There’s a lot of knowledge and business insights locked away inside your financial data. One of our goals at Xero is to make this information readily available to business owners so you can improve and grow your businesses.
One of the main ways we are doing this is by providing the most relevant and up-to-date information on your dashboard, so you don’t have to go looking for it, and you can action it with a click.
Another way is using our Report Centre, which is being released to accountants and business advisors using Xero today. The Report Centre allows your accountant and advisors to provide you with monthly management reports and end-of-year reports, using the data you are running your business on but also by adding non-financial data to their analysis, answering questions like: is my business actually profitable; how do I manage my cashflow better; what’s my breakeven point; when is my tax due and how much is it; am I adding value to my business?
By inviting your accountant and business advisors to join your Xero account, they can generate reports with the most important information for your business and quickly analyse the information using drilldowns and Excel. They can then add their analysis and comments straight into the report using report summaries and footnotes to highlight the relevant information for your business, and explain what it means, and what you need to do about it. These reports can then be provided to you live inside Xero, or via PDF or Excel files.
As Xero is on the Web, there is no need for you or your advisors to send data around. Your accountant can work with you whenever you need them – and they can be proactive.
This is the next step of helping you to work collaboratively with your accountant. We have plenty more coming over the next few months.