Xero Analytics Tool
Xero is always developing new tools to help business owners better run their businesses. Their latest tool is a new cashflow analytics tool and it comes in two versions as follows.
- Analytic Basic provides two dashboards: short-term cashflow and business snapshot. It is free and come as part of the Xero subscription for Starter Plan and upward; and,
- Analytic Plus will cost you an extra $10 per month. However, it is currently free for you to use until January 2022.
Extra features of Analytic Plus version:
- Customisable date ranges for reports;
- Prediction for up to 90 days;
- You can edit cash prediction by adding/deleting scenarios; and,
- Better insight and reporting for your business including cashflow and profitability.
Tips in getting the Cashflow Analytic tool to work better for you:
- Sales Invoices and Bills must be entered correctly and regularly into Xero;
- You need to ensure the Xero file is regularly updated (i.e. weekly or monthly reconciliation are done for the bank, debtors and creditors); and,
- Ensure the collection and payment terms and details are updated in Xero for all invoices and bills – especially the Expected/Planned Date.
For more information and the comparison between the two versions please refer to the tables below.
Some of these enhancements may significantly help with the management of your business. If you want to discuss the above tools in relation to your specific circumstances don’t hesitate to contact Quang Tat or the KSW bookkeeping team.
Author – Quang Tat
*Correct as of 15 November 2021
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.