Xero is easy to use online accounting software that’s designed specifically for small businesses. The Xero content pack for Power BI allows you to visualize and monitor the accounting data from within each Xero business. The out of box solution includes information such as cash position, top customers, invoices due and many more. The interactive reports allow you to easily explore your data to understand even more.
Xero Content Pack
With the Xero content pack for Power BI, you can see your data in a format that makes sense, and can analyze it with greater speed, efficiency, and understanding. You can create visualizations for the most commonly tracked small business metrics including cash position, revenue vs. expenses, profit/loss trend, and return on investment.
You can drill down more specifically to uncover insights like your best performing products or services, or see where your time is best spent, with important actionable items being presented front and centre. All the information in Power BI is dynamic, surfacing what’s important and giving you the power to dive into the detail.
Using Power BI - Action items
The Xero Content pack in Power BI has a tile dedicated to Action items. Action Items allow you, at a glance, to get a sense of where things are, and help you understand what things you can do in Xero to bring things up to date. Action Items help you keep your accounting data up to date, so you maximize the value of real time information to impact your business.
With Messages highlighting what you can action, and direct links into Xero, it’s quick and easy to “tick” things off and bring things up to date. And get back to running your business, completely up to date.
Any professional, whether it be an accountant, CFO or financial advisor, who is advising a business on the state of its financial health relies heavily on accurate real-time data.
To obtain clean data, verifying and recording the information is vital. Having a qualified professional bookkeeper to either assist or manage the process makes a big difference to achieving this end result. A bookkeeper will make sure that there are no gaps or duplication in the data (especially if they’re using the Assurance Dashboard) and that each transaction is coded to the right income or expense category. Only then will the figures and reports you get be accurate and reliable.
What is clean data?
Clean financial data is the outcome of a systematized process that verifies and records data from source documents and transactions. This process makes sure the data is free of errors, verifying and checking that the information contained is free from corruption.
Seamless connectivity to banks and add-ons means the data flows in, clients code it, and you periodically check they’re on track. It’s data oversight and approval rather than data entry, which means it takes less time and there are fewer errors.
Clean data = clear advice
So how are business achieving clean data?
The keys to really making it effortless are having a well-defined process and using the right tools. Accountants, bookkeepers and small businesses around the globe are jumping at the opportunity to work in the cloud and benefit from the efficiencies it offers. Many are choosing Xero as the focal point for a web of data flowing between banks, accountants, suppliers and government agencies.
Crunching the numbers
Many bookkeepers are specializing in particular industry verticals or niches to streamline the process and make it razor-focused.
Nick from Cafe Bookkeepers in the hip suburb of Newtown in Sydney decided to focus on working just with cafes. He got really good at it at, really fast. Specializing enabled him to implement one system, and simply rinse and repeat. Having a deep understanding of a specific industry strengthens the bookkeeper’s ability to ensure clean data – an essential ingredient for small business success – and means increased profitability for the bookkeeper.
Cafe Bookkeepers has taken the step to cloud accounting. Using the now clean data, they can tell the client the story of what is happening in the life of their business. They’re able to put the words behind the numbers in conversations with the client. Nick says to clients, “On top of the usual number crunching, we want to add value to your business. We’ll help guide your business by showing you where you are placed within industry benchmarks.“
So Nick’s recipe for success is creating the right system to deliver clean data, using the best tools available. Nick’s tool of choice to provide the story of the business is Crunchboards – you can read more about Nick’s Aussie success story here.
Heading to the other side of the globe, in the UK, Mark Wallis from Numbers Nerds was on a mission to add value to his clients. He wanted to be able to create a visual representation to show monthly KPIs and forecast cash flow. Mark has implemented Crunchboards as his tool of choice as well. Clean data is vital to the process and Crunchboards pulls live data from Xero to display a compelling visual story that shows what’s happening in the business. He finds that Crunchboards is a brilliant tool for starting a conversation with a client and demonstrating the crucial role of clean data.
Conversations with our clients
As a professional wanting to talk to a client and relay the story of what’s happening in their business, we need to think about how we want to communicate and the style that our clients feel comfortable with. My advice is stick to just a few points, discover what is important to the client and what you identify is vital to the business success.
Some clients will be focused on the numbers, others will be visual.
Source: Xero Blog
The year 2015 is nearly in the books. The team at Xero wants to wish all of our small business customers and accounting and bookkeeping partners a very Happy Holiday and a productive start to 2016.
