How to Customize Reports in Xero: Tailoring Insights for Your Business

Reporting in accounting software can feel rigid. Most users would agree that Xero's default reports don't always provide the insights your business truly needs.

With some customization, you can transform Xero's reporting to be far more valuable. This article will show you how to tailor financial reports to unlock key metrics, track progress against goals, and gain clarity into what's working for your business.

You're going to learn how to edit standard report templates, incorporate custom metrics and annotations, save templates for future use, apply filters for specific analysis, visualize cash flow, and more. By the end, your Xero reports will provide tailored, actionable insights to help drive growth and profitability.**

Introduction to Customizing Xero Reports

Customizing reports in Xero can provide tailored insights to meet your business's specific needs. By modifying existing reports or creating custom ones, you can track metrics unique to your operations and gain actionable intelligence to drive growth.

Overview of Xero's Reporting Features

Xero offers robust reporting capabilities out-of-the-box. Key features include:

• Dozens of standard report templates for insights into profit and loss, account reconciliation, budgets, and more
• Customizable columns and filters to modify standard reports
• Ability to save customized versions of reports for easy access
• Options to export reports to CSV/Excel for additional analysis

The Importance of Tailored Business Insights

While Xero provides many standard reports, customizing them for your business's needs is crucial for optimal decision making. Benefits include:

• Tracking KPIs and metrics specific to your operations
• Highlighting trends and patterns in areas critical to your goals
• Identifying issues and opportunities to enhance performance
• Gaining actionable, tailored insights instead of generic overviews

Navigating to Report Customization in Xero

To access Xero's report customization tools:

1. Navigate to the Reports section
2. Click on an existing report
3. Use the customization toolbar to modify columns, filters, and formatting
4. Save your customized report for easy access later

Customizing the Accounting Dashboard for Quick Insights

You can also customize your at-a-glance accounting dashboard in Xero:

• Add, remove, or rearrange widgets like account balances, account reconciliations, and more
• Tailor widget content to highlight specific metrics
• Set time periods for each widget individually

This allows you to create a specialized dashboard with key data points for your business operations, viewable in a single glance.

How do I edit a report template in Xero?

To edit a report template in Xero, follow these steps:

1. Log in to your Xero organization and click on the organization name in the top left corner

2. Select Xero HQ from the drop-down menu. This will take you to the main dashboard for your organization.

3. Along the top menu, click on Reports. This will open up the reporting dashboard.

4. On the left side, you will see a list of the existing report templates. Click on the specific report template that you want to edit.

5. Once you have opened up the report template, click on Contents along the top menu. This will show you an overview of the different sections and components within that report.

6. To edit an existing section, click on that section in the Contents menu and select Edit Section. You can then make changes to that section of the report.

7. To add new content like text blocks or footers, click Insert Content in the Contents menu and choose whether you want to insert a Text Block or Footer.

8. When adding new text blocks or footers, you can enter whatever custom note or disclaimer you want to include. You also have formatting options to adjust text styling.

9. Once you have finished editing the template, click Save to save your changes. The updated report template will now be available for generating client reports.

So in summary, you can customize Xero report templates by editing existing sections or inserting new text blocks and footers. This allows you to tailor the reporting output to match your business needs and provide clearer insights for your clients.

How you would Customise the Profit & loss report in Xero?

The Profit and Loss report in Xero provides a high-level overview of your business's financial performance over a selected period. As the context mentions, the settings and format are set at the organization level initially.

To customize the Profit and Loss report specifically for your business needs, follow these steps:

1. Log in to Xero and navigate to the Reports section

2. Click on "Profit and Loss" report

3. Click on the Settings icon in the top right corner

4. Here you can customize options like:

   • Date range - Select custom start and end dates
   • Compare to previous - Compare to previous month or year
   • Show dollar amounts - Toggle on/off
   • Filter by tracking categories - Filter by customer, product etc
   • Filter by contact name - Filter by specific customers/vendors
   • Filter by account segment - Filter by department, location etc

5. Once you have customized the filters, scroll down and toggle on/off specific accounts or sub-accounts to include/exclude from the report

6. Click "Save current settings as custom report" to save this customized Profit and Loss report view for easy access later

7. Click "Export" to export the data to Excel for further formatting and analysis

The key benefit of customizing the Profit and Loss report in Xero is to be able to filter down to the most useful and actionable data for your business. By comparing against previous periods or zeroing in on specific customers, products or accounts, you can glean tailored insights to inform better financial decisions.

