Bringing small business accounting to the cloud has revolutionised the accounting industry. Accountants and bookkeepers can now give advice to their clients in real-time by looking at the most up-to-date data.
The real power of cloud accounting is having the accountant and their client on the same page at the same time; a single source of truth. This is a concept we call the single ledger. We are always working to create new ways for accountants and bookkeepers to get the most out of Xero’s single ledger.
This got us thinking – how can we reimagine financial management reporting with the single ledger. Enter the next generation of reporting on the single ledger.
Introducing Report Templates
In the desktop-based, disconnected world, an accountant could enforce a common chart of accounts. In a connected world where the client and accountant see the same data, this doesn’t hold true. Usually to overcome this you would have to create a custom report for each client which could take hours. It also makes practice-wide reporting standards hard to enforce, and there isn’t much room for efficiency.
So a couple of years ago we trialled the concept of report codes in New Zealand. A single list of codes that accountants and bookkeepers can map client charts of accounts to. This enables the firms to create practice-wide reporting that could be applied to their entire Xero client base.
Practices using Xero reports saw productivity improvements immediately as templates could also be applied easily across an entire client base. But there were some features available in desktop software that accountants missed. The benefits of cloud reporting outweighed the cost, but we knew we could do better.
Reporting Templates have now come to the UK
Report templates are practice-wide templates that give you the flexibility to create reports the way you want them. We have designed Report Templates to be intuitive and approachable, without sacrificing the features. This means partners can harness the power of practice-wide templates, while still retaining the ability to customise the reporting outcome to the needs of the client. We have now shifted the focus from compliance reporting to reporting that enables accountants to add value. They can use these reports as the conversation starter.
Creating a best in class reporting engine has been a massive project, that started with listening to what our accounting and bookkeeping partners wanted from reporting. We now have fully featured reports, with custom columns, that enable our partners to create powerful management reports across their client base.
When Report Templates was launched in New Zealand & Australia, partners loved it:
“Report Templates have enabled us to create huge efficiencies with our practice, it’s unbelievable how Xero continues to revolutionise how we do things” – Danmei Huang, HLB Mann Judd Sydney”
“We now have more time to be in touch with our clients, add more value and help them grow” – Adam Davy – Partner – BDO NZ
“Statements produced using Report Templates in Xero are beautiful and simplistic which helps each organisation to tell their story.” – Barry Baker – Partner – Grant Thornton NZ
We’re rolling this out in the UK in today, July 26 2016.