Real-time custom reporting: the key benefits to your business

Four in ten small business will fail in their first five years – but with better reporting and advice, this needn’t be the case. With a customised overview of your finances, clearer reporting and the support and insight of your accountant, many of the major business pitfalls can be avoided.

A modern cloud accounting set-up will provide your company with a truly real-time view of your business finances – and this has a number of key benefits to the business.

How to get real-time numbers

Working with a system like Xero online accounting opens up the opportunity to run your accounts and finances in the cloud. As well as getting instant 24/7 access to your numbers, this also means you can add a huge range of business apps to your core system.

Key to achieving real-time numbers in Xero is plugging in an app like Receipt Bank, allowing you to get effortless, automated bookkeeping.

This is how it works:

• Receipt Bank speeds up and automates the input of your bookkeeping data
• Xero’s live bank feed pulls through your transactions and reconciles these items
• Xero assigns this data against the correct codes and updates your Xero dashboard
• Your standard profit and loss (P&L), balance sheet and key reports are all up to date.

With Xero set up in this way, the figures you see in Xero reports will be based on real-time data in your accounts - and that keeps you on top of your finances in a whole new way.

Customised Xero reporting: a better view of your numbers

With access to this real-time data, Xero will give you a far more current overview of your main business numbers - whether that’s your revenue figures, your expected cash position or the level of your aged debts and outstanding invoices.

But to really take real-time reporting to the next level, we suggest customising your Xero reports and tailoring your account codes to the precise needs of your business. We work with your business to create easy-to-read breakdowns of all your important numbers.

Tailoring your Xero reporting brings you:

• A custom Xero Dashboard – with all the most critical business numbers and and key performance indicators (KPIs) shown in one clear dashboard.
• Custom reporting packs – making it easier to understand your business data and bring your business story to life in the most engaging ways.
• Better conversations about the future – you can quickly see your financial position and have more proactive conversations with our accounting team – helping you to look ahead, plan more effectively and make better proactive and strategic business decisions.

Get real-time with your decision-making

By combining Xero and right Xero apps together, you create the perfect business system.

Receipt Bank delivers effortless automated bookkeeping, and Xero takes care of your accounting and custom reporting, helping you review your numbers and KPIs to make the best possible short and long-term business decisions.

Want the benefits of Receipt Bank and Xero working together? Give us a call and let’s get real-time!