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Profit & Loss Common Formats

One of the great new features in this mornings latest Xero release is Profit & Loss Common Formats.

We’ve heard from many of accounting partners (especially the Diva team in Pukekohe) that there are lots of different ways people want to look at their Profit and Loss accounts.  Our common formats allow you to quickly pick which view you want.  

We also have Common formats for the Budget Variance report.

Nice work to Andrew in our team who thought of presenting these options like this.  I find it really useful.

 

2 comments

Hamish Edwards
1 October 2008 #

Just been sitting in the UK playing with the new reports.

These views are a really unique way to represent the same information in different views. This is yet another great example of how the team at Xero have really thought about what helps our customers.

Now in the Profit & Loss Reports you can see;
1. Current and Previous three month (the one you are used to seeing.)
2. Year to date progress, which shows each month since your financial year started which is 1 April for most of us.
3. Current Financial Year, which shows your actual results for the year so far, then your budgeted results for the rest of the year.
4. Actual vs Budget, this has the month and year to date actual vs budget results and the variance to budget on a line by line basis.
5. And finally, the one that all property investors will love the Compare report, which shows the results by tracking classification, which if you have set up tracking for each property, quickly puts all your properties side by side.

Reporting is all about the information that you want to see. We want your feedback so please tell us what else we can do to display the key information you want.

Good financial management always needs good reports. Few software packages for SME’s grasp this, with most creating only reports that look retrospectively.

It is good to know what the business has or hasn’t achieved, but is often more important to know what you need to achieve looking forward and what the whole year will look like. The new report with the option for monthly reporting with YTD actual results and budgets for the remainder of the year, provides business owners with the opportunity to do this.

Adjusting budgets to reflect actual costs and forecasted sales then provides a useful tool to analyse the impact of today’s trends and decisions.

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