What is a customized report?

A customized report in Xero allows you to tailor financial reports to your business's specific needs. By customizing reports, you can:

• Choose the specific accounts, contacts, tracking categories and other dimensions to include in the report
• Select metrics like account balances, budgets, percentages, and year-to-date figures to analyze
• Arrange the data in the layout that works best for your business

For example, you may want to customize an Income Statement to only show revenue accounts and percentages to easily track sales trends. Or you could create a customized Executive Summary pulling key metrics into a dashboard view.

Custom reports help you gain insights tailored to your business requirements. Instead of sifting through static templates, you can configure reports around the exact details you want to monitor for smarter decision making.

How do you save report settings in Xero?

To save an updated report as a draft in Xero, simply click "Save As" and then select "Draft". This will save the report with all of its current settings, layout, formulas, filters etc. so you can easily access and edit it again later.

To reuse the report's layout and formulas for future reports, click "Save As" and select "Custom". This saves it as a custom report template that you can select when creating new reports. Any custom templates you save will be available in the "Custom" section when selecting a report type.

Some key things to know about saving report settings in Xero:

• Drafts save all the report criteria and only you can access them. Great for works-in-progress.
• Custom Templates save the layout/formulas so anyone can use them as a starting point for new reports.
• Both let you avoid rebuilding reports from scratch every time.
• When saving a custom template, you can give it a descriptive name to easily find it later.
• You can edit both drafts and custom templates later on if needed.

So in summary:

• Use Drafts to pick up where you left off on unfinished reports
• Use Custom Templates to standardized report formats across your organization

Saving report settings is a handy way to improve efficiency and consistency in Xero reporting!

sbb-itb-beb59a9

sbb-itb-beb59a9

sbb-itb-beb59a9

sbb-itb-beb59a9

Creating Custom Report Templates in Xero

Delving into the process of creating and modifying report templates to fit unique business requirements.

Designing a Custom Report Layout

Xero provides a flexible reporting interface that allows users to fully customize report layouts. Here are some tips for designing an effective custom layout:

• Carefully consider which accounts and sub-accounts to include. Focus on the ones that provide the most meaningful insights for your business.

• Organize account codes and categories in a logical manner that aligns with your analysis needs. Group related accounts together.

• Use report filters wisely to zero in on specific date ranges, locations, customers, etc. This tailors the data to your business scenario.

• Add columns for key financial and operational metrics like percentage of revenue, margins, conversion rates etc. This enriches analysis.

• Ensure the layout is clean, simple and easy to interpret at a glance. White space can help highlight important numbers.

Incorporating Key Metrics and Percentage of Revenue

Adding metrics and percentages to custom templates provides context and amplifies insights:

• Percentage of revenue figures help track performance of business units as a proportion of total sales. This helps identify high/low contributors.

• Financial ratios like gross margin percentage indicate profitability and operating efficiency. Monitoring this over time is crucial.

• Operational metrics like customer conversion rate reflect how well marketing spend converts to sales. Useful for ROI tracking.

• Present these figures in a dedicated metrics column to enable quick analysis of trends over reporting periods.

Using Report Annotations for Clarity

Annotations supplement the hard numbers in reports with explanatory notes:

• Call attention to or explain significant variances between periods using annotations. This provides clarity into abnormal deviations.

• Add background information on one-off payments, asset purchases or other atypical activities that caused data spikes or dips.

• Annotate emerging trends and seasonality to establish context for revenue/cost fluctuations.

Saving and Managing Custom Templates in Xero HQ

To save and organize custom templates for easy access:

• After creating the report, save it as a template by clicking the "Save As" button in the Xero report editor.

