow advisers to identify clients needing support and tailor their advisory services more effectively.

Conclusion

Xerocon 2024 highlighted Xero’s dedication to innovation and customer value. Xero is set to transform the accounting industry with new tools and enhancements across tax, AI, payroll, and payments. This change will ensure processes are more efficient and user-friendly for accountants, bookkeepers, and businesses alike.

At Futurelink Group, we are proud to partner with such a remarkable company as Xero, a leader renowned for its modern technology and dedication to client care. By leveraging Xero’s advanced software to its fullest extent, we ensure that we provide the most accurate and insightful advice to our clients. Xero’s consistent development and enhancement of its solutions empower us to deliver exceptional value. We aim to ensure our clients benefit from the expertise and innovative capabilities of a true industry leader.

For more information on our services get in touch with us at sales@futurelinkgroup.co.uk or 01923 277900. See more in our Resource Hub.