Xero Reports – The Ultimate Xero Reporting Guide for You

how to create financial report in xero

Zakhar Yung

Jun 13, 2023

The system of Xero reporting is vast and covers 50+ versatile reports available to you with a few clicks. You can apply different formats, change data range, select compare periods and even create reusable custom report layouts. Read this tutorial to discover the reporting capabilities in Xero and beyond this tool.

Xero reports explained

Reports in Xero are the templates of aggregated data. You don’t have to create reports in Xero because they are already available for you. To find them, go to the Accounting menu and select Reports .

1.1 access xero reports

You will see a number of templates grouped by the following categories:

  • Financial 
  • Fixed assets

You can export, print, save as drafts and publish reports as read-only snapshots. 

1.2 publish xero reports

Different categories of Xero reports for different countries

The reports categories we introduced above work for organizations from the UK, France, Ukraine, and other countries. For the US-based organizations, Xero groups reports in the following categories:

  • Financial performance
  • Financial statements
  • Payables and receivables
  • Reconciliations
  • Taxes and balances
  • Transactions

And here is how it looks:  

5 old reports layour

With this view, you will only see the newer versions of the reports if applicable. However, you can still access the older versions by clicking the three-dots menu and then selecting “ View an older version of this report” :

6 view an older version report

This tutorial will rest on the UK-based version of the Reports categorization, e.g., Financial, Sales, etc. However, it’s not necessary to find the required reports manually – you can simply enter the report name in the search bar and get the result. Moreover, you’ll be offered both the newer and older versions to choose from.

6.1 search bar

Xero new reports

You can see that some reports have the label New . 

2 new xero reports

These are either the updated versions of some reports or the new reports available. Unlike the regular versions, the new ones provide more flexible settings and layouts. For example, here is how the new version of the Balance Sheet looks compared to the old version.

3 balance sheet old vs new

So far, the list of the new reports include:

  • Balance Sheet
  • Movements in Equity
  • Profit and Loss
  • Statement of Cash Flows – Direct Method
  • Aged Receivables Detail
  • Aged Receivables Summary
  • Receivable Invoice Detail
  • Receivable Invoice Summary
  • Aged Payables Detail
  • Aged Payables Summary
  • Payable Invoice Detail
  • Payable Invoice Summary
  • Expense Claim Detail
  • Billable Expenses – Outstanding
  • Account Transactions
  • Cash Validation Customer Report
  • Contact Transactions – Summary
  • Duplicate Statement Lines
  • Trial Balance
  • Inventory Item Details
  • Inventory Item List
  • Inventory Item Summary
  • Project Financials
  • Depreciation Schedule
  • Disposal Schedule
  • Fixed Asset Reconciliation

Xero reports not working

The most common Xero users’ requests regarding the Xero reports failure are “ reports not showing, ” “ reports not loading, ” “ reports function not working, ” and so on. Clearing cache is considered the most popular solution to fix this. But it does not help every time. 

We can’t say it’s a frequent occurrence, but it’s a risk, which you can mitigate. How? 

Xero reports export and backup

In the blog post about Xero Backup , we explained how you could export Xero data to Excel , Google Sheets, BigQuery, or Looker Studio on a schedule. This will let you have a backup copy of your Xero reports. To implement the backup on a schedule, you need to sign up to Coupler.io , click Add new importer , select Xero Reports as a source app and choose the desired destination app.

xero reports source

After that, set up the following parameters:

  • Source – Connect to your Xero account and configure the report to export.
  • Destination – Select the destination file or table to load data to. In addition to Google Sheets, you can export Xero to Excel or even integrate Xero in Google BigQuery . 
  • Schedule – Enable the Automatic data refresh and schedule reports every 15 minutes, every Tuesday, or at another custom frequency. 

Here is what an importer may look like:

7 xero reports importer

And here is an example of a Balance Sheet exported from Xero to Google Sheets :

8 balance sheet in google sheets

With Coupler.io, you can export the following Xero reports:

  • Aged Payables by Contact
  • Aged Receivables by Contact
  • Bank Statement
  • Bank Summary

Budget Summary

  • Executive Summary

Read more on exporting reports from Xero to Google Sheets .

Now let’s go through the main groups of reports in Xero and check out some interesting details.

Xero Financial reports

9 xero financial reports

The following reports are meant to help you understand your organization’s financial position and examine performance:

Xero Sales reports

17 sales reports

The sales reports are meant to see the transactions you’ve had between your suppliers and your customers. Here is what Xero offers for this:

Xero Tax reports

18 sales tax report

Xero offers the Sales Tax Report for you to review your sales tax details. You can use only one sales tax account for your Xero Sales Tax Report. 

This report itself consists of two tabs: 

  • Sales Tax Summary – Displays a summary of taxes. You can filter the information by Tax Rate, Tax Component, and Account type.
  • Sales Tax Audit – Displays the grouped sales tax transactions for the return period.

19 sales tax report audit

Once you’ve reviewed the Sales Tax Summary and the Sales Tax Audit report or submitted your tax return, you can publish the report.

Purchases and other Xero expense reports

20 purchases reports 1

The purchases reports in Xero contain information about the payments, purchase orders, bills, and expense claims between your suppliers and customers. 

Xero reports for accountant

21 accounting reports

The accounting section of reports in Xero is the longest. It counts 16 reports that display transaction details, actual bank balances, monthly account summaries, and information to help with reconciling. 

Xero Inventory reports

22 inventory reports

Xero offers a few reports that allow you to see the information about your inventory items, including the sales and purchase details for both tracked and untracked items. 

Xero Payroll reports 

Important: The options for Payroll reports may differ depending on the country of your organization.  

23 payrun reports

Payroll reports in Xero allow you to see information about payroll activity, transactions, leave balances, time sheets, remuneration, and pension. You will find them in the Payrun section:

Note: Make sure that you have payroll admin access to use pay run reports in Xero.

Xero Fixed Assets reports

24 fixed assets reports xero

Fixed assets reports in Xero allow you to see the information about your fixed assets, their movements and compare fixed balances between fixed assets register and balance sheet.

We’re done with the preset reports you can use in Xero. Meanwhile, you can customize some of these for your needs and create reusable layouts. Let’s see how it works in Xero.

Xero custom reports

You can create a custom report from scratch using the Blank Report (Accounting section). 

Another option is to change the layout of an existing report. Xero provides a layout editor tool for this. However, it is available only for newer versions of financial reports . For now, these are:

  • Balance Sheet 

For customization, you can: 

  • Add/remove/sort/reorder fields
  • Add/edit formulas
  • Create/move groups of accounts

The reports you’ve edited and saved will be available in the Custom tab of the Reports menu. Let’s check it out in practice in the example of a Xero Profit and Loss report.

Xero create reports with a custom layout

Open the P&L report, find the Edit layout button in the bottom left corner, and click on it.

25.1 edit layout

Now you can start editing your layout.

25.2 edit layout

For this example, we made a few changes to the layout:

  • Renamed the report from Profit and Loss to P&L
  • Edited the date range from Nov 2021 to 1 Nov – 30 Nov 2021  
  • Renamed Cost of Sales to Sales Cost
  • Relocated the Trading Income row to the bottom 

25.3 edit layout

When you’re done making changes, click Done .

25.4 edit layout

But that’s not all. Now you need to save your layout as custom. For this, click Save as and select Custom .

26 save as custom

Name your custom report, and you can optionally make it the default. From now on, it’s available in the Custom tab.

27 custom report

Xero custom reports not working

If you can’t see your custom reports, try to clear the cache as we suggested above. On the other hand, it’s better to make sure you have a self-updating backup copy of your custom Xero report outside of Xero. In the section Xero reports export and backup , we explained how you can automate exports of preset Xero reports with Coupler.io. Unfortunately, Coupler.io does not export reports with custom layouts, but it’s not an issue!

You can build your custom report in Google Sheets or Microsoft Excel using the raw data exported from Xero. For this, you need to:

  • Sign up to Coupler.io , click Add new importer , select Xero (not Xero Reports) as a source app and choose the desired destination app.

xero source app

  • The rest of the flow you already know:
  • Connect to your Xero account and select the data entity to export.
  • Select the destination file or table to load data to. 
  • Configure the schedule for data exports if you need automatic data refresh.

Making a custom Xero report in a spreadsheet will let you avoid any troubles in case of any issues on Xero’s side.

Advanced reports with Xero

In the Accounting menu, you can see the Advanced tab.

28 advanced

It does not in any way relate to advanced reporting, and the reports you can see there are the same as in the Report tab. However, if you are interested in advanced reporting tools, you can check out Xero App Store . Here you will find a bunch of apps to satisfy your reporting needs and purposes.

