Reconciliation reports are cool!
If you are an Accountant in Practice, then I am sure you will appreciate the new Reconciliation Reports under the Advisor tab. I’m really excited by these because we’re now delivering the high value features for accountants we dreamed of when we started Xero.
When you use Xero to prepare the end of year accounts/final accounts/annual financial statements for your clients you can run the Reconciliation Report to compare the control accounts to the ledgers. This is a huge time saver as the report makes nine key reconciliations that we as Accountants need in our work papers, including Bank, AR, AP, VAT/GST, Fixed Assets. It includes a General Ledger Exception Report which searches for anomalies in the ledger and draws your attention to them. Save in Xero as a published document or export to excel and include in your work paper package. Stunning.
The Reconciliation Report can be use for month end, quarter end and year end. With our customisable reporting there is now no need to export the data to another accounts production system, you can it all in Xero. And you know this is only going to get better.
You already know Xero is a great application as a business product for your clients. Our vision was always to go the next step and build a product that enabled the Accountant to do the work they need to do for their client in the same system that the client uses to run their business. The Reconciliation Report is another great example of Xero delivering more value to the Accountants.
I recommend you run the Reconciliation Report yourself and have a look at how great it is. If you have thoughts on how we can improve it, please let us know. For Accountants this is very exciting.
I do apologize in advance, but in my opinion Accounting is cool and with Xero it is cooler than Fonzie.