Xero entered 2015 laser-focused on delivering new features that add value for our customers.
This year we took things to the next level. We’re innovating faster than any other player in the industry and releasing updates continually (we delivered 400 updates in 2014 and have nearly doubled that total in 2015).
This last year saw a number of useful new features that top anything other cloud accounting solutions have to offer. If you’re not already using these tools to turbo-charge your business, you should make it your resolution to give them a try in 2016:
Clean your clients’ books in seconds
Find and Recode transforms how bookkeepers and accountants clean up clients’ books. What previously took hours, now only takes seconds. Advisors can search for a set of transactions and update thousands of line items at once – everything from accounts and tax rates to tracking and contacts. Truly awesome.
Get paid faster
Invoice Reminders takes a lot of the pain out of the collections process. We hope you’ve tried it and it helped you avoid an awkward phone call or two! This feature lets you automatically send clients a fully customizable email reminder about their invoice either before or after it’s due. You can set up the service for repeated mailing.
Make better business decisions
Our Business Performance Dashboard is the simplest way for businesses and their advisors to get a snapshot of their business. Use simple graphs of metrics and identify trends that would otherwise be difficult and time consuming to derive. When combined with our highly-customizable, best-in-class reporting, we’re setting our customers up for a successful 2016 and beyond.
Find what you need fast
Xero Search is a huge time-saver for new customers and power users alike. Customers can instantly search both contacts and transactions from anywhere in Xero. You can also get previews of your search results (without leaving the screen they’re working on!). Search also lets you quickly add a new contact, invoice, bill, quote, or purchase order using shortcuts from right inside the search bar.
To stay on top of all the latest updates happening at Xero, visit Timeline.
Happy Holidays and here’s to a great 2016!
Over the past couple of decades, The Chasm Model has been the centrepiece of nearly every conversation I’ve had about launching new technology.
While its merits are many, lately I’ve been wondering how applicable it is in business-to-business markets. Sure there are early adopters. Perhaps even an early majority. It’s the late majority that seems to be in trouble.
Having sat around harvesting revenue from their customer base, the late majority wake up one day to face a revenue precipice. In short, the early adopters and majority reach a tipping point and start acquiring their customer base en-masse. Powered by the economics of the cloud (not just technology but also business) these new players scale at speed – achieving continuous growth rates in the high double and even triple digits.
We see a couple of shifts driving the acceleration of the new players. For instance, cloud technology and business models on the supply side, and then mobile on the demand side. Entrepreneurs emerge from both sides presenting the late majority with an impossible force to counter – and their brand advantage and customer relationships are quickly weakened.
Look at what happened to booksellers, record stores, and others. We are seeing the same in accounting where new disruptive value propositions are being built on cloud platforms like ours. What’s important is that these new players aren’t just using new technology – they are reshaping their brands, service offerings, price points and more.
The message is clear. Rather than wait for the late majority, fuel the high-growth early adopters and watch them grow. Who would you rather be (or be backing)? The eater or the eaten?
Reproduced from Xero Small Business Guides.
Small businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using online accounting software instead.
Why Excel isn’t a long term solution
Excel can do a large number of tasks, is easily available and is very widely used in the world of business. And it would be wrong not to not acknowledge this up front. However, while the application is sturdy, it’s the spreadsheets created while using it that aren’t – and this often causes issues down the track.
Seven reasons why accounting software is better than Excel
It's about letting your business grow
While it can often be hard to alter the way you do business and embrace change, the potential rewards are huge. The truth is, the writing is on the wall if you don’t find it easy to quickly manage your day-to-day business using Excel.
Excel was simply not built to replace accounting software – so it’s time to give your business the room to grow and succeed, without restrictions.
Extracted from Xero Guides to Small Business.
Cash is not king. Cash flow is.
If you are running a business, you need to be updated on your cash flow. How? The best is to have automatic bank feeds directly into your accounting software, real-time.
With Xero online accounting software, you can log in online anytime, anywhere on your Mac, PC, tablet or phone and see up-to-date financials. It is small business accounting software that’s simple, smart and occasionally magical.
Xero has all the time-saving tools you need to grow your business: unlimited users and 24/7 support, not to mention the security and reliability you’d expect from Xero.
Business, economy, education and current issues. Providing tips, tricks and tools in managing business.