Last updated: 4th May 2020
Anna Curzon, Xero’s Chief Product Officer, announced Business Snapshot at Xerocon London in 2019 and it has since been piloted by almost one thousand organisations globally. The feature provides a visual dashboard of key financial metrics, so you can quickly see how your business is doing and start a deeper conversation with your advisor.
Business Snapshot displays Xero data in beautiful charts, tables and at-a-glance figures that make it easy to compare profit and loss, turnover, expenses and efficiency between different periods. It can also help you manage cash flow, by allowing you to see your cash balance and the average time it takes to get paid and pay suppliers, all on the one page.
Access the pilot program
While the feature is still in pilot phase and the functionality is quite limited, we know how useful it will be to small businesses and advisors during COVID-19. So we’re extending the pilot to all Xero customers with read-only, standard + reports, and advisor roles in Business Edition plans from 4 May 2020. It will be rolled out in a phased approach and can be accessed under the ‘Business’ tab in Xero.
The pilot version of Business Snapshot will be available until 31 August 2020. We hope it will help you:
- Understand the impact of COVID-19 on your revenue compared to the same period last year
- Look at trends for revenue and expenses, to help with projections for business recovery
- See your largest costs and consider how you can reduce them or negotiate payment terms
- Look at the balance of assets, liabilities and equity, so you can review your funding structure
Business Snapshot is part of a broader suite of work we’re doing to help small businesses manage their cash flow. We are also piloting a Short Term Cash Flow feature that visually projects your bank balance 30 days into the future, showing you the impact of existing bills and invoices if they’re paid on time.
We hope to extend the Short Term Cash Flow pilot to all customers soon, to ensure you have the tools you need to stay on top of your cash flow during this period of uncertainty.