Xerocon Melbourne may have been “Coachella for accountants,” but it was more than just a fun party. It was also a conference heavy on new product releases and announcements.
- Xero Expenses,
- An upgraded Xero HQ with third-party integrations,
- A Lifelong Learning Platform, and
- Xero Projects — the one I’m most excited about.
Here’s a first look at Xero Projects.
What Is Xero Projects?
Xero Projects is a simple way for users to track time and expenses on projects or jobs within Xero. It’s designed for small businesses in service industries.
In essence, you can accumulate time entries and expenses on a project, then create an invoice to bill those items to your customer (or not).
You can also budget your time and see if you’re over or under compared to your total project budget.
How to Turn it On
As of October 2017, Xero Projects is only available through Xero advisors, which includes accountants and bookkeepers who have set up a Xero partner account.
If you’re currently working with a Xero advisor, you can request that they enable Projects. If you’re not yet working with a Xero advisor, you may want to check out my firm, Armanino LLP (or you can search for a Xero Advisor).
Once you’ve turned on the module, it’s a piece of cake to create a project.
Settings are limited to:
- Project name
- Deadline, and
Could it be any simpler?
Receiving a Deposit
One of the first things you’ll probably need to do is receive a Deposit.
Deposits can be calculated on a percentage of the project estimate, or a custom amount of your choosing.
Select “Go to draft invoice” to create an invoice.
Once you approve the invoice, you’ll see it appear in the Project Overview screen.
Now that we’ve got our deposit, we can get started on the work.