Gone are the days that we had to ‘hope for the best’ when establishing a business. Thanks to the digital age and business intelligence software, we have access to a wealth of data concerning our businesses, at our fingertips.
The importance of reporting with Xero
Creating reports is a fundamental function within any accounting division of a business, without it we won’t have sight of where a company makes most of its money and what the possible financial risks for a business may be. Business owners also need to view the numbers to be able to take informed business decisions.
With Xero reporting you can get reports at any time, and:
- View and share a range of reports whenever you need,
- Drill down into the details with interactive reports and measure specific KPIs,
- Get quick access to the reports you’ve marked as favorites
You can also compare and do specific data calculations using the following reporting features:
- Compare actuals versus budgeted amounts, or actuals versus actuals,
- Use IF statements in formulas as well as mathematical operators,
- Present results as percentages with business reporting software.
Benefits of customized reporting with Xero
1. Choose your data: With Xero accounting software‘s new reporting features, summarizing and selecting data just got a whole lot easier. Xero offers customized reporting that allows you to focus on specified data. If, for example, your business has a cash flow issue, you can pull customized reports that allow you a visual view of the accounts receivable division of your business.
2. Design your own style: Create the layout of your customized report and create templates according to your reporting needs. With Xero’s reporting functionality you can customize settings and layouts and save as many template reports as you want, allowing you to reuse or duplicate designs for reuse later, saving you time in the future.
3. Combine the numbers: Need a report that shows you the effect of accounts receivable on the overall cash flow of your business? Do you need to see the data over a period of time? This is not a problem with Xero’s customized reporting ability. It allows you to build your own report pack from scratch by combining the reports you need. When viewing the relevant data alongside each other, it becomes easier to draw inferences from the data to empower management to take action that will aid business growth.
New Xero HQ report templates
If the from-scratch design is not your thing then Xero’s HQ reporting templates will save you. Not only does it allow you to have your data pulled into a pre-designed template, but the most recently added reporting templates will also amaze you – and the best part is that you can still choose the data you need for a specific report.
HQ reporting templates still allow you to:
- Add, remove and reorder rows and columns by dragging and dropping,
- Add formulas, details, and notes to reports and link to report schedules,
- Add tracking categories to see how different business areas are performing
Xero is a powerful tool your business can use to make informed decisions. The amount of detail available to businesses needing customized reporting is impressive with Xero. It can help your organization save on taxes and meaningful cost-cutting. If you are interested in getting the most out of your business reports, our experienced team of accounting professionals can help your business set up and integrate the Xero software to meet the bespoke reporting needs of your business.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.