UPDATE as of 19 March 2020 – Xero have today announced they will be delaying the below fee increase until 1 July 2020 due to the current circumstances affecting all Australian small businesses and the economy at large!
Folks it has been a little while since the last price rise at Xero, so we probably should have expected this news, but as of 18 March, 2020, the main Business Plans for Xero will see small price rises.
Xero Business Plans
In fact all Business Plans will be increasing by $2 per month!
A summary of the changes is below –
|Plan Name||Previous Price||New Price|
Xero Cashbook Plans
For those using the lower feature plans, known as Cashbook Plans, the good news is that there will be no changes. So if you presently pay either $11 or $22 per month, then your cost will stay the same.
To compensate for the price rise, Xero are now adding Hubdoc to their suite of functions which are included in the Business Plans.
Hubdoc is a Document Collection and Management system, that attempts to read your invoices and receipts and, using artificial intelligence, create accounting entries in your Xero based on the information it can extract.
It has been around for some time now, but Xero actually acquired the product in 2018, and they are now absorbing it into their main offering.
Our Verdict on Hubdoc
To be upfront, we have not yet invested a huge amount of time into Hubdoc. Partly because we have worked with a number of similar systems at various times over the past 10 years with mixed results.
Having said that, we have recently recommend Receipt Bank which is a primary competitor to Hubdoc to a number of clients. Most of whom have found it is working well and it is actually saving them some of the time promised to be saved.
If you would like to try Receipt Bank, please let us know, as via our Partnership Account, we can get CapitalQ Community Members access for less than you can pay when subscribing directly. We can also, of course, help you get it set up right so that you get maximum value from it.
Hubdoc vs Receipt Bank
Clearly the main thing Hubdoc now has going for it is that it won’t cost any extra, access will be included in your Xero subscription. Receipt Bank on the other hand will still have a separate, additional monthly fee.
But otherwise for now we will say, watch this space.
We intend to start testing Hubdoc over coming weeks and months now that it is included for no additional cost. And if we feel it can bring the time savings intended, we will definitely let the CapitalQ Community know all about it (and assist with a switch from Receipt Bank if it is the best way to go, all things considered).
Of course, if any of you in the Community already use, or have used, Hubdoc we would love to hear your thoughts on it, so please get in touch.
Changes to CapitalQ Monthly Invoices, Direct Debits and Fixed Price Agreements
For all CapitalQ Community Members on Fixed Price Agreements that include their Xero subscriptions, we will absorb the price increase until the anniversary of your current agreement. So at this time there will be no change to your monthly fee.
At the time of your agreement anniversary, we will revise the monthly fee as is appropriate (as is always the case at the anniversary, though this time also taking into account the slight increase in outgoings we incur).
For all CapitalQ Community Members who are not on Fixed Price Agreements including their Xero subscriptions, but who pay for their Xero via CapitalQ, your next monthly fee will reflect the new price.
Accordingly, your monthly Direct Debit will also reflect the new price.
Should you require any further information regarding the price rises or how they effect you and your CapitalQ fees, please don’t hesitate to contact any of Melanie (Head of Client Services), your Client Manager, or any of our Accountants who assist with your affairs.