The cloud accounting vendor makes it easier for businesses to create reusable reports and for accountants to create practice-wide templates.
Xero has completely redesigned the report templates feature of its cloud-based accounting system, with the changes now available both to Australian businesses and accounting firms.
The templates feature allows business owners, accountants and bookkeepers to design customised reports and then save them for future reuse as templates, meaning the same formats can be reused every month.
Because the templates are based on report codes rather than individual chart of accounts, the same template can be immediately run across all the customers in a practice.
Accounting firms can also create a set of standard practice-wide report templates, which can then be tweaked for individual clients.
As part of the upgrade, Xero has included a drag-and-drop layout editor with the ability to add text blocks, custom schedules and formula rows, as well as the ability to make additional layout changes for the final PDF.
For example, with the date columns on a report, instead of showing columns in reverse chronological order, users can now use the editor to change the time frame, what the column is titled and in which order they appear.
Along with the ability to create new layouts, a number of predefined templates are automatically included with each account.
The feature is a more powerful version of the ‘report packs’ feature Xero first introduced back in 2013.
Xero said the reporting functionality was designed following consultation with bookkeepers and accountants, and is designed to compete against legacy desktop-based reporting tools.
“Template reports provides us with enough flexibility to negotiate a change to new reporting standards,” said Adam Davy, partner at accounting firm BDO.
“We are now benefiting from the efficiencies of single ledger reporting which allows us to adhere to our professional reporting standards, while maximising efficiencies around a key compliance process.”
As was previously the case with report packs, the report templates feature can be accessed by clicking on ‘reports’ from the ‘My Xero’ screen.
The release follows the launch of Xero’s add-on marketplace last week.