This week Xero released a bunch of new reports as well as a new editor that let's you really customise what you see. You can compare different date ranges you select, create formulas (fantastic to show you percentages) as well as the usual grouping of accounts. 

We wrote about the importance of reports and some of our fav ones to look at last month. So let's dive into the new features & Reports

Profit & Loss

Have you ever wanted to be able to compare a certain month with another random month and another one so you can track how a marketing campaign performed, or how long it took for your numbers to jump when you employed someone new? It was a tad difficult to do this before but now you can easily customise your Profit & Loss to compare any dates you want. 

You can also add a formula as a column. This means you can see the difference between this year vs last year, or what percentage this expense is of your revenue. 

It doesn't just stop with the columns you can add though. You can also add rows with formulas. So if you want your Profit and Loss to show you Gross Profit % as well as your target you can add those rows in as well!

The exciting news is there is a new tab under reports called custom. This means you can create multiple types of profit and loss reports that you want to look at each month and you no longer need to keep customising reports. 

You might have one that is a mid month budget report that shows month to date results in one column, budget in the other with a formula as the third column that has what's left to meet budget. 

You could have one profit and loss report that shows month on month compared to the same month last year and the previous year. 

Or you could have one profit and loss report that shows quarterly results automatically. 

This gives you a tonne of options so you are only looking at what you want / need to rather than having to change the settings every time you click on profit and loss. 

Other Reports

There is a new Balance Sheet report along with Aged Receivables + Payables and Inventory Items that you can customise to suit your business as well. 

How do you access the new reports?

As soon as you click All Reports in Xero you will be taken to a new looking screen. The new layout reports all have a little grey New button next to them. 

We suggest having a look at what you can do with these new reports to make it easier to see the data you want. Customise as many different types of these reports as you need. Then don't forget to click the star next to the report for quick access from the reports drop down menu. 

Babyxerocon Event

Don't forget our next Xero event will be on the 13th September. We will be going over these reports in more detail as well as all the exciting announcements from Xerocon.

If you have any questions as you are exploring the new reports let one of the growthwise team know :)