New Tool Can Provide Powerful data to businesses

The latest addition to Xero accounting software will allow users to sort contacts based on purchase history, payment patterns and geographic location.  

Xero released Smart Lists feature on June 23 as part of a series of new updates. The feature will help businesses identify opportunities for higher cash flow by enabling users to assemble lists and save search criteria to filter data.

This particularly useful for accountants, whose roles are becoming increasingly focused on business advisory.

Xero Australia Managing Director Chris Ridd says that the cloud-based software has lead to significant efficiency gains for both accountants and small business owners.  

“It’s all about making the accountants more valuable to the client and being able to help them drive their business,” said Mr Ridd.

The lists can be saved as a CSV file and opened in a spreadsheet, or imported into email marketing software.

Xero Chief Technology Officer Craig Walker said that many businesses prefer to focus on retaining existing customers, as research reveals that the cost of finding new customers is up to seven times higher. However, many small businesses do not have access to Customer Relationship Management Software.

Smart Lists allow businesses to establish stronger connections with their existing customer base.

Upon releasing Smart List, Xero suggested a number of potential ways to apply this new tool such as finding out the amount of customers in a specific city or region. Xero also suggested that the list can be used to identify previous customers who may be interested in purchasing a product in future.

 “A curated list of responsive, engaged customers is one of the most powerful marketing assets a small business can have,” Mr. Ridd said.

The data extracted from Smart Lists provides businesses with insight and technology for creating targeted email campaigns.  

Business owners and their advisers will also be able to use this function to extract lists of customers with overdue payments.

In addition to the release of Smart Lists, Xero announced other updates, including an improved budget manager and support for for four decimal places on unit price.

The company have also listed some of the upcoming developments such as a new framework to boost users’ control and flexibility over reports.   

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