January release notes: Simpler tax reconciliation and expense management
If your New Year’s resolution is to save on fees, improve efficiencies and continue expanding your business globally, we’ve got you covered. Read on to find out this month's new product releases and platform improvements.
New features 🎉
Pay by paper check in the US 🧾
Based in the US? Have local suppliers that prefer to be paid by paper check? You can now use your Airwallex account to pay them the way they want. Simply select ‘paper check’ as the transfer method when making local USD payments.
Spend on the go in Singapore with Apple Pay 📱
Our customers in Singapore can now connect their Airwallex multi-currency cards to Apple Pay, for borderless spending on the move.
Our Expenses tool just got smarter 💳
We’re making expense management even easier.
Rather than manually catagorising expenses, our software will now pre-populate expense categories based on how you’ve tagged expenses in the past, saving you time.
We’ve also added a task list to the app homepage, so you can get an overview of all uncompleted tasks — including expenses to submit and approve — at a glance.
Finally, you can now link your asset accounts to Airwallex, so you and your team can code card spend to assets, as well as to expenses.
Enjoy simpler reconciliation in Xero 👩💻
When adding an expense in the Airwallex app, you’ll notice a new ‘description’ field. Use this to add details to your expenses, such as ‘client lunch’. This description field will pull through automatically to Xero, making reconciliation easier for your finance team.
We’re making tax less taxing 🧮
If you’re an eCommerce business, reconciling tax payments can be a real headache. We’re taking steps to make things easier for you.
We’ve updated our Online Payments software so that local taxes will now be deducted at the time of the transaction settlement, rather than being charged in your month-end invoice. This will make it easy for you to see the tax that has been deducted for each sale, simplifying the reconciliation process.
You’ll receive your month-end invoice on the 5th day of the new month, and this will detail all the fees and taxes that have been captured in the last calendar month.
Grow your business in Singapore 🇸🇬
You can now open a Global Account in Singapore under your business’ name, meaning you can trade easily in Singapore, no matter where your company is based.
Head to Global Accounts to create your new SGP account in a couple of clicks.
Upcoming arrivals 🧳
Optimise your online checkout with FPS 📈
For those who don’t know, FPS is a popular payment method in Hong Kong which boasts great benefits for merchants and customers alike.
You’ll soon be able to add FPS to your checkout with Airwallex Online Payments, and enjoy savings of up to 50% versus standard cards and e-wallet payment methods, protection against chargebacks and faster settlement.
Less red tape for our Enterprise customers 🚀
Enterprise customers will soon be able to increase the direct debit deposit limit for all their connected accounts in one go.
If you’re a platform with multiple connected accounts, and you want the freedom to increase the deposit limit for each of those accounts, you will only have to apply to increase the deposit limit once. You can then share that increased limit with all your connected accounts as and when you wish to. Saving you time.
That’s it for our January release round-up. We hope these improvements help you kickstart 2023 the right way.
Have something you’d like to see earlier for your region on our roadmap? Let us know here.
Tilly manages the content strategy for Airwallex. She specialises in content that supports businesses in their growth trajectory.