29 xero app store

Xero reports grouped by your requests

Above we introduced the categories of reports according to Xero. Xero users, however, may have their own vision or way of grouping reports. For example, you may want a separate category for Project reports. Let’s fix this and cover some of the most in-demand requests.

Budget reports in Xero

You have three Xero budget reports: Budget Manager, Budget Summary, and Budget Variance.

Budget Manager

10 budget manager

You can only have one overall budget per organization. With the Budget Manager report, you can set up additional budgets in Xero. For this, you need to go to the Select Budget drop-down and click Add new budget .

11.1 add new budget

Then you need to enter a name for your budget and select the region. Click Save .

11.2 add new budget

Now you can fill out the budgeted amounts in your new budget. Alternatively, you can import a budget as a CSV, Excel, or ODS file by clicking on the Import button and following the instructions. 

12 import budget

The Budget Summary report allows you to see a summarised view of any of your budgets. You can select:

  • An additional budget that you’ve set up in the Budget Manager.
  • The month to start from.
  • The period – how many months at a time (1, 2, 3, 6, or 12) that you want to display in each column.
  • The number of periods to show – 1 to 12.

Click Update to enable your configuration.

Note: You can automate the export of the Budget Summary report to Google Sheets, Excel, or BigQuery using Coupler.io with a few clicks. We explained this in the Xero reports export and backup section.

Budget Variance

14 budget variance

The Budget Variance report allows you to see the comparison between the actual figures against budgeted amounts for the current month and year to date (YTD). The variances are shown as values and percentages.

You can configure the report as follows:

  • Choose formats (current financial year, compare regions, YTD progress, etc.)
  • Choose periods to compare 
  • Choose the date range

Xero project reports

Xero offers two reports to get and insights into the time spent on projects and a summary of the project financials:

  • Project Detailed Time report
  • Project Summary report

To access each of these reports, you’ll need to go to the Projects menu. 

30 projects menu

Project Detailed Time

To open a Project Detailed Time report, click Staff time overview and then Go to report .

31.1 project detailed time report

Here is your Detailed Time report:

31.2 project detailed time report

Project Summary 

To open a Project Summary report, click All projects and then Project Summary Report .

32.1 project summary report

Here is what it looks like:

32.2 project summary report

Xero income statement report

The income statement report in Xero is represented by the Profit and Loss report (new and old versions). It allows you to see income, expenses, and profit for a reporting period of your organization.

Here is a view of the older P&L version, which you can export with Coupler.io:

15.1 profit and loss old

This is the Profit and Loss report with a new design:

15.2 profit and loss new

Whichever version you work with, you can use the following settings for your P&L report:

  • Current and previous 3 months
  • Current financial year by month
  • Month to date comparison
  • Year to date comparison
  • Compare кegion
  • Date range – you can specify the date range for your P&L report.
  • Comparison period – you can choose the number of comparison periods.
  • Filter by tracking – you can filter your report results by tracking category if applicable, for example, by Region.
  • Accrual – revenue earned and expenses incurred during the report date range.
  • Cash – revenue received and expenses paid during the report date range.
  • Accounting basis
  • Account codes
  • Percentage of trading income
  • Year to date

Xero tracking reports

16.1 tracking summary

Xero offers a Tracking Summary report that generates a list of your tracking options. Each of the options displays activity in a particular group of accounts for a specific time period.

To launch a Tracking Summary report, you must select an account group. These are the account types from your chart of accounts, for example, Expenses. You can also configure the date range and choose a tracking category. Click Update and voila.

16.2 tracking summary example

The report will display the transactions assigned to the selected account group. The transactions assigned to the selected account group that were not tracked are displayed as Unassigned.

For each category option, you’ll see the opening and closing balances according to the specified date range. The net activity displays the outcome of all approved transactions except for purchase orders and quotes.

Xero user activity reports

If you need to see history notes or a user activity log, you need the History and Notes report. It displays information about all changes made to your transactions and which user made them. 

33.1 history and notes

Go to Accounting => Advanced and find History and notes .

33 history and notes

Yeah, it’s that simple.

Xero income reports

Some time ago, Xero offered two separate reports: Income by Contact and Expenses by Contact. Now, you have one report that consolidates both of these – Income and Expenses by Contact. It displays incurred expenses and received income by a particular contact.

34 Income and Expenses by Contact

Xero management reports

Xero does not provide any dedicated management reports, but the following ones are usually considered the management report pack:

  • Executive Summary : overview of key cash, profitability, balance sheet, income, performance, and position items.
  • Cash Summary : movement of cash in and out of your organization for a selected period.
  • Profit and Loss : income, expenses, and profit for a selected period
  • Balance Sheet : financial position of your organization and what you own and owe at a particular time.
  • Aged Receivables : amounts your customers owe and how long they’re overdue.
  • Aged Payables : amounts you owe to your suppliers or for expense claims, and if they’re overdue.
All of these, except for the Cash Summary report, you can automatically export from Xero to Excel, Google Sheets, or BigQuery on a custom schedule with Coupler.io.

Graph reports in Xero

Many Xero users thought that it would be great to have graphs in their reports. Xero listened to this request and released two real-time dashboards: Business Snapshot and Short Term Cash Flow. You will find both features in the Business menu:

35 graph xero

Business Snapshot – a dashboard with valuable information about your organization’s financial health, such as profitability, income and expenses. 

36 business snapshot

Short Term Cash Flow – a dashboard showing a projection of the amount of cash in the next periods. 

37 Short Term Cash Flow

The advanced versions of both dashboards are available in Xero Analytics Plus:

Quarterly reports Xero

All new reports in Xero allow you to apply a quarterly-based date range:

  • This quarter
  • Last quarter
  • Quarter to date

 For example, here is how it looks in the Duplicate Statement Lines report.

38 quarter based report

Check out the Xero new reports section to learn the list of new reports.

Consolidated Xero reports

Xero does not provide consolidated statements natively, so you’ll need to opt for a third-party solution. In the Xero App Store, there are many tools for making consolidated reports including Fathom , joiin , Spotlight Reporting , etc.

39 xero apps consolidation

Choose the best one for your needs.

Xero reporting – summary

It seems that Xero, with its abundance of reporting options, can satisfy the needs of all users. However, the lack of consolidation and customization features often causes users to opt for third-party solutions to power up their reporting. If you feel the same and want to go beyond the Xero reporting capabilities, check out Coupler.io or another tool that meets your needs. Good luck with your data!

Zakhar Yung

A content manager at Coupler.io whose key responsibility is to ensure that the readers love our content on the blog. With 5 years of experience as a wordsmith in SaaS, I know how to make texts resonate with readers' queries✍🏼

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How to Understand Financial Statements in Xero: Gaining Financial Insights

Interpreting financial statements can be overwhelming for small business owners without an accounting background.

This guide will walk through the key financial statements in Xero to help you gain actionable insights into the financial health and performance of your business.

You'll learn how to analyze the balance sheet, income statement, cash flow statement, and statement of changes in equity. We'll also cover practical bookkeeping tasks in Xero like managing the chart of accounts, bank reconciliations, accounts receivable/payable, and more to strengthen your financial management.

Navigating Xero Financial Statements for Business Insights

Financial reporting is essential for businesses using Xero to track performance and make data-driven decisions. Reviewing financial statements regularly provides visibility into the health of a company.

The Importance of Financial Reporting in Xero

Financial statements create transparency into the financial position and operations of a business. Monitoring metrics like profitability, liquidity, and efficiency over time enables businesses to course-correct issues before they escalate. Having accurate books also ensures compliance with accounting regulations and tax obligations.

Specifically within Xero, financial reporting provides insights to:

  • Identify growth opportunities and optimize profitable business areas
  • Understand cash flow to improve liquidity
  • Benchmark against historical performance
  • Gain investor confidence with accurate financials
  • Ensure accurate payroll and tax compliance

Setting up robust financial reporting processes is crucial for unlocking actionable insights.

Overview of Xero's Financial Statement Capabilities

Xero offers user-friendly financial statements to track all essential accounting metrics, including:

Balance Sheet: Provides a snapshot of assets, liabilities, and equity at any given point.

Profit & Loss Statement: Details income, expenses, and profitability over a period.

Cash Flow Statement: Tracks cash inflows and outflows from operations, investments and financing.

Aged Payables/Receivables: Helps manage vendor payments and customer collections.

Automated financial statements make it easy to spot trends, enabling data-driven decisions. Built-in customization also allows tailoring reports to specific business needs.

Setting Goals for Financial Analysis in Xero

To leverage Xero's financial reporting:

  • Set targets: Establish KPIs for liquidity, growth, and profitability benchmarks to meet.
  • Compare versions: Review changes between statement versions to reveal developing trends.
  • Conduct variance analysis: Compare actuals to budgets to identify under/over-performance.
  • Forecast: Use historical data to predict future cash flow and growth.

