At Xero we’re always challenging the status quo and thinking about the best way of doing small business accounting from a design perspective. This can occasionally leave those of us who have used other accounting software packages trying to do things “the way we’ve always done it”. Case in point – sub-accounts.
If you’re used to carefully setting up your accounts in a way which clusters similar activities together by account code, or are used to relying on sub-accounts to sort your data for reporting, the simplicity of Xero’s chart of accounts may appear daunting
Xero’s philosophy of being “beautiful” really shines here. Instead of having a bloated and clunky chart full of sub-accounts, Xero has two functions available to all users – report grouping, and tracking.
The video we’ve created takes you through just how simple it really is to get comprehensive reports without sub-accounts.
Report grouping lets you create fully customised reports – from high level overviews through to highly detailed reports. This gives you full control on how information is reported. Tracking categories can separate your financial data out even further – without having to create numerous new accounts.