Product manager Andrew Tokeley told AccountantsDaily the result of the refresh will be huge. “We are completely rewriting our reporting engine from the ground up in response to a lot of the flexibility and functionality that our customers and in particular accountants have been asking for,” he said.
The “report packs” refresh, as it is being called by Xero, is to be rolled out progressively into next year, according to Mr Tokeley.
“The approach we are taking is to phase that in as we believe we are delivering value; so rather than doing a big release of all the new reports and functionality in one go we are drip feeding them in.”
“We are going through the process of picking out the most significant reports first and rewriting them in the new framework and as they get added into the new framework they get lots of other cool features through that,” Mr Tokeley said.
Xero have this week released the first of these revised reports.
“In this particular release we have launched the profit and loss rewrite and so that includes much more control over how you lay out your profit and loss and that flows through to some of the other similar reports of balance sheet movements and equity.”
The final version of the reports packs refresh will provide accountants with a tool that will allow them to standardise the way in which they produce final accounts and management reports for clients, Mr Tokely told AccountantsDaily.
“You can define templates that you can run across any number of your clients regardless of what their chart of accounts look like and the power of that is huge… that will be a huge advancement in terms of the productivity that accountants can achieve through Xero,” Mr Tokeley said.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more