Since releasing our Common Formats feature in Profit and Loss reporting a few weeks ago we’ve had some great feedback from our accounting partners that this very useful. Especially when used with tracking categories.
Most companies use P&L reports to see how their business is going. P&L reporting is especially useful in Xero as the numbers are up to date every day so they are a valuable management tool. How is my income doing compared to last month? Are my expenses under control?
We had lots of feedback that while everyone uses a P&L, there are many ways to look at the information.
- This month compared to the last few, so I can see how I’m tracking
- Actual vs Budget
- This month compared to the same time last year – for businesses with seasonal variations
As we designed this Andrew came up with the idea of just creating some common formats so that you could quickly look at your P&L in a number of ways. Here is a video that shows you how simple it is.
You probably spotted that I’m using the Blue microphone I picked up in Palo Alto a couple of weeks ago. We use Screenflow to capture the tour and Viddler to host the video. It only takes a few minutes to make a movie and get it up so you’ll see many more of these from us. And yes – we all dislike the sound of our own voice 🙂