Business Performance – Getting a Grip on your Numbers

Hamish Mexted Accounting & Compliance, Increasing Profit, Xero & Addons

iif Chartered Accountants attended Xerocon in Auckland last month. We were excited to hear about the new Business Performance Dashboard (we’re accountants…of course we were excited about something involving numbers). Now it’s finally arrived – here’s how it can help you.

The new Dashboard analyses the data in your Xero account, turning it into simple metrics and graphs. These keep you on top of some of the essentials in your business.

Dashboard

By keeping an eye on the graphs and trends, you will have a clearer picture of how your business is performing (without going through all of the financials).

On the face of them they look a touch daunting. To find out more on any graph, click on the graph and more info is displayed – including the formula used in the calculation.

Examples of some ratios:

Current Ratio – if you’re able to pay your bills
Net/Gross Profit – how much profit you’re making
Return on Investment – the bang for your buck tied up in the business
Inventory Turnover – how quickly your stock is selling

 

Where can I find it?

 

 

 

 

 

When you first log into Xero, click on the Reports tab, then under there you will see Business Performance.

 

 

 

 

 

 

 

Where to look

 Where to from here?

We’re here to help! Feel free to get in touch with one of the team and we’ll be more than happy to schedule a performance review meeting.

In this meeting we’ll:

  • Review the setup to make sure accurate reports are generated
  • Explain the relevant reports and what they mean
  • Key numbers to look out for
  • What to do if you see something a bit out of the ordinary.

Don’t forget to follow us on twitter @iifCA for updates on the team and the business world!