by Donna Giese

By now, most of you will have your December BAS finalised or very close to.   It is a good time to have a look at your results for this fiscal year and plan for the remainder of the 2016 FY ….

The Profit and Loss report is a good place to start, by comparing your income and expenses over the period to see where the BIG  changes are occurring.  You can view your totals for the current month, quarter or the year to date.  You might also find it beneficial to compare to the same period against a prior year.

Reviewing your Balance Sheet will show changes in your bank balance, receivables and payables.  To review your receivables and payables go to  Accounts > Sales or Purchases in Xero to see what is currently outstanding.  Collection of your receivables in a timely manner is vital for good cash flow and your ability to meet your commitments.

The Cash Summary shows what cash has come in and gone out during the period.   Make use of the comparative options to see where the changes have happened

This is a good time to think about creating a forecast, a target for the remainder of the year, to help you meet your goals for the year. 

Xero has standard reports which you can use.   There is a new Profit and Loss report available and you will find this under All Reports as well as the original report that you may be familiar with already.  You will notice that the new reports all have a flag to show which ones are new.  Xero lets you “drill” down into the amounts so you can see the detailed transactions that make up the amounts on the reports.

Xero has also recently added a Custom report option.  You can open a standard Xero report, customise the layout to suit your needs and then save them as a Custom report.

At Ease, we are always looking at ways of improving our service and finding tools that would be beneficial for our clients.  We have been reviewing and testing a new product that links well with Xero and produces reports visually in the form of graphs and charts.  It lets you see, in a picture, the trends in your business as well as create detailed future forecasts.

It is a live service that works best when customized to reflect your business.

One of Team  will contact you in the coming weeks to have a brief discussion on how well your numbers are shaping up for 2017!