Xero recently released two updates to its core functionality. While the software has always been robust, some users have complained that Xero lacks any kind of built-in inventory and quote functionalities, which up until this point were only available through third-party add-ons.
As of late March, however, Xero released updates that expand its innate functionality to include these features.
Xero’s new inventory tracking integrates perfectly with its already refined billing and invoicing features. Whenever you purchase new inventory via billing, your stock goes up. Whenever you create a customer invoice, your stock goes down. This allows you to easily keep track of the quantity you have on hand, and gives you real-time updates to the value of your stock.
You’ll also never have to worry about selling inventory that you don’t have: if the quantity of an item in an invoice exceeds your current stock, Xero sends you an immediate notification letting you know that you don’t have the inventory to fulfill an order of that size. That means fewer mistakes and fewer unhappy customers.
The ability to track quantities on hand gives you better control over your stock levels. And the track profitability allows you to see which of your items are being sold. The update to inventory management also puts your inventory items on your dashboard, which is helpful for planning your orders and keeping your ideal amount of inventory.
Xero’s new inventory management gives a detail report that shows you which of your products are selling better than others so you can adjust your ordering accordingly. The detail report also allows you to see who’s buying what and how often. This reporting allows you to keep close tabs on your customers and contact them when you think they’ll need more stock.
Notably, this feature is also available on Xero’s Android Xero Touch App, allowing you use most of the same controls on the go.
Xero’s new online quotes feature speeds up the conversion of prospects to customers and the process of getting paid for your work. With the update, you can now enjoy real-time updates of quotes, including seeing when your clients have opened their quotes. You can also add any necessary files to your quotes that may clarify charges or give instructions to clients. This update is essentially a catalyst for your cash flow. In the near future, Xero is looking to add a mobile version for online quotes as well.
If you have any questions about any of these new Xero updates, remember that MSM can help. We have two Xero Certified Advisors on our staff and we would love to chat with you about Xero if you have any questions.