Traditionally, the files you create and receive as part of your business have been stored away in filing cabinets, shoe boxes or in some hidden folder on your computer. While many of these are directly related to your business, it’s not always easy to locate them when needed. With all your business data in Xero, it no longer makes sense to store your financial data and files separately – and this will make collaborating with your advisors even easier.
Files lets you attach multiple documents to almost anything in Xero and have them right at your fingertips, exactly where you expect to find them. Files can be associated with invoices, transactions, expense receipts, fixed assets, contacts, chart of accounts, bank accounts and even manual journals.
Xero has had single file attachments on bills and receipts for a while – but that was really only the beginning.
How will Files change the way you work?
- What about attaching contractual documentation associated with one of your clients, loan documents for a bank account, or a picture of a fixed asset. Or even attach a photo of a client?
- Store company incorporation documents for easy access by your accountant or bookkeeper.
- If you’re a startup looking for funding or to be acquired, why not create a contracts register so you’re always ready for Due Diligence?
- Accountants with not-for-profits, how about encouraging them to upload their source financial documents for you to make the audit process more cost effective?
- Bookkeepers – win new clients by making Accounts Payable processing central to your service offering.
- If you’re a franchisor, ask franchisees to upload their full business reports each month so all performance information is available.
Xero will let you store 1GB to begin with – that’s about 20,000 typical Word docs and enough to keep the average small business going for many years. We’ll provide for increased storage in the future.
Behind the scenes we’ve worked with leading providers to deliver the same security, reliability and availability you’ve come to expect from Xero. Your files are fully encrypted and using geo-replication, are stored in multiple locations so you can rely on them being available when you need them – anywhere, at any time.
You can also look forward to being able to email files directly into your Files inbox – for example, you will be able to create a forwarding rule whenever any of your suppliers email you an invoice to have this automatically appear in your inbox from which you can quickly create a bill. We’ll be adding email support over the next few weeks.
Files is one of a growing list of features that make cloud accounting compelling. Like Bank Feeds, when you see Files you’ll wonder why it hasn’t always been this way. We think eventually all online accounting software will work like this. If you know people that are still working in a desktop disconnected fashion, show them Files.