Proactively monitoring financial statements unlocks key insights for minimizing risk and capitalizing on opportunities.

How do you interpret financial statement analysis?

Interpreting financial statements requires carefully reviewing the key components and metrics to assess an organization's financial performance and position. This involves analyzing factors like:

Profitability - Key metrics include gross profit margin, operating profit margin, net profit margin, return on assets (ROA), and return on equity (ROE). These indicate how efficiently the company is generating profits from its operations.

Liquidity - Current ratio and quick ratio measure short-term liquidity. This indicates the company's ability to pay off short-term debts and expenses.

Efficiency - Inventory turnover ratio, days sales outstanding, and other activity ratios signal how well assets are being utilized to generate revenues. Higher efficiency means assets are being used optimally.

Leverage - The debt-to-equity ratio assess how the company finances operations and growth. A higher ratio means more debt financing relative to shareholder equity.

Cash flows - Studying changes in cash balances and sources/uses of cash indicates where cash is being generated and deployed. Growing cash from operations is a positive sign.

Analyzing these key aspects of the financial statements in combination builds an understanding of the company's overall financial health and performance over time. This aids in benchmarking, forecasting future performance, and informing strategic decisions.

The analysis should focus both on absolute metrics for the individual company as well as comparisons against industry benchmarks, competitors, and past performance. Variances from expectations should be investigated to understand root causes. This ultimately supports data-driven business insights.

How do you read financial statements in detail?

Financial statements provide important insights into a company's financial health. Here are some tips for reading them in detail:

Assets and Liabilities

  • The balance sheet breaks down assets and liabilities.
  • Assets are listed in order of liquidity - how quickly they can be converted to cash. Cash and accounts receivable are most liquid.
  • Liabilities are listed by current (due in 12 months) and long-term. Current liabilities like accounts payable need to be closely managed.

Income Statement

  • The income statement covers revenue, expenses, and profit/loss over a period.
  • Important line items are revenue, cost of goods sold, operating expenses, interest, taxes, and net income.
  • Compare net income between periods to see profitability trends.

Cash Flow Statement

  • Cash flow statements show the actual cash coming into and going out of the business.
  • Analyze if the company is generating enough cash to fund operations and investment.

Changes in Equity

  • The statement of changes in equity summarizes changes in shareholders' equity over a period.
  • It breaks down capital contributions, share repurchases, dividends paid, and retained earnings.

In summary , read all three statements together to assess profitability, liquidity, operational efficiency and long term viability. Compare current ratios to historical performance, projections, and industry benchmarks.

Which financial statement gives the most insight into how valuable a company is?

The balance sheet provides the most insight into a company's book value and net worth. Specifically, the balance sheet shows a company's assets, liabilities, and equity at a given point in time.

The key things to look at on the balance sheet to understand a company's value include:

  • Total Assets: This shows everything the company owns that has monetary value. Higher asset totals generally indicate a more valuable company.
  • Liabilities: These are the company's debts and obligations. Lower liabilities in relation to assets indicate higher company value.
  • Shareholders' Equity: Also called net assets or net worth, this shows assets minus liabilities. The higher the shareholders' equity, the more valuable the company.

Analyzing the balance sheet over time can show if a company is becoming more or less valuable based on changes in assets, debts, and net worth. It gives insight into financial strength and can indicate if a company is using its assets effectively to grow profits and shareholder value.

So in summary, while all financial statements provide valuable insights, the balance sheet offers the most direct look into company value based on their assets and debts. Tracking the balance sheet is crucial for understanding corporate worth.

What are the 5 methods of financial statement analysis?

Financial statement analysis is critical for gaining meaningful insights into a company's financial performance. There are five common methods used:

Horizontal Analysis

Compares data year-over-year to identify trends over time and spot inconsistencies. For example, comparing this year's net income to last year's to see performance changes.

Vertical Analysis

Converts line items to percentages of a baseline figure, like total assets or total revenues. This allows for comparisons across companies of different sizes in the same industry.

Ratio Analysis

Examines relationships between line items on financial statements using ratios. This reveals how profitable, liquid, leveraged, and efficient a company is. Key ratios include profitability, liquidity, leverage, efficiency, and valuation ratios.

Trend Analysis

Reviews changes in accounts over multiple time periods to identify variances and project future performance. For example, analyzing revenue trends over the past 5 years.

Cost-Volume-Profit (CVP) Analysis

Models how changes in costs, volume, and price impact operating profit. This helps determine break-even points and optimize financial performance.

In summary, these five methods provide greater clarity into the financial health and operations of a business from different perspectives. Applying them together paints a more complete picture to inform strategic decisions.

Breaking Down the Balance Sheet in Xero

The balance sheet is a key component of financial statements that provides a snapshot of a company's financial health. Within Xero , the balance sheet clearly outlines assets, liabilities, and equity to evaluate liquidity, debts, obligations, ownership stakes, and more.

Understanding Assets: The Key to Liquidity

Assets represent what a company owns and controls that hold value. This includes:

  • Cash and cash equivalents like bank account balances
  • Accounts receivable owed to the business
  • Inventory and supplies
  • Property, equipment, and other fixed assets

Monitoring assets in Xero enables insight into liquidity - the availability of cash and assets that can quickly convert to cash to meet financial obligations. Companies aim to optimize their asset mix to maintain sufficient liquidity.

Deciphering Liabilities: Managing Debts and Obligations

Liabilities constitute debts and obligations that a company owes. Common examples include:

  • Accounts payable to vendors and suppliers
  • Short and long term debt like loans and bonds
  • Accrued expenses like wages and taxes

Viewing liabilities in Xero helps gauge financial risks that need to be managed through strategic budgeting and cash flow planning. Minimizing liabilities improves stability.

Equity Explained: Ownership and Investment Insights

Equity represents the net value retained by owners based on investments and business operations over time. Xero breaks down components like:

  • Paid-in capital from investors
  • Retained earnings from profitable operations
  • Treasury shares

Tracking equity informs valuation and returns for shareholders. Higher equity signals profits and ability to secure financing for growth.

Evaluating assets, liabilities, and equity components creates a comprehensive picture of financial position. Xero centralizes this on the balance sheet for easy access and monitoring.


Sbb-itb-9f3178c, income statement analysis within xero.

Understanding your income statement is key to making informed business decisions and maintaining profitability. Within Xero, the income statement provides insights into sales performance, expenses, and overall financial health.

Revenue Recognition: Tracking Sales Performance

In Xero, revenue is recognized when goods or services are delivered to customers. The income statement shows total sales revenue, which can be analyzed over time to identify trends and growth opportunities. Key metrics to monitor include:

  • Total sales revenue by period (month, quarter, year)
  • Revenue by product/service line or customer segment
  • Sales volume metrics such as number of transactions

Comparing these metrics historically and setting goals for improvement helps guide business growth strategies around pricing, promotions, new products, and expanding to new markets.

Unpacking COGS: Direct Costs and Their Impact

Cost of goods sold (COGS) includes the direct costs attributable to production, such as:

  • Raw materials
  • Packaging supplies
  • Direct labor

Understanding COGS is key for determining gross profit (revenue - COGS). Monitoring COGS as a percentage of revenue shows efficiency in producing and delivering products/services. Increasing gross profit percentage allows greater flexibility in managing other operating expenses.

Expense Management: Controlling Operational Costs

Xero categorizes all other expenses involved in running day-to-day operations like:

  • Administrative costs

Analyzing these fixed and variable expenses identify areas to target for cost savings. Setting budgets for expenses also improves cost control and cash flow management.

With insights from the income statement, businesses can pursue growth opportunities while maintaining healthy financial discipline. Monitoring key metrics in Xero leads to data-driven decisions for lasting profitability.

Delving into the Cash Flow Statement

The cash flow statement is a critical financial statement that provides valuable insights into the financial health and liquidity of a business. In Xero, the cash flow statement tracks the inflows and outflows of cash over a period, categorizing transactions into three key activities: operating, investing, and financing.

Operational Cash Flow: The Lifeblood of the Business

The operating cash flow section shows the amount of cash generated or used by the company's core business operations. This includes cash received from customers and cash paid out for things like inventory, salaries, and other operating expenses.

Positive operating cash flow means more cash is coming into the business from revenues than is going out for expenses. This is a good sign that operations are generating enough cash to sustain the business model. Negative operating cash flow over extended periods can signal financial troubles ahead.

Monitoring changes in operating cash flow in Xero gives insight into the viability and efficiency of business operations over time. Sudden drops or consistent negative cash flow from operations warrants further investigation.

Investing Cash Flow: Long-term Asset Management

The investing section of the cash flow statement captures the purchase and sale of long-term assets like property, equipment, or investments in securities. These large cash outflows or inflows can have a major impact on liquidity.

