Xero is one of the most popular cloud accounting apps in the world. We’re huge fans of the platform, and as such are Xero partners, as well as advisor certified. Many of our clients are set up on Xero, and because of this we like to provide updates on anything major when it comes to the platform.
From 31st July 2023, Xero are retiring the old version of their reports. They’re advising users to switch over to the newer and more refined version of reports. The reasons for this is due to the increasing maintenance and costs required to keep the old version running.
If you want to use new reports just as they are, then all you need to do is open the report and get started. Be aware, you’ll need to do your month-end reporting for July 2023 in new reports. This is because older versions won’t be available from 31st July 2023. If you need any assistance whatsoever, or you have any concerns related to Xero retiring the old version of reports, then please get in touch us and we’ll sort it.
For now, we’re going to touch upon how Nordens can support you with Xero, some basic tips on the platform, and how accountants like ourselves can use Xero to maximise your business…
How Nordens Can Support With Xero
In today’s fast-paced world of business, efficiency, accuracy, and data-driven decision-making are crucial for success. Leveraging technology that streamlines financial processes and enhances reporting capabilities is essential in most industries. Gaining an understanding of Xero’s functionality, and the importance of utilising reporting and customisation is something we’re very hot on at Nordens.
We pride ourselves on offering a comprehensive, quality service when it comes to becoming well-versed in digital bookkeeping. Nordens provide comprehensive educational sessions and courses which cover all aspects of the cloud bookkeeping process. These include the processing of paperwork, reconciling of the bank, running of reports, as well as much more. The training is completely tailored to each business and their needs. If this sounds of interest then pop us an email over and we’d love to discuss further.
Hollie Watson, Nordens’ Senior Cloud Division Manager, believes, “No one obviously likes change but this is being done for all the right reasons. The new reports, which have actually been around a long time, are hugely customisable which is their main positive. You can even build your own bespoke management pack tailored to your business and what you want to see. If there is a report that now, due to these changes, you cannot run or you simply just want more help in getting the actual figures you need, reach out and we can assist. What we don’t want is clients going back to using Excel for any kind of report! That’s a sign something is not being used correctly within Xero to manipulate reports how they’re needed.”
Understanding Xero’s Reporting Functionality
If you’re using Xero, it’s essential to grasp a solid understanding of how to use it correctly. You also want to make sure you’re maximising the efficiencies of your business, which Xero can definitely achieve. Here are a few basic tips:
Comprehensive Reporting Suite
Xero offers a wide array of built-in reports designed to provide real-time financial visibility. From profit and loss statements to balance sheets, cash flow reports, and more, Xero covers the essential financial metrics required to assess your business’s health.
Easy Access to Key Metrics
With Xero’s intuitive interface, generating reports becomes a breeze. It enables accountants to access critical financial information with just a few clicks, allowing for a deeper understanding of business performance.
By providing up-to-date financial data, Xero’s reporting capabilities empower accountancy firms like ourselves to make informed decisions promptly. By eliminating delays associated with manual data processing, we can react swiftly to market changes or client needs.
The Importance of Utilising Xero Reports
Xero reports can be used to achieve real success and growth in your business, irrespective of your size, sector or industry. Here are a few things:
Enhanced Financial Analysis
Xero’s reports unlock valuable insights into your firm’s financial position, performance, and trends. Analysing these reports can help identify areas of growth, profitability, and potential risks, enabling proactive strategies to drive success.
Client Engagement and Advisory
By leveraging Xero’s reporting tools, accountants can engage clients in meaningful discussions about their financials. The ability to generate clear and concise reports enhances communication, builds trust, and positions your firm as a trusted advisor.
Compliance and Audit Readiness
Xero’s reports streamline compliance requirements, facilitating efficient audits and financial statement preparations. With accurate, detailed reports readily available, your accountancy firm can confidently meet regulatory obligations.
There are numerous integrations which can be added to the Xero platform, helping to sync data and achieve exactly what you want. These include project management, environmental roadmaps, and even customer engagement tools to name but a few.
One of our favourite apps is Dext, a data extraction app which automates the manual entry. It also processes live data via your bank feed through the platform whilst typing up expenditure. All that’s needed from the customer end is to upload photos of expenses and receipts, and the platform does the rest.
Xero provides a range of pre-built report templates suitable for various industries and business sizes. These templates offer a starting point, which can be customised to reflect specific metrics and key performance indicators (KPIs) relevant to your firm. You can also add your firm’s logo and customise report headers and footers to maintain a professional image while presenting financial information to clients or stakeholders.
Flexible Report Configuration
Xero allows you to customise reports by adding or removing columns, rearranging data, and applying filters. This flexibility ensures that your reports precisely present the information you need. This in turn eliminates clutter and provides a clear view of the desired metrics.
We hope this has outlined to you the retiring of the old version of Xero reports and how Nordens can support you to expand your business with Xero. If you’d like to know any further information, or anything accounting related, please do not hesitate to get in contact with us at Nordens, where one of our trusted advisors would be happy to talk you through your query.