• Give the template a name that reflects its purpose, like "Monthly Sales Analysis".

• Access saved templates from the Reports Dashboard under "My Templates".

• Use the Favorites option to pin frequently used templates for quick access.

• Manage, update or delete existing templates as needed by clicking into each template.

Enhancing Client Reports with Advanced Customization

Exploring advanced techniques to refine client reports for more precise and meaningful insights.

Applying Report Filters for Tailored Analysis

Xero's reporting features allow customizing filters to drill down into specific account categories. This provides greater precision when analyzing financial data.

For example, to evaluate percentage of revenue by product line or business unit, apply a report filter to isolate the relevant income account codes. The customized report then shows only revenue data from the filtered accounts, excluding other transactions.

Additional examples of tailored report filters include:

• Filtering for specific clients to analyze their year-over-year performance
• Applying date ranges to compare monthly or quarterly trends
• Excluding accounts not relevant to the analysis, like one-time revenue

Using filters in this way generates more meaningful insights for both internal and external reporting.

Customizing Income Statements and Balance Sheets

Core financial statements like income statements and balance sheets can also be customized in Xero.

For income statements, edit the default report layout to include percentage of revenue calculations. This shows the contribution of each revenue stream as a percentage of total revenue.

Balance sheets can be refined by drilling down into specific account categories like accounts receivable or fixed assets. This provides greater visibility into the composition of balance sheet line items.

Additional customizations for financial statements include:

• Adding comparisons to previous periods
• Including annotations that explain variances or call out insights
• Organizing expenses by type (COGS, operating costs) rather than account code

Applying these enhancements creates more useful financial statements for stakeholders.

Integrating Fixed Assets Management into Reports

For businesses managing large fixed assets inventories, integrate Xero's Fixed Asset Management app data into custom reports.

This provides a consolidated view of both fixed assets accounting and operational management when analyzing business performance.

Examples of Fixed Asset Management reporting include:

• Fixed asset register showing all assets with details like purchase date, depreciation, etc.
• Maintenance report tracking assets due for servicing
• Customized depreciation schedule
• Disposal reporting for sold assets

Consolidating fixed asset accounting and management reporting streamlines analysis and enhances visibility.

Visualizing Cash Summary Report for Immediate Insights

For immediate insights into cash position, customize the Cash Summary report in Xero.

Edit the layout to highlight key details like overall cash balance, accounts receivable, and accounts payable. Visualizations like bar charts can also be added to show cash trends over time.

Other helpful customizations include:

• Comparison to last month or same period last year
• Days sales outstanding and days payable metrics
• Explanatory annotations for large cash variances

With these enhancements, the Cash Summary transforms into an executive dashboard for cash position, liquidity, and working capital. It enables stakeholders to instantly assess financial health.

Leveraging Xero App Store for Report Customization

The Xero App Store offers various apps that can enhance Xero's built-in reporting capabilities and provide further customization options.

Exploring Apps for Enhanced Reporting Features

There are several apps on the Xero App Store that offer additional reporting features beyond what comes standard in Xero:

• Fathom - Provides advanced financial reporting and business insights through customizable dashboards. Features ratio analysis, variance reporting, forecasting tools and more.

• Pulse - Offers real-time cash flow reporting and cash flow forecasting to improve financial visibility. Automatically updates reports based on business activity in Xero.

• ** Futrli** - Futrli's reporting add-on allows custom, White Label PDF report templates for various stakeholders like accountants, executives and clients.

These apps integrate seamlessly with Xero to extract the necessary data and provide user-friendly interfaces to build customized reports tailored to your business needs.

Integrating Analytics Tools for Small Business Insights

Incorporating third-party analytics tools can provide deeper insights from Xero report data:

• Spotlight Reporting - Performs advanced analysis on report data like ratio analysis, growth metrics and more to uncover trends.

• Flare - Business intelligence tool that connects data sources like Xero to visualize performance across KPIs. Allows data exploration via dashboards.

• Domo - Cloud-based BI platform that transforms data into interactive dashboards with drill down capabilities for granular insights.