Outflows in the investing section represent money spent to acquire new assets or grow the business for the future. But excess cash being sunk into long-term investments can starve short-term liquidity needs. Reviewing investing cash flow trends in Xero reveals how asset purchase decisions are impacting cash reserves.

Financing Cash Flow: Understanding Capital Structure

The financing section deals with cash activities related to raising money for business operations or funding distributions to shareholders. Typical transactions include taking loans, repaying debt, issuing shares, or paying dividends.

Inflows from financing show where the business is getting external funding from lenders or investors. Outflows represent cash payments made to service debts or distribute profits. The balance of financing cash flows directly affects the business's capital structure and shareholder returns.

Analyzing financing cash flow items in Xero provides clarity on existing debts, loans, and equity financing arrangements. This assists in making sound future financing decisions aligned with business goals and risk tolerance.

Statement of Changes in Equity: A Closer Look

The statement of changes in equity provides valuable insights into the financial health and ownership structure of a business over time. Within Xero, this financial statement reflects key adjustments and events that impact the company's equity balances from one period to the next.

Equity Movements: Profits, Losses, and Owner Contributions

The statement of changes in equity highlights several key factors that cause equity to fluctuate:

  • Profits and losses : As a company generates net income or net losses each period, this impacts retained earnings on the balance sheet. Profits increase retained earnings while losses decrease them.
  • Owner contributions : When owners invest more capital into the company, this increases paid-in capital and total equity.
  • Owner withdrawals : Alternatively, equity decreases when owners take money out of the business.

Within Xero, these transactions are automatically reflected in the equity section of the balance sheet and the statement of changes in equity. Business owners can clearly see the impact of profits, losses, dividends, contributions and withdrawals on their equity balances.

Dividends and Distributions: Impact on Retained Earnings

When company profits are distributed to owners in the form of dividends or other payouts, this reduces retained earnings. Specifically, dividends directly lower the balance sheet value for retained earnings.

The statement of changes in equity provides transparency into dividend payments and their consequences. By deducting dividends from retained earnings, a company's total equity decreases by the dividend amount. This gives owners clarity into equity movements and ensures retained earnings aligns with profits properly kept in the business.

Monitoring dividends and their impact on equity is vital for understanding the company's financial standing and ownership stakes over time. The statement of changes in equity within Xero presents this information clearly for business owners and stakeholders.

Practical Bookkeeping with Xero: Chart of Accounts and More

Navigating the chart of accounts.

The chart of accounts is the foundation of accurate financial reporting in Xero. It categorizes all transactions across assets, liabilities, equity, revenue, and expenses.

When setting up your chart of accounts, ensure it aligns to your business needs and reporting requirements. You can customize account names and add new accounts as needed. Review the default accounts in Xero and consider hiding unused accounts to simplify your financial reporting.

Use detailed account names that clearly reflect their purpose, such as "Online Advertising Expense" instead of vague names like "Advertising". Assign accounts to the appropriate category for accurate financial statements.

Regularly review and update your chart of accounts as your business evolves. Adding new accounts now is easier than re-categorizing old transactions later. Keep your chart of accounts clean and organized for smooth financial reporting.

Mastering Bank Reconciliation in Xero

Completing regular bank reconciliations is crucial for accurate books. It compares your bank statement to Xero to identify any discrepancies between the two in real-time.

When reconciling, match all transactions from your bank feed to the corresponding transactions in Xero. Review unreconciled transactions in Xero - common causes are timing differences, missing reference numbers, or duplicate entries.

If you cannot match a transaction, create a reconciliation adjustment to account for the difference while you investigate further. Do not ignore unreconciled transactions.

Successful bank reconciliation means your Xero ledger mirrors your actual bank balance. This prevents errors that distort financial reporting. Schedule monthly reconciliations at minimum for healthy cash flow monitoring.

Managing Accounts Receivable and Payable

Optimizing accounts receivable and accounts payable improves business cash flow.

For accounts receivable, create clear payment terms for customers and invoice promptly upon delivering goods/services. Send invoice reminders to prevent late payments and record payments immediately upon receipt.

For accounts payable, take advantage of early payment discounts from suppliers when possible. Avoid late fees by scheduling payments to align with due dates.

Use Xero's aging reports to identify unpaid invoices and follow up with customers. Similarly, review bills awaiting payment to plan cash flow. Automate payment reminders for efficiency.

Maintaining timely communications and payments is imperative for positive supplier and customer relationships. Ultimately, this means more money in the bank.

Streamlining Payroll Processing

Xero simplifies payroll by seamlessly integrating with top payroll providers. Key features like automatic tax calculations prevent manual errors.

Start by setting up payroll items for salary, reimbursements, deductions, and more. Enter details like pay schedules, employment types, and tax settings aligned to your business needs.

Import employee details, bank account information, and standard pay template. Ensure tax codes and employment categories meet legal requirements.

Process payroll batches on schedule. Review reports for accuracy, then export files to pay employees or tax agencies electronically. Automate where possible.

Centralized payroll management saves time while ensuring full compliance. Integrated reporting provides real-time visibility into payroll costs for informed decision making.

Preparing for Tax Time: Xero's Reporting Tools

Tax reporting made easy in xero.

Xero makes tax preparation easy by providing comprehensive financial reporting tools right within the software. Here are some of the key features that help with tax reporting:

  • Customizable financial reports - Build custom reports filtering by date range, account types, tracking categories and more to analyze financial performance.
  • Profit & loss statements - Automatically generate P&L reports showing revenue, expenses and profitability over any date range.
  • Balance sheets - View assets, liabilities and equity balances at any point in time.
  • Tax codes - Assign tax codes to accounts to track taxable and non-taxable transactions. Xero can calculate sales tax payable.
  • Integrations - Connect to tax software like TaxCaddy to auto-import Xero data for tax filing.

By centralizing financial data in one place, Xero reduces the manual work of gathering paperwork and spreadsheets needed for filing taxes. The reporting tools allow you to quickly generate the core financial statements and extract the details you need for accurate tax returns.

Utilizing Xero for End-of-Year Financial Closure

Here is a checklist for closing the books in Xero at financial year-end:

  • Run a Profit & Loss report for the full financial year and review income/expenses.
  • Reconcile any outstanding bank & credit card accounts.
  • Review accounts receivable/payable and invoices due. Send reminders for any outstanding payments.
  • Make any necessary journal entries to recognize expenses/revenues in the right year.
  • Review and update inventory counts for accurate COGS reporting.
  • Assign tracking categories to allocate transactions to classes.
  • Run final financial reports and share with your accountant for tax planning.

Following this checklist ensures all transactions are properly recorded in Xero before tax time. Your accountant can then easily access the necessary reports in Xero to file your tax returns on time. Maintaining an accurate financial record throughout the year also reduces effort come year-end closure.

Conclusion: Harnessing Xero for Financial Mastery

Recap of financial insights with xero.

Xero provides powerful financial reporting tools to help businesses gain valuable insights into their finances. Key takeaways include:

The balance sheet gives a snapshot of assets, liabilities, and equity at a point in time. Monitoring changes helps assess financial health.

The income statement shows revenue, expenses, and profitability over a period. Analyzing trends identifies areas to manage.

The cash flow statement tracks money flowing in and out. This helps with cash flow planning.

Customized reporting visualizes financial data to reveal insights. Dashboards and graphs highlight trends.

Analytics tools like ratios calculate profitability, liquidity, leverage and other metrics to benchmark performance.

Accounting integrations connect data sources for consolidated financial reporting.

Final Checklist for Financial Management in Xero

To leverage Xero for financial mastery:

  • Set up complete chart of accounts matching business structure
  • Enable all critical accounting modules like accounts payable, receivable, payroll
  • Establish workflows for transactions like bills, expenses, and invoicing
  • Reconcile account balances regularly
  • Build financial reports and KPI dashboards
  • Set budgets and send alerts for variances
  • Analyze ratios and data trends to guide decisions
  • Use projections feature to forecast finances

With strong financial practices in Xero, businesses can gain the visibility and control needed to reach their growth potential.

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The Definitive Guide to Xero Accounting

In today’s fast-paced and largely online business landscape, effective financial management is crucial for sustainable business growth and success. Xero Accounting software offers a number of business-specific features and tools designed to simplify accounting processes, streamline and automate repetitive tasks, and provide valuable insights into your business’s financial health.

Whether you’re a small business owner, a freelance professional, or an aspiring entrepreneur, this guide will equip you with the knowledge and practical tips needed to navigate the intricacies of Xero Accounting software with ease. We’ll walk you through the key features and add-ons that will allow you to harness the true power of Xero for all your financial management needs. Along with the team of financial experts at Outsourced CFO, Xero Accounting software packages offer all the tools and expertise that you will need on your financial journey to success.

