Today we released Practice Reports to accountants and bookkeepers in 60+ countries. They provide a quick and easy way to add value for clients. Practice Reports provides flexible IFRS- based management reporting templates that can be used instantly for any Xero client.
We have partners successfully using Practice Reports in New Zealand and Australia right now. This release introduces Practice Reports to accountants and bookkeepers outside New Zealand, Australia, the United States and the United Kingdom.
We will have Practice Reports available globally in the coming months. This will include report templates for our American accountants and bookkeepers based on US GAAP, and for their UK counterparts based on FRSSE.
Why Practice Reports
Reporting software for accountants can be complex, expensive, and disconnected from client software.
Xero provides a free and powerful reporting solution built into client accounting software. It revolutionizes how accountants and bookkeepers prepare and manage reports for clients.
You can instantly save time with customizable practice-level report templates in Xero. There’s no need to migrate data from system to system.
These practice-level templates will help set the standards for reporting. Now it will be painless for you to create compliant reports and make global changes. At the same time, it’s easy to make any client-specific changes to reports.
How it works
You won’t have to create individual reports for each client from scratch anymore. With Practice Reports you can build report templates at the practice level. Then you can run the reports across different Xero clients.
Not every business’s chart of accounts is the same. We’ve used report codes to enable standardized reporting across clients with different charts of accounts.
Report codes are a single list of codes to which you can map clients’ charts of accounts, and so make use of the practice-wide templates. It’s then easy to customize a report template to fit the needs of a specific client.
The end result? Advisors can standardize their reporting, while also tailoring reports for their clients.
Learn more about Practice Reports by checking out the help centre or attending one of our training courses on Creating Practice Reports or Preparing Accounts using Practice Reports available 24/7 on Xero U.