Xero, the accountancy software company, today announced mproved financial reporting tools for small businesses and advisors to help them manage revenue, profit and cash flow.
With the COVID-19 pandemic impacting small businesses across the UK, Xero has accelerated the rollout of the ereporting pilots and introduced new features so businesses can quickly see crucial financial metrics and manage business continuity.
Anna Curzon, Xero's Chief Product Officer said: "We know small businesses around the world are facing an uncertain future right now. So our mission of making life easier for small businesses and advisors is now more important than ever. One way we can help is by making financial information real-time and insightful, making it easier for businesses to be paid faster and control their cash.”
As part of Xero’s efforts to help small businesses manage through the global pandemic, it is accelerating availability of three pilot tools, to quickly provide high-level information on revenue, profitability and cash flow.
Business Snapshot, first announced in November 2019, helps easily compare profit and loss, revenue, expenses and cash balances in different periods through a real-time, single report, instead of needing to generate additional reports or spreadsheets.
Short-Term Cash Flow, first announced in September 2019, enables businesses to project their bank balances 30 days ahead, showing the impact of existing bills and invoices if they're paid on time and has been built in close consultation with the small business and accounting communities.
Accountants and bookkeepers using Xero HQ can now quickly download a monthly revenue export of client organisations to get a high-level view of the health of their clients.
The report shows year-on-year revenue changes, current cash balances and their primary banking relationships, giving advisors oversight on which clients are impacted most, potential eligibility for banking support packages, and creating a starting point for conversations with those that need the most help