Understanding the importance of efficient financial processes

Every business owner dreams of this – smooth sailing through financial waters, where transactions flow seamlessly, numbers add up perfectly, and reports are a breeze. That’s the magic of Xero. By implementing Xero software for your financial function, you can minimize unforced errors, reduce administrative burdens on staff, improve your cash flow management, and gain a comprehensive overview of your financial health. Because when your financial processes run like a well-oiled machine, you can concentrate on what you do best – growing your business and leading from the front.

Introducing Xero Accounting and its benefits

Xero Accounting is a game-changing software system designed to revolutionize the way businesses manage their finances. One of the key benefits of Xero is its accessibility. Being cloud-based, it allows users to access their financial data anytime, anywhere, and from any device with an internet connection. This ensures that you and your team can stay connected and collaborate seamlessly, whether in the office, on the go, or working remotely.

Xero also provides users with a centralized platform for managing income and expenses, generating professional invoices, tracking cash flow, and reconciling bank transactions effortlessly. With automated bank feeds , bank reconciliation becomes a breeze, saving valuable time and reducing the risk of errors.

Through customizable dashboards and detailed reports, users can monitor key performance indicators at a glance, identify trends, and make smart, data-driven decisions. Xero also simplifies the process of managing and paying bills – often low on the daily to-do list. Staff are able to easily capture and store receipts digitally, schedule payments, and automate any recurring transactions.

No software can stand alone these days, and Xero is no exception. Xero integrates with a wide range of third-party applications , including payment gateways, payroll systems, inventory management tools, and customer relationship management (CRM) software. This means that you can create a tailored software ecosystem that meets your unique needs, eliminating data silos, and enhancing overall process efficiency.

Xero accounting software laptop image - ocfo

How OCFO enhances financial management with Xero

At Outsourced CFO, we understand the challenges that come with the old processes of manual bookkeeping and complex Excel spreadsheets. Using Xero’s powerful cloud-based platform, we empower businesses to streamline their financial processes, track expenses, and generate real-time reports effortlessly in the following ways:

Automated Bookkeeping: OCFO leverages Xero’s myriad automation capabilities to simplify bookkeeping tasks. Bank feeds automatically import transactions, eliminating errors and saving you valuable time.

Real-Time Reporting: Access to real-time financial insights is crucial for effective decision-making and keeping your financial department in the know. Xero’s robust reporting features, combined with OCFO’s input and expertise, provide you with clear and comprehensive reports. Instantly track your cash flow, monitor key performance indicators, and analyze financial trends. With a deeper understanding of your financial position, you and your team can make strategic decisions that drive long-term growth.

Streamlined Expense Management: Managing expenses can be a hassle, especially as your business grows. OCFO and Xero simplify expense tracking and management by making the most of Xero’s built-in automation capabilities. Capture receipts on the go with Xero’s mobile app, automatically categorize expenses, and reconcile them with bank transactions seamlessly. It always pays to know where the cash goes.

Collaboration and Security: OCFO and Xero enable seamless, online-enabled collaboration between you and your financial team. Share access with your outsourced accountant or bookkeeper, allowing them to work directly within the platform, while you keep control. Collaborate in real-time, share financial reports, and ensure everyone is on the same page. Rest assured, Xero’s state-of-the-art security measures protect your sensitive financial data.

With OCFO advisors at your side, and using Xero, you can streamline your financial processes, save time, and gain valuable insights into your business’s financial health to the benefit of your bottom line.

Table of Contents


Getting Started with Xero Accounting

Although the accounting function is vital for business success, the detail of capturing and logging all entries can be time-consuming, pulling employees away from more vital work. At the same time, small businesses don’t always have the funds to hire an accountant or CFO full-time. This is where cloud-based and automated accounting software packages like Xero shine, allowing small business owners big-firm functionality and ease at a fraction of the cost. In the past few years, and especially during pandemic-forced remote work, online functionality has boomed, and more and more companies are adopting online and cloud-based functionality and software like Xero.

Setting up your Xero account:

  • Navigating the Xero dashboard The dashboard of your Xero organization contains setup panels for important features such as bank accounts, online invoices, bills and more.
  • Customizing your settings and preferences The Xero dashboard displays when you start using Xero. Once you’ve set up items like bank feeds and invoices, your dashboard charts and graphs will show that information, allowing you to adjust what items are displayed so that you can keep track of metrics that add value. See how to set up and adjust your dashboard

Xero software allows for a number of plug-and-play features that are tailored to address many accounting pain points experienced by SMEs in their growth phase. 

Commonly used business tools that can be integrated with Xero:

  • Payment Gateways: PayPal , Stripe , Square , Payfast and Ozow . 
  • CRM Systems: Salesforce , HubSpot .
  • E-commerce Platforms: Shopify , WooCommerce , BigCommerce .
  • Expense Management Tools: Expensify , Dext , ApprovalMax . 
  • Time Tracking Software: Toggl , Harvest .
  • Inventory Management Systems: DEAR Inventory , Unleased .
  • Reporting and Business Intelligence: Microsoft Power BI , Tableau , SyftAnalytics , Spotlightreporting

The choice of integration depends on your specific business needs and processes, so make sure to get expert advice from your OCFO partner about integrations.

acountant using xero software - ocfo

Chart of Accounts and General Ledger

The chart of accounts is a list of all accounts you can use to record your transactions in Xero. It helps you categorize your transactions correctly and group similar accounts together to generate reports as you need them.

Xero assigns a default chart of accounts when you set up your organization. If you prefer, you can import a chart of accounts from your previous accounting system, or import your own custom chart.

To view your chart of accounts, in the Accounting menu, select Advanced, then click Chart of Accounts.

Establishing Bank Feeds

Connecting your bank accounts to Xero Should your bank allow it, you can connect your bank to Xero in order to automatically import transactions. Once you’ve connected your online bank to Xero, your transactions will automatically import into Xero each business day. You also don’t need to manually refresh the bank feed for your transactions to import, making this process a no-brainer.

Bank reconciliation Xero software offers suggestions for reconciling your bank account, a feature that simplifies and accelerates the process of matching and reconciling bank transactions with your financial records. Xero  imports your bank transactions directly from your bank account, then compares these transactions with the corresponding entries in your Chart of Accounts, making intelligent suggestions based on criteria like amounts, dates, and reference numbers – allowing you to accept suggestions, or allocate transactions yoursef.

Streamlining the process of recording transactions Transactions flow directly into Xero each business day if you have connected to your online banking feed. This process allows you to:

  • Set up feeds from multiple banks
  • Get feeds from any number of bank accounts
  • Import up to 12 months of historical data when you connect 
  • Daily bank feeds let you reconcile daily so the accounts provide an accurate up-to-date picture of your business finances.
  • View a summary of the money coming in and going out on the dashboard
  • Categorize transactions each day so a backlog doesn’t pile up

With daily bank feeds available you can reconcile your bank transactions regularly so you know where your business stands. You then have the option to categorize each transaction in Xero or simply confirm what Xero suggests.

Business man using xero accounting software - ocfo

Seamless Xero Accounting Integration with Business Systems

Integrating diverse functionality into one easy-to-use business system like those offered by Xero integrations is crucial to any operation that wants to stay ahead of the curve in today’s digital world.

Integration with CRM and Sales Systems

By connecting Xero with your CRM and sales platforms , you can effortlessly sync customer information, sales data, and invoices so that your sales team has real-time visibility into customer accounts, enabling them to make informed decisions and provide better customer service.

Integration with Project Management Tools

Xero offers streamlined Project Management Tools for smaller businesses, allowing you and your team to easily track project-related expenses, allocate budgets, and generate accurate financial reports.

Integration with E-commerce Platforms

In today’s digital-first era, e-commerce has become a significant revenue stream for many businesses. Xero’s integration with e-commerce platforms empowers you to manage your online sales and finances from a single platform by automatically importing sales data, tracking inventory, and reconciling payments.

advantages of xero accounting software - ocfo

Ensuring Data Security and Confidentiality with Xero Accounting

As a small business owner, you might be concerned about a cloud service provider storing your sensitive financial data online. But rest assured –  the cloud is one of the most secure ways to store information. Xero has also been geared towards cloud-based functionality from the start, and security comes standard.

Robust Data Protection Measures

Cloud-based accounting packages like Xero address traditional safety concerns around sensitive financial data with higher, uniform security standards, automatic redundancies for data and scheduled, seamless security upgrades. Cloud accounting software packages offer better protection than small businesses would normally employ to protect their information.  Cloud accounting, for instance, leaves no trace of financial data on company computers, and access to that data in the cloud is encrypted and password-protected and can be tracked and monitored in detail.

Confidentiality and Privacy Policies

Sharing data is also less problematic and error-prone with Xero. When using Xero, two users simply need access rights to the same system using their unique passwords in order to work together. If you also need to share financial information with an accountant or possible investor, you can easily grant access temporarily. 

