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Reporting with Xero

It can be difficult to know where to start when it comes to financial reporting. And if you’re using outdated systems like spreadsheets, it will be even harder. If you need a user-friendly, easy and effective solution, reporting with Xero’s cloud accounting software is a fantastic option. However, if you’re not sure how to get started with Xero, look no further than Flow’s team of expert cloud accountants. We’re here to help you create insightful, actionable Xero reports and forecast your company’s cash flow.

As a starting point, here are some of Xero’s reporting features:

Chart of Accounts – To report on your accounts in an accurate and meaningful way, all of your transactions must be coded to an appropriate account code. It’s therefore important that your Chart of Accounts – the list of your company account codes – is appropriate for your business.

A default Chart of Accounts is available with Xero, which can be easily tailored to your business, or you can import a chart from your existing or previous accountancy software. If you’re importing an existing chart or need support, Flow’s team of professional cloud accountants can help you tidy up your account by adding new codes and removing old ones that you are no longer using. Your Chart of Accounts can be filtered and grouped to generate reports.

General Ledger Report – Summary reports and detailed transaction reports can be created from the General Ledger Report in Xero. Your General Ledger Report displays all transactions from all of your accounts for a selected date range. This report is an extremely useful tool for checking every transaction made during a selected period of time.

To use the General Ledger tool, simply select a date range, sort by Account Name or Account Code, and select ‘update’. You can also view the General Ledger Exceptions report which shows any transactions considered out of the ordinary.

Forecasting – Forecasting company cash flow can be a time-consuming process, but with Flow and Xero, you can build a simple forecast based on your past 12 months of data in Xero by generating a cash summary report and exporting it to Excel.

Creating a cash flow worksheet in Excel can be tricky, but our Flow accountants can take care of the numbers while you take care of your business. As well as producing a cash flow forecast for your business, we can advise on the best Xero add-ons to help you get the most of your software and get real insight from your financial reporting.

Improving your workflow with Flow

With years of industry experience, we appreciate just how time-consuming ‘small’ finance-related tasks can be. Flow can help you streamline your day-to-day operations and paperwork, and drastically reduce the amount of time you spend on the small jobs.  This will give you more time for the more important aspects of business.

To streamline your paperwork, we can introduce you to some of Xero’s time-saving features, including:

Dashboard – View everything related to your accounts at a glance and in real-time using your Xero Dashboard, including bank balances, invoices, outstanding payments, bills and expense claims.

Stock control – Use Xero’s simple inventory management software to track and manage your stock, or integrate related inventory tools to improve your stock control.

To get the most out of your Xero software, we can help you get to grips with everything from quoting and invoicing to reporting and forecasting. We understand the apprehension that comes with learning new technology, and that’s why we assign a dedicated client management team to every new account so that you can take control of your business with confidence.