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Aussie annual accounts

Posted 7 years ago in Advisors by Tim Wright
Posted by Tim Wright

If you were in Melbourne for #xerocon in July you may remember getting a sneak peak of the Special Purpose Financial Reports (SPFR) annual accounts framework. If you didn’t make it don’t fret – SPFR is now available.

You’ll be pleased to know we’ve updated the previous annual accounts report with Aussie content (yes, we’ve even removed the LAQC option!) and provided a high degree of editing/content control.

Watch the video to see it in action.

Some of the features you’ll notice include:

  • Australian content and familiar layouts related to specific entity types; company, sole trader, partnership and trust
  • Optional Auditors Report
  • Default textual notes can be removed and edited
  • Control over sections and reports
  • Editable Notes to Financial Statements
  • Optional signature on Balance Sheet
  • Layout options for Profit & Loss, Balance Sheet and Movements in Equity reports

Thanks to all our Partners (including Interactive Accounting, Five Ways, CountGPS & Hansens) that gave us feedback and helped with the review process.

The ability to create compliant annual reports for each of your clients is a huge deal, but we’re going to take this even further. Recently we started rolling out Report Packs for New Zealand and next year we’ll be offering the same functionality in Australia.

Report Packs give accountants the ability to create report templates at a practice level for specific client segments. These can then be shared across all staff in your practice and used to produce reports using any client data, all in an instant – regardless of the client’s chart of accounts.

You can do all the same cool customisations that are available at the client level including setting textual content, add new notes, customise layouts and much more

So stay tuned for the next stage of annual reporting in Australia.


September 22, 2011 at 11.10 am

The accounts look great and are simple !!!
No more having to be a computer programmer to produce a set of accounts or exporting to word to fix problems

Dennis Howlett
September 22, 2011 at 12.53 pm


Richard Phillips
September 22, 2011 at 5.01 pm

@Dennis – we’re working on this for the UK and US in close succession once Australia has been bedded down. Report Packs are the killer feature but they require Reporting Codes first, so Grant Thornton are working hard to provide these for us in each global region. We’ll see some big efficiency gains for our UK partners when these land.

Andrew Haynes
September 22, 2011 at 9.46 pm

Loving it guys, great job! Massive time saver for the aussies and will be sure to help the next wave of accountants see the value in the single ledger.

It would be awesome if there was a quick way to switch the reports between single director/multi director comapnies and corporate/individual trustees etc… save us having to go through the text and change directors’ to director’s and Directors of the Trustee to the Trustees etc

Andrew Haynes
September 22, 2011 at 9.48 pm

Ignore that!!! I just found it 😉

Justin Ward
September 22, 2011 at 11.36 pm

The reports look great, is there any chance that you will be offering an option for Self Managed Super Funds as well?

Tim Wright in reply to Justin Ward Xero
September 23, 2011 at 11.27 am

@Justin – we understand this is an important piece of the puzzle for many practices and many of the Modern Practice benefits can be extended to this space too.
We won’t rule it out in the future with Report Packs and we also appreciate SMSF’s have some deeper specialised requirements in addition to Annual Reports. We currently support an export file format to BGL SimpleFund from Xero and we’re in early discussions with them and superMate about automating integration for efficiency. RewardSuper already being integrated with BGL and superMate has recently developed integration with Xero. The Sharesight team are also working on some good stuff in this space as well as some of our partners such as Guy @ InteractiveAccounting.

Jerry Zhao
September 30, 2011 at 4.12 pm

Hi @Tim , I think I have some issue with the report when my client is cash based.

Is there is a option for run BS and P&L by cash based?

Charles Sondergaard
October 8, 2011 at 7.47 pm

Go Xero Team. The annual reporting straight off Xero is essential to us accountants and the sooner you get it working well the sooner we can reduce our annual compliance time and spend more time coaching and supporting our business clients.

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