Xero software is also committed to ensuring compliance with the General Data Protection Regulation (GDPR), which is a comprehensive data protection law enacted by the European Union (EU). GDPR sets strict guidelines for the collection, storage, processing, and transfer of personal data of EU citizens. As a cloud-based accounting software provider, Xero recognizes the significance of protecting user data and has implemented robust measures to adhere to GDPR requirements.

Mitigating Fraud and Unauthorized Activities

Fraud and unauthorized activities can be disastrous for the cash flow of any business, and can also cause reputational damage.  With Xero software you can rest assured that the following measures are in place to protect your interests:

  • Proactive fraud detection: Xero uses advanced algorithms and machine learning techniques to detect suspicious financial activities. These automatically flag unusual transactions like duplicate invoices or unexpected changes in payment details, allowing you to take immediate action.
  • Segregation of duties and access controls: Xero’s user permissions and access controls enable you to establish segregation of duties, meaning that different employees have access to different parts of your accounting system based on their roles and responsibilities. Xero also keeps a detailed log of user activity, enabling you to track and identify any unauthorized access or suspicious behavior.
  • Regular monitoring and audit trails: Xero software provides comprehensive audit trails that document every financial transaction, modification, or access within your system. This allows you to trace activities back to specific users and flag any unauthorized actions or suspicious behaviour.

Xero software is set up to make fraudulent activities easy to track for SMEs. However, if you’re working with a financial professional, talk to them about the Xero Assurance Dashboard   which allows you to view which users have accessed your organization and the areas they accessed.


Streamlining Financial Operations with Xero Accounting

Efficient financial operations are essential for the success and growth of any business. Manual processes can be time-consuming, error-prone, and hinder productivity. However, with the powerful built-in features offered by Xero Accounting, owners and their finance team can streamline their financial operations and achieve greater efficiency. After all – time is money.

Invoicing and Billing

Creating professional invoices with Xero templates Xero Accounting provides a range of customizable templates for creating professional invoices that match your brand identity and include essential details such as your logo, payment terms, and contact information.

Managing payment terms and reminder s Xero allows you to set payment terms and reminders for your invoices, so that customers are aware of their payment due dates, reducing the chances of late payments. Automated reminders can be sent to clients – a proven way to speed up payment, ensuring a positive cash flow in the long run.

Automating recurring invoices For businesses that have regular recurring invoices, Xero Accounting offers the option to automate the invoicing process. Once set up, recurring invoices can be generated automatically at predefined intervals, saving time and effort and freeing up your staff. This automation feature is particularly beneficial for businesses with subscription-based models or recurring service contracts.

Expense Management

Tracking business expenses and receipts Xero Accounting simplifies expense tracking by providing built-in tools to record and categorize business expenses. Your team can now easily capture receipts by scanning or uploading them to the platform, eliminating the need for manual record-keeping. No more lost receipts! With all expenses logged in one place, your finance team has a better snapshot and control over spending, allowing more accurate budgeting and cash flow projections.

Utilizing Xero’s expense claim features Team members can submit their expense claims directly through the platform, attaching relevant receipts where necessary. Managers can review and approve the claims digitally, streamlining the approval process and reducing paperwork. This feature ensures transparency, and timely reimbursement of expenses while cutting down on the possibility of human error.

Streamlining expense reimbursement processes Xero allows you to link your expense claims with specific projects or clients, to ensure more accurate cost allocation. Xero also integrates with a number of popular payment platforms, allowing you to reimburse expenses directly to your staff bank accounts, making life easier for everyone.

accountant using Xero cloud software on tablet - ocfo

Collaborative Financial Decision-Making with Xero Accounting

Traditional financial management processes often involve fragmented information and siloed decision-making, hindering the ability to respond quickly and strategically. However, by combining the power of Xero Accounting with the expertise of our consultants at Outsourced CFO,  you can stay ahead of the curve and address issues as they arise.

Xero Accounting software is the central hub for all your financial data, providing real-time visibility into your company’s financial health by integrating various financial sources such as bank accounts, payment gateways, and expense management systems into one dashboard. No more manual data consolidation that drains hours – a financial snapshot is available at a glance. Benefits include: 

  • Data Analysis and Reporting: With customizable reports and key financial metrics at your fingertips, you and your finance team can assess revenue streams, monitor expenses, and track profitability.
  • Strategic Financial Planning: Xero offers you crucial financial data that allows you to identify trends, forecast future performance and plan accordingly.  By leveraging your access to real-time financial information with the strategic insights of your OCFO consultant, you have the opportunity to make the right financial moves to ensure success.
  • Budgeting and Cash Flow Management: Xero’s integrated features simplify budgeting and cash flow management. Along with your financial team, you can set realistic financial goals and monitor budget adherence, allowing you to optimize your cash flow. It’s all about money in the bank.
  • Risk Assessment and Management: Using Xero’s financial data and reporting features such as bank reconciliations and real-time financial tracking means that you can identify trends and spot risks in real time. This enhances your risk management efforts so that financial decisions consider potential vulnerabilities and align with your company’s risk appetite.
  • Scenario Planning and Forecasting: With Xero you can conduct scenario planning and forecasting exercises with ease. By simulating various scenarios, you can assess the potential impact of different strategies,  allowing for agile decision-making that gives you the freedom to adapt and make the most of any investment opportunities.

By combining the high-level financial and strategic insights of your OCFO consultant  with Xero’s myriad easy-to-use features, you are setting your business up for financial success.

Xero accounting software tablet image - ocfo

In the quest for financial control, businesses rely on advanced tools and technologies – like Xero – to streamline their operations and gain insights into their financial performance. Xero Accounting offers a range of easy-to-use and integrated advanced features that enhance financial control and decision-making.

Inventory Management

Inventory Management: Effective inventory management is essential for businesses that deal with physical products and manufacturing. Xero Accounting provides effective inventory management features enabling businesses to track, control, and optimize inventory levels. Key features include:

  • Inventory Tracking: With Xero you can track your  inventory in real time. It provides visibility into stock levels, allowingyou to make informed decisions about reordering, preventing stockouts, and optimizing inventory holding costs by matching supply with demand.
  • Cost of Goods Sold (COGS): Xero’s COGS tracking feature allows you to calculate the true cost of goods sold. By accurately accounting for direct costs related to  the production or purchase of goods, you can now accurately  analyze profitability and make informed pricing decisions.
  • Inventory Reporting: With Xero’s  comprehensive inventory reports, you can analyze  stock turnover, identify slow-moving or obsolete items, and optimize stock management and procurement for better overal efficiency.

Reporting and Analytics

When it comes to managing your business finances effectively, having access to accurate and insightful information is crucial. Xero Accounting software not only simplifies your financial tasks but also offers robust reporting and analytics capabilities. 

Generating Financial Reports Xero provides a wide range of pre-built financial reports that are essential for monitoring the financial health of your business. With just a few clicks, you can generate reports such as profit and loss statements, balance sheets, cash flow statements, and more. These reports offer a clear overview of your financial position, enabling you to track income, expenses, and cash flow trends. Xero’s user-friendly interface and customizable report templates make it easy to tailor reports according to your specific needs and preferences.

Analyzing Key Performance Indicators (KPIs) Beyond standard financial reports, Xero enables you to delve deeper into your business performance by analyzing KPIs. Xero’s reporting functionality allows you to create custom reports that focus on specific metrics relevant to your industry or business goals. By monitoring KPIs like revenue growth, customer acquisition costs, or gross profit margins, you gain valuable insights into the strengths and weaknesses of your business. These analytics help you to drill down to areas that require improvement and drive strategic actions for growth.

Utilizing Xero’s Reporting Features for Strategic Decision-Making Xero’s features extend beyond data visualization and analysis and can be a powerful tool for strategic decision-making. By leveraging the comprehensive financial data available, you can gain a holistic view of your business performance, allowing you to identify trends, spot potential opportunities, and address issues  proactively. Whether it’s evaluating the success of marketing campaigns, assessing the profitability of different product lines, or analyzing the impact of cost-saving measures, Xero’s reports are your key to success.

Integrations and Add-Ons

Xero has a number of add-ons to help optimize your accounting procedures and ensure time-saving within your business. These plug-ins range from inventory to payment, payroll, conversion, CRM, time tracking, invoicing, and more. To look at the full list of plug-ins, visit the Xero App marketplace .

  • CRM Integration: Integrating Xero with Customer Relationship Management (CRM) software syncs customer data, invoices, and payment information. This ensures seamless data flow and improves customer relationship management.
  • Payment Gateways: Xero integrates with popular payment gateways, allowing you to receive payments directly through the software. This integration simplifies the payment process, improves cash flow, and reduces manual data entry.
  • Industry-Specific Add-Ons: Xero offers a marketplace of industry-specific add-ons that extends functionality for businesses in various sectors. These add-ons enableany business to address specific needs such as project management, inventory optimization, or e-commerce integration, further enhancing financial oversight.

