Running a business requires close attention to detail, especially when it comes to bookkeeping and financial reporting. Cloud Accounting software, like Xero, is a major step toward business efficiency for small to medium sized companies, as it includes all the features to you need to manage your financial accounting in a simple, understandable format.
Furthermore, Xero offers efficient and easy-to-use financial reporting tools that can help you keep track of your business’ finances, monthly budget, and more, irrespective of your location.
Why choose Xero for your financial reporting?
As advocates of Xero accounting solutions, we can think of a thousand reasons why every small business owner should opt for cloud accounting instead of a traditional outsourced or in-house solution. One of these reasons would be its advanced financial reporting features, such as:
- Retrieve financial reports whenever required
As an account holder, you can view and share reports and budgets in real time – gone are the days of waiting for month-end to get an update on your business’ finances.
Reports can be tailored to show specific Key Performance Indicators you wish to see, for example, and can be shared directly with your advisor. Reports can also be exported as PDF’s or Excel spreadsheets, all whilst keeping the format and formulas intact.
- Customise reports to suit your business
Xero reports are fully customisable and will show the updates you want to see, allowing you to grow your business effectively. Customised columns, formulas, text blocks, and drag-and-drop accounts can be created to deliver a report that suits your requirements.
- Keep track of your business’ progress
With Xero, you can prepare, or import, a budget in no time, to compare your financial performance against actual or specific periods. The software incorporates a Performance dashboard for quick view of KPI performance and delivery.
Specific departments can also be tracked with Xero reports. Whether you wish to track sales staff or different regions, you simply need to customise your reporting preferences.
Another useful feature in Xero’s accounting software is the function to calculate differences between columns in all your reports – this can be done between actual and budget figures, or between actuals and other actuals.
As an advanced programme, Xero keeps up to date with the latest developments in the industry and allows users to connect with other reporting applications via their Xero account.