Xero Updates – New Features and Improvements
As I’m sure you know by now, EOG Accounting exclusively use Xero for Bookkeeping. Our choice in bookkeeping software is a key part of how we deliver services to our customers, so keep an eye out for our quarterly roundups of Xero’s updates to discover new features that your business can use.
In this blog, we’ll concentrate on aspects of Reports and Budgets, and the new Ecologi Zero app that measures a business’s carbon emissions for free. There are less customer facing updates to share this quarter, but be assured that there have been plenty of changes behind the scenes to features that the EOG Team use regularly in our work.
These updates cover Quarter 1 of 2023 – more new and exciting features to come later in the year!
Reports and budgets
Continual Improvements to reports
Xero are continuously working on improving the look and functionality of their reports. With such a wide range of reports available to view, there is bound to be valuable information you are missing out on if you aren’t currently using any reports in Xero. Xero have announced the retirement of all ‘Old Style’ reports on 31st July 2023, so now’s the time to get familiar with the new versions!
Profit and Loss with budget Report
Those who use Xero for budgeting can now view a new version of the Profit and Loss Report called ‘Current financial year by month –actual and budgetʼ. This report shows the monthly Profit and Loss to date in the current financial year, and extends the report to the end of the year using your budgeted figures. You will see a projected full year Profit and Loss report as if your business were to attain the budgeted performance to the end of the year. This is accessed on the left hand side menu when viewing the regular Profit and Loss Report.
This tool is great for planning, setting goals and cost control. It’s important to remember that the reports are a guideline only, as accounting adjustments will be required at the end of VAT and Accounting periods.
While this is great for those who are getting started with setting budgets in their business, you will often find that getting this exercise right, and maximising it’s value is time consuming and not everyone’s forte. EOG Accounting’s Management Accounts service is perfect for those who would like a more detailed view and discussion about performance with their Accountant, and for those who want to set an in depth budget for their business. You can learn more EOG’s Management Accounts here.
Ecologi
What is Ecologi Zero?
Ecologi Zero is a tool for business owners that are conscious of their business’s Carbon Footprint. Simply put, it’s goal is to make net-zero viable. It works with Xero to calculate your Carbon Footprint (at no cost) and lets you fund climate solutions as you go. You can easily show the positive climate impact your business has to your employees and customers through your Ecologi profile.
Who is it for?
Ecologi Zero is currently in Beta, and for now supports businesses that are:
- SMEs (up to 100 employees)
- UK based
- In service industries, (rather than those who sell physical products)
- Xero users
Whilst the range of businesses that can use this tool are limited for the time being, even if you don’t meet the criteria, your business can still make a difference through giving. You can join EOG Accounting in building giving into your business with B1G1.
This information is subject to change and is not professional advice. Refer to our disclaimer for more details.