There is a whole world of ad-ons that can make your use of cloud accounting software more powerful. Spending the time to incorporate these will be an investment that saves massive amounts of time and effort in the future.

More detailed steps for  Xero integrations can be found here.

Benefits of using xero accounting - ocfo

Partnering with OCFO for Optimal Financial Management

Keeping on top of your financial function is crucial for any business – but the stakes are even higher for startups and SMEs who have little room for error. Ironically, SMEs often do not have the resources to hire the financial expert that they so desperately need on a permanent basis. OCFO provides the solution. A part-time CFO or accountant available as needed, and can assist with expert financial advice,  without becoming a permanent drain on the payroll.

Leveraging OCFO's Expertise in Xero Accounting

OCFO’s team of professionals has in-depth expertise and experience in utilizing Xero Accounting software to automate, streamline and structure your financial processes to your benefit. OCFO’s Xero Certified Advisors are experts at using Xero’s advanced features and functionalities and will go beyond basic bookkeeping to offer proactive financial strategy development.

The Benefits of Outsourcing Financial Management to OCFO

Managing financial operations is a critical aspect of running any successful business. However, SMEs face the dual problem of lacking in-house depth of expertise, while also not being able to afford a permanent staffing solution. Outsourcing crucial financial tasks to an expert from Outsourced CFO will offer you the following benefits, without placing a burden on your payroll:

  • Cost Savings: Hiring a full-time, in-house CFO is expensive. An outsourced CFO gives you access to high-level financial expertise at a fraction of the cost of a full-time hire. Now you can access the skills of a CFO as and when you need it.
  • Strategic Financial Guidance: A fractional CFO brings a wealth of financial knowledge and strategic expertise to the table, as they have probably worked with a number of clients from diverse fields. All the insight that they have gained from past clients can be utilized for you.
  • Core Competencies: For SMEs, dedicating time and scarce staff resources to financial management can be a significant distraction from core business operations. By trusting your financial management to an outsourced CFO, you and your staff can lean into your areas of expertise, which will only benefit your business in the long run. In this way, everyone does what they do best.
  • Scalability and Flexibility: Businesses grow, shrink and evolve over time, and you need your financial experts to adapt with you. Whether it’s supporting expansion plans, restructuring finances, or managing through challenging times, our advisors can tailor their expertise to meet your specific business requirements. As your CFO works part-time, you can also scale back hours to suit your budget and requirements.
  • Leveraging technology: By outsourcing financial management to OCFO, you gain access to cutting-edge financial software platforms like Xero, along with the experts who can make the most of its features and capabilities.
  • Risk Mitigation and Compliance: Non-compliance with financial regulations can damage your reputation and relationships with both vendors and clients. The experts at OCFO possess in-depth knowledge of regulatory requirements and will implement robust internal controls and perform risk assessments to ensure that your business stays compliant and up to date where it counts.

From cost savings and strategic financial guidance to scalability, access to cutting-edge functionality and risk mitigation, your on-call OCFO experts are here to make your life easier.

accountant using Xero cloud software - ocfo

Final Thoughts on Streamlining Financial Processes with Xero Accounting and OCFO

Running your own company means you have a lot on your plate. That’s why you should work smarter – not harder. Streamline and automate your financial processes using Xero Accounting’s many built-in features, with a dedicated financial expert from OCFO at your side to guide you.

Xero Accounting offers advanced features such as invoicing and billing, expense management, payroll and employee management, inventory management, reporting and analytics, and integrations and add-ons – the list goes on. This allows you to automate tasks, gain real-time insights, track expenses, manage inventory, generate comprehensive reports, and integrate with other critical systems.

Also partnering with an on-call financial expert from OCFO means that you have access to strategic financial guidance using expert tools, all tailored to your specific situation – as and when you need it. By taking the financial function off your hands without adding to your overheads, our experts will allow you to focus on core competencies within your business.

The combination of Xero Accounting and a financial expert from the OCFO team  creates a powerful synergy, enabling you to streamline your financial processes and make informed decisions that drive growth. Set yourself up for success with Xero Accounting and OCFO – your financial dream team. More here.

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Review and process payroll at end of financial year

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  • Published: Feb 22, 2024
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7 tax tips to make sure you get the biggest refund, according to financial advisors

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With less than two months to go until 2023 taxes are due, there is still plenty of time to lower your bill or maximize your refund, advisors say. It’s also the perfect time to look ahead to decreasing your burden for 2024.

First, it’s important to make sure you have all of the documents you’ll need to file, advisors say: Those include your W-2s and 1099s, yes, but depending on your situation, also 1099-INTs (for interest payments), 1099-Gs (for unemployment payments), and SSA-1099s (for Social Security payments), to name just a few. It’s also important to gather all required documents as soon as possible.

“Waiting until the last minute can lead to unnecessary stress and potential errors,” says Ashton Lawrence, a South Carolina–based certified financial planner (CFP) at Mariner Wealth Advisors.

From there, review the big changes for 2023, Lawrence suggests. Pretty much all of the COVID-19-related tax changes and benefits weren’t in place last year, which means your refund could be very different from the past few years. Also, the standard deduction, tax brackets, and retirement contributions have all changed.

Then you’re ready to get started. Here are some additional tips from financial advisors on making filing simple and maximizing your refund. (And don’t miss Fortune ’s other tax season coverage .)

1. Max out your 2023 retirement accounts

If you haven’t done so already, you still have time to contribute to a traditional or SEP IRA and reduce your tax. Each year, you have until the filing deadline—April 15, 2024, this year—to max out your contributions.

The max for a traditional IRA last year was $6,500 ($7,500 for those 50 and up) while the max for SEP IRAs, used by some business owners, is much higher—the lesser of 25% of compensation or $66,000.

“These accounts can offer tax-deferred growth on top of pretax contributions that can set you up well for retirement and save you a lot on taxes right now,” says Bryan Cassick, a CFP at California-based Warren Street Wealth Advisors.

Just make sure to classify your contribution as a prior-year contribution; otherwise, your IRA provider will likely classify it is as a current-year contribution. You also have until April 15 to max out a Roth IRA for 2023. That won’t lower your tax bill now, but it can help you build your savings.

All that said, you can also begin planning for 2024. Though you can’t backfill your 401(k) contributions for 2023, you can get a sense of whether it would be advantageous to contribute more this year to decrease your tax burden next year.

“Increasing 401(k) contributions can help reduce taxable income for the future year,” says Lawrence. “Having a good understanding of your situation can help determine the most advantageous way to proceed.”

For 2024, the maximum you can contribute to a 401(k) as an employee is $23,000 (between employee and employer contributions, the total is $69,000), and $30,500 for those 50 or older.

2. Contribute to a health savings account

Like an IRA, you also have until April 15, 2024, to contribute to your health savings account, or HSA, for 2023. Individuals can contribute up to $3,850, while families can sock away $7,750. (Those 55 or older can contribute an extra $1,000.)

Financial planners love HSAs because they offer amazing tax advantages. Contributions reduce your taxable income, and then you can invest the contributions, which grow tax-free. Finally, withdrawals are also tax-free, as long as they are used for qualified medical expenses. Planners refer to that as a triple tax advantage.

Unlike flexible spending accounts, you can roll over your savings in a HSA from year to year, which can be helpful as additional retirement planning.

But not everyone qualifies for a HSA: You need to be enrolled in a high-deductible health plan to have one.

3. Make sure you report all income—even savings account interest

Interest earned on your savings is classified as earned income by the IRS. That means, technically, you need to report it on your tax return, even if it’s only a few dollars.

That could trip people up who aren’t used to the reporting requirements. The bank or financial institution that holds your savings accounts—or CDs, or money-market funds—should send you a form 1099-INT detailing the interest you earned over 2023. You won’t necessarily owe tax on it, but you need to report it all the same.

“With the low rates of the last few years, the tax was minimal,” says Rob Schultz, a  certified financial planner  and wealth manager in California. “But with higher rates in 2023, many people might not plan on getting such a large 1099 for their interest income on savings.”

4. Consider a Roth IRA conversion

If you’re getting a raise in 2024, or your income in 2023 was otherwise lower than it will be this year, it could be smart to look into a Roth IRA conversion, says Thomas Lucas, an Orlando-based CFP at Moisand Fitzgerald Tamayo.

A Roth conversion is when you convert your traditional IRA into a Roth IRA, which is mostly helpful for people who earn too much money to make contributions to a Roth outright . When you make the conversion, you’re essentially moving from a pretax vehicle to a post-tax vehicle, which means you’ll pay taxes on the money now at your current rate, and then it will grow tax-free. That’s why it’s smart to do when your income is less and you’re still in a lower tax bracket.

