Online accounting software maker Xero has added a set of new features, including 1099 and GAAP compliance additions for the U.S. market, as well as integration with the Track1099 e-filing and preparation tool.

Xero now provides both International Financial Reporting Standards and GAAP-compliant reports on a single platform. Small businesses can select standard reporting for their country of origin, while accounting professionals can serve both sets of clients from Xero's Partner Edition. 

This latest release also includes email templates, payment terms, outstanding statements, and remittance advice for single payments. 

In addition, Xero now provides a streamlined workflow to prepare 1099s, and integration with Track1099 for e-filing. This integration will enable 1099 form data to be generated, electronically completed, and then automatically delivered to suppliers and the IRS via mail, email and e-file. If a Xero user chooses not to use Track1099, the data can be exported in CSV format for use in other systems or for manual filing.

"Small businesses asked and we delivered," said Xero president of U.S. operations Jamie Sutherland. "The 1099 feature has been beautifully designed to make filing a breeze through Xero's online accounting platform. And with Track1099, both business owners and accounting professionals can file online minimizing the cost and time-consuming workload associated with 1099s."

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