Using analytics tools gives the added benefit of tracking KPIs, detecting patterns, and benchmarking performance over time based on report figures.

Automating 1099 Reporting for Compliance

Managing 1099 reporting properly is crucial for remaining compliant with IRS regulations. Apps that can help include:

• 1099 Filer - Auto-populates 1099 forms using Xero invoice data. Prints and mails forms to vendors for easy filing.

• Tax1099 - Another 1099 automation tool that eliminates manual entry by syncing Xero vendor payment data. Ensures compliance.

• Xero TaxTouch - Performs a variety of tax functions inside Xero including automated 1099-MISC form generation each year.

These solutions reduce the administrative hassle of 1099 filings by automatically pulling payment information from Xero to stay compliant.

Expanding Executive Summary Reports with Add-ons

Add-ons like Futrli allow creating white label Executive Summary reports that provide high-level overviews of business performance to share with stakeholders.

Features include:

• Consolidated metrics like revenue, COGS, gross profit across periods
• Visualizations like charts/graphs
• Breakdowns by departments, business units, locations
• Commentary/annotations

Such customizable Executive Summaries facilitate reviewing the business' overall financial health.

Collaborating and Sharing Customized Reports

Customized reports in Xero provide valuable business insights, and sharing them with stakeholders can improve collaboration. Here are some tips for publishing, exporting, securing, and finding reports in Xero.

Publishing Reports for Team Access

To share a custom report in Xero:

1. Navigate to Reports > Saved Reports
2. Click the actions menu next to the report name
3. Select "Publish"

Published reports will be accessible from the Team Reports tab for easy access.

Exporting Reports for External Use

To export a custom report from Xero:

1. Navigate to Reports > Saved Reports
2. Click the actions menu next to the report
3. Choose "Export"
4. Select file format - PDF, Excel, CSV

Exporting allows reports to be used externally in presentations, shared via email, analyzed in Excel, etc.

Setting Permissions and Lock Dates for Report Security

To manage access and editing of custom reports:

• Set user permissions on reports to control editing abilities
• Use lock dates to prevent changes to historical data

This maintains accuracy and ensures only authorized users make changes.

Utilizing the Search Reports Function for Quick Retrieval

Finding reports quickly is easy with Xero's search:

• Search by report name, description, or filtering criteria
• See recent reports first
• Star favorite reports for quick access

With robust search and filtering, custom reports can be retrieved instantly.

Conclusion: Maximizing Business Potential with Custom Xero Reports

Customizing reports in Xero provides businesses with valuable insights to make strategic decisions and unlock growth potential. By tailoring report templates, filters, and layouts, you can analyze financial data from new angles to spot trends, compare performance metrics, and identify areas for improvement.

Here are the key takeaways for maximizing the value of custom Xero reports:

• Gain Deeper Visibility into Operations - Customize Income Statements, Balance Sheets, Cash Flow Reports and more to drill into specifics like revenue sources, profit margins, account balances, cash flow drivers, etc. This enables data-driven decisions.

• Track KPIs - Tweak reports to emphasize key metrics like revenue growth, customer acquisition costs, inventory turnover rate and days sales outstanding. Monitoring KPIs facilitates performance evaluation.

• Highlight Exceptions - Configure custom alerts and visual indicators to flag anomalies, variances and outliers. This allows for quick identification of problems.

• Compare Time Periods - Build custom date filters to compare across days, weeks, months, quarters, years, etc. Spotting trends fuels growth strategies.

• Segment Data - Report by business units, product lines, customer cohorts, sales regions and more. Segmentation uncovers new opportunities.

While Xero provides ample pre-built reports, truly harnessing the power of your financial data requires customized reporting aligned with your business priorities and intelligence needs. The time invested in tailoring reports will pay dividends through optimized decision making.

Related posts

• How to Set Up Users in Xero: Managing Access and Permissions
• How to Add a New Business in Xero: Getting Started with Ease
• How to Track Expenses in Xero: Keeping Your Finances in Check
• How to Use Xero for Service-Based Businesses: Catering to Client Needs