Once you make the conversion, you’ll enjoy all the benefits of a Roth IRA: tax-free withdrawals in retirement and no required-minimum distributions during your lifetime. As this process is irreversible, it’s smart to speak with a financial professional before making this move to learn all of the pros and cons for your individual financial situation.

“Your goal should be, over your lifetime, to pay taxes when you are in low tax brackets and defer income when you are in high tax brackets,” says Lucas.

5. File electronically

The quickest way to get any refund owed is to file electronically, using tax software or the IRS’s site, and have the refund direct deposited into your bank account. When you do this, the IRS says it typically takes around 21 days to get the refund, depending on the agency’s bandwidth and whether or not you filled everything out correctly.

Electronically filing—whether through a tax preparer like TurboTax or with a professional—does make the filing season easier. It’s easy to forget things if you’re filling out paperwork by hand, and the software is more likely to find credits or deductions you would have missed. The software should also ensure that you’ve filled out everything correctly and your return isn’t rejected by the IRS.

Finally, receiving your refund electronically is actually safer than getting mailed a paper check, which can be stolen or lost in transit. Stay up-to-date on the status of your refund using the agency’s  online tracking tool .

6. Report crypto transactions accurately

Crypto is classified as property by the IRS, which means you don’t pay taxes when you buy or hold the asset, but rather when you sell it, exchange it, or use it to buy something else. Any trading activity needs to be reported on your tax return.

That can be a tedious process, depending on how active you were last year. But it’s important, because the IRS is on high alert for illegal activity.

“The IRS is closely monitoring these transactions, so it’s crucial to keep detailed records of all crypto-related activities to avoid penalties,” says Lawrence.

On your Form 1040, you’ll see a yes or no question asking : “At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

Checking “no” means you’re done; checking “yes” requires an additional form. You’ll have to detail your sales, exchanges, etc., and then calculate your capital gain or loss, reported on Schedule D. If you only purchased crypto last year, you can check “no.”

And, of course, you need to report any crypto income if you received it in exchange for a service, for example. The IRS has a detailed FAQ page with many more details on crypto.

7. Check your withholdings

If you owe tax unexpectedly, it’s likely time to check your withholdings for future years, says Lucas. He advises using the IRS’s tax withholding estimator , which will pre-populate a W-4 you can give to your employer’s HR department.

“Have your W-4 adjusted,” says Lucas. “This will help avoid unnecessary underpayment penalties.”

This works the other way, as well: If you receive a large refund, it could also be prudent to change your withholdings. In theory, you want to owe the IRS nothing come tax time and receive nothing in return; receiving a large refund means you’re paying the IRS extra money for no reason. That could be better spent by you throughout the year, whether it’s invested, saved, or put toward other bills or goals.

That said, some people simply like being able to count on receiving a large sum of money once a year. If that’s you, then you don’t necessarily need to change anything. Just make sure you know the pros and cons of both sides.

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Artificial Intelligence Computing Leadership from NVIDIA

Press Release Details

Nvidia announces financial results for fourth quarter and fiscal 2024.

  • Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago 
  • Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago
  • Record full-year revenue of $60.9 billion, up 126%

SANTA CLARA, Calif., Feb. 21, 2024 (GLOBE NEWSWIRE) -- NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.

For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.

For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share was $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share was $12.96, up 288% from a year ago.

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.

“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level.

“NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.

Q4 Fiscal 2024 Summary

Fiscal 2024 Summary

Outlook NVIDIA’s outlook for the first quarter of fiscal 2025 is as follows:

  • Revenue is expected to be $24.0 billion, plus or minus 2%.
  • GAAP and non-GAAP gross margins are expected to be 76.3% and 77.0%, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $3.5 billion and $2.5 billion, respectively.
  • GAAP and non-GAAP other income and expense are expected to be an income of approximately $250 million, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

NVIDIA achieved progress since its previous earnings announcement in these areas: 

Data Center

  • Fourth-quarter revenue was a record $18.4 billion, up 27% from the previous quarter and up 409% from a year ago. Full-year revenue rose 217% to a record $47.5 billion.
  • Launched, in collaboration with Google, optimizations across NVIDIA’s data center and PC AI platforms for Gemma , Google’s groundbreaking open language models.
  • Expanded its strategic collaboration with Amazon Web Services to host NVIDIA ® DGX™ Cloud on AWS.
  • Announced that Amgen will use the NVIDIA DGX SuperPOD ™ to power insights into drug discovery, diagnostics and precision medicine.
  • Announced  NVIDIA NeMo™ Retriever , a generative AI microservice that lets enterprises connect custom large language models with enterprise data to deliver highly accurate responses for AI applications. 
  • Introduced NVIDIA MONAI™ cloud APIs to help developers and platform providers integrate AI into their medical-imaging offerings. 
  • Announced that Singtel will bring generative AI services to Singapore through energy-efficient data centers that the telco is building with NVIDIA Hopper™ architecture GPUs.
  • Introduced plans with Cisco to help enterprises quickly and easily deploy and manage secure AI infrastructure.
  • Supported the National Artificial Intelligence Research Resource pilot program , a major step by the U.S. government toward a shared national research infrastructure.
  • Fourth-quarter revenue was $2.9 billion, flat from the previous quarter and up 56% from a year ago. Full-year revenue rose 15% to $10.4 billion.
  • Launched GeForce RTX™ 40 SUPER Series GPUs , starting at $599, which support the latest NVIDIA RTX™ technologies, including DLSS 3.5 Ray Reconstruction and NVIDIA Reflex.
  • Announced generative AI capabilities for its installed base of over 100 million RTX AI PCs, including Tensor-RT™ LLM to accelerate inference on large language models, and Chat with RTX, a tech demo that lets users personalize a chatbot with their own content.
  • Introduced microservices for the NVIDIA Avatar Cloud Engine , allowing game and application developers to integrate state-of-the-art generative AI models into non-playable characters.
  • Reached the milestone of 500 AI-powered RTX games and applications utilizing NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies.

Professional Visualization

  • Fourth-quarter revenue was $463 million, up 11% from the previous quarter and up 105% from a year ago. Full-year revenue rose 1% to $1.6 billion.
  • Announced adoption of NVIDIA Omniverse ™ by the global automotive-configurator ecosystem.
  • Announced the NVIDIA RTX 2000 Ada Generation GPU , bringing the latest AI, graphics and compute technology to compact workstations.
  • Fourth-quarter revenue was $281 million, up 8% from the previous quarter and down 4% from a year ago. Full-year revenue rose 21% to $1.1 billion.
  • Announced further adoption of its NVIDIA DRIVE ® platform , with Great Wall Motors, ZEEKR and Xiaomi using DRIVE Orin™ to power intelligent automated-driving systems and Li Auto selecting DRIVE Thor™ as its centralized car computer.

CFO Commentary Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com .

Conference Call and Webcast Information NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2024 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com . The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2025.

Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition termination costs, stock-based compensation expense, acquisition-related and other costs, IP-related costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA Since its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling industrial digitalization across markets. NVIDIA is now a full-stack computing infrastructure company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/ .

Certain statements in this press release including, but not limited to, statements as to: demand for accelerated computing and generative AI surging worldwide across companies, industries and nations; our Data Center platform being powered by increasingly diverse drivers, including demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies; vertical industries led by auto, financial, services and healthcare now at a multibillion-dollar level; NVIDIA RTX becoming a massive PC platform for generative AI enjoyed by 100 million gamers and creators; the year ahead bringing major new product cycles with exceptional innovations to help propel our industry forward; our upcoming conference at GTC, where we and our rich ecosystem will reveal the exciting future ahead; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook and expected tax rates for the first quarter of fiscal 2025; the benefits, impact, performance, features and availability of NVIDIA’s products and technologies, including NVIDIA AI platforms, NVIDIA DGX Cloud, NVIDIA DGX SuperPOD, NVIDIA NeMo Retriever, NVIDIA MONAI cloud APIs, NVIDIA Hopper architecture GPUs, NVIDIA GeForce RTX 40 SUPER Series GPUs, NVIDIA DLSS 3.5 Ray Reconstruction, NVIDIA Reflex, NVIDIA TensorRT-LLM, Chat with RTX, microservices for the NVIDIA Avatar Cloud Engine, NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies, NVIDIA Omniverse, NVIDIA RTX 2000 Ada Generation GPU, NVIDIA DRIVE platform, NVIDIA DRIVE Orin and NVIDIA DRIVE Thor; and our collaborations with third parties are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce RTX, NVIDIA DGX, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA Hopper, NVIDIA MONAI, NVIDIA NeMo, NVIDIA Omniverse, NVIDIA RTX and TensorRT are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38343cb8-8bc8-42b0-aa76-e3d280ae5507

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