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Annual Reports…all in one

Next week we’ll be releasing some major functionality that will see accountants use Xero for Annual Reporting across all their clients without having to export to an expensive disconnected solution. We believe this is the next big revolution in accounting software.

It’s a project we’ve been working on for the best part of a year and the next big step in our Single Ledger vision. What it means is accountants will be able to complete Annual Reports on exactly the same ledger their customers are using. We’ll start with New Zealand Differential Reporting and next year we’ll release the equivalent reports for other countries.

Watch this video to get a preview:

So what’s the guts?

Xero already has standard templates for Exempt Companies, Trusts, Partnerships and Sole Traders. This new template makes it easy for New Zealand accountants to meet what are fairly complex reporting requirements for a reporting entity, and which qualify for the differential reporting exemptions.

We’ve been working with the technical team from Grant Thornton to make sure all the reports and the notes to the accounts meet the current Financial Reporting Standards (FRS). The beauty of SaaS is we’ll be able to make automatic updates in line with future FRS changes.

You may remember earlier this year we released Report Codes, which allow you to map your clients’ chart of accounts into a standard format or taxonomy. Our release of the NZ Differential Reporting template allows you to apply the mapped Report Codes against this template for qualifying clients, and also prepares your practice for when we release a further enhancement early next year, Report Packs.

Where to next?

Report Packs will help you meet the specific needs of any particular entity type, industry type or subsets of your clients. It’s an important step because you get to define a reporting template and apply this across general ledgers with different charts of accounts. Together with Report Codes, you’ll then have the ability to push any ledger data through the template and get the same report format every time. That saves lots of time and frustration and allows your firm to create its own valuable IP.

We never stop working to improve accountant-side reporting and as always welcome your feedback so we can refine this core part of Xero even more.

For our accounting partners in markets outside of New Zealand, we’re working on releasing templates for the UK and Australia. If you’re in other regions the Report Packs (in next year’s release) will allow you to create templates specific to your needs.

Stay tuned.

 

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7 comments

Jason
10 December 2010 #

Great news – have been hanging out for this; great step forward in my opinion.

James R
10 December 2010 #

Looks great Hamish,
How would you recommend preparing a consolidated set of reports for multiple Xero orgs?
We have a NZ Xero org and a separate Australian Xero org because we are also GST registered in Australia and this helps us prepare GST returns in both NZ and Aust.
This makes it difficult to have a realtime report on our position without manually consolidating the accounts. Any ideas?

Richard Edwards
10 December 2010 #

Thanks Xero, now we can use Xero as our single solution for all our clients. Good bye MYOB AO….

Jason M Blumer
10 December 2010 #

Great stuff. Looking forward to all of these goodies in the US!

Andrew Haynes
10 December 2010 #

Nice job guys, looks very promising. Can’t wait to see this for Australia.

Hamish Edwards
11 December 2010 #

@James R the best way to deal with consolidation will be to use Report Codes, export to excel and then consolidate in excel. We are working on some more guidance in this area. We just want to get the next two releases out of the way, then we will spend some time working on a suggested “How To” on consolidation.

Denis breen
9 March 2011 #

Hi Hamish
We’re looking forward to seeing the templates your talking about. Currently if we enter notes into the report pack we can’t save these notes, so if we notice an error after publication we have to redo the entire accounts. Will the new reports allow you to retain alterations to notes etc ?

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