Cloud-based accounting software services provider Xero, has unveiled changes to its popular Starter plan for small businesses. Following research carried out by the company in the wake of the coronavirus pandemic Xero has tweaked the functionality of its payment and insight tools.
As a result, small businesses who tackle their financial affairs on their own, or work with accountants will be able to enjoy more efficient bookkeeping. Following the redesign of the Starter package, Xero users can make use of an increased invoice limit that has been raised to 20 per month. The limit on bank reconciliation has also been removed.
Adding to the usefulness of the revised Xero Starter edition, businesses including sole traders will be able to tap into other fine-tuned tools, such as Hubdoc, which allows for automated document collection and management.
Xero Starter plan
Despite the harsh trading climate, Xero’s research has found many examples of new businesses being launched, which has led to the update being announced.
It says that in the US over 500,000 applications for an employer identification number have been logged since mid-March according to data from the Census Bureau. Meanwhile, in the UK, Company House data reveals that nearly 200,000 businesses were formed from mid-March to mid-July.
“History has shown us that following downturns there is a business resurgence, with some of the most challenging periods of history sparking incredible feats of creativity and ingenuity ,” said Anna Curzon, Chief Product Officer at Xero.
“We want to help these new businesses that are starting off now to be set up for a digital environment right from the start by lowering the barriers of entry.
We also know that with COVID-19, being paid on time and controlling cash flow has become more important than ever. We want to do all we can to ensure businesses stay strong by providing deeper cash flow insights and creating seamless experiences to help them get paid faster.”
Xero’s Starter plan benefits from new insights tools, which can be used by small business and sole proprietors to better manage their cash flow. The new dashboard features will let users get a predictive overview of their bank account balances over the next 30-days based on existing data. Xero claims that it will allow business owners to stay in better shape as they grow their companies.