SOURCE: Xero

Xero

June 03, 2015 13:15 ET

Xero Puts Financial Data to Work for Small Businesses

Easy to Understand, Automated Financial Data on One Beautiful Dashboard; Eight Industry-Standard Business Metrics Provide Insights on Performance; Business Owners and Advisors Can Xero In to Make Informed Decisions

DENVER, CO--(Marketwired - Jun 3, 2015) - Xero (@Xero) worked closely with accountants and bookkeepers to deliver Xero business performance dashboards -- using the power of big data analytics to help small businesses understand how their business is performing and drive clearer decision-making. The announcement was made at Xerocon US -- attended by more than 500 of Xero's partners and customers in Denver, Colorado. Xero continues to set the pace for accounting innovation, unveiling several new features, and a raft of new partnerships at the event.

Small business owners and advisors that use traditional software to monitor business performance have to gather data from a range of sources to produce charts. This process can be costly and time-consuming, and the charts are often out of date by the time they are produced. Xero eliminates this process by automating the analysis of financial data and presenting easy to understand, key performance indicators that are always accessible through its online accounting platform.

Xero's business performance dashboard provides eight core performance metrics -- and over 20 in Australia and New Zealand -- that are beautifully presented and based on integrated financial data from within Xero. Xero transforms the transactional data of each business into real information that provides insight into the financial standing of their business to inform decision-making.

Small business owners can gain insight into the performance of their business through key metrics presented in easy to read graphs, such as gross profit, accounts receivable and payable days, debt to equity ratios and inventory turnover. This suite of key performance indicators helps business owners monitor what is happening in their business and address issues directly or seek advice from their financial advisor.

More detailed information is easily available. Simply clicking on a graph will show how the metric has been calculated and where the information comes from, so that business owners can have transparency on their performance over time and the ability to drill deeper into detail. Businesses can conveniently -- with a click -- reach out to their advisor to discuss specific metrics, while advisors can use these metrics as an opportunity to provide additional services.

Xero business performance dashboards are provided at no additional cost to Xero customers. It is easily accessible whether you are in a browser on a computer or on a tablet for businesses on the go. The information is automatically refreshed to ensure that the graphs are always based on accurate data.

Opportunities for advisors to add value
Accountants and bookkeepers can immediately add value to clients by providing actionable insights derived from Xero, helping them to have a holistic view of their clients' business, and working with their clients to understand which metrics to monitor closely to improve the success of their business. Access to ready-made charts in the Business Performance dashboard save valuable time and remove the complexity of generating metrics and reports. Having a single source of business performance metrics also enables small business owners and their financial advisors to collaborate easily when discussing the metrics that matter.

Evolving the dashboard
Xero will soon be delivering a full suite of key performance indicators. A further 15 metrics are already available in Australia and New Zealand based on the use of Report Code mappings available in those markets. These additional dashboard metrics will be available in all regions later this year, as well as the ability to set thresholds and alerts to receive notifications on metrics.

Xero released over 500 updates in the last financial year, and has continued the pace of innovation to benefit small business owners and their advisors with more than 380 updates delivered so far this calendar year.

Comments on the News:

  • "The power of data and connections within Xero mean we're able to transform transactional data into real information that empowers small businesses to thrive through better decision-making," said Rod Drury, CEO, Xero. "The opportunity to further leverage big data for small businesses is really exciting. By digging deeper into the data in Xero we will soon deliver additional tools like benchmarking, which will allow businesses to understand their environment and see how they are performing in their industry or region."
  • "We continue to focus our R&D investments efforts on the big trends that we know are on a path to impact small businesses in the future, and the power of big data is one of those big trends that is on a path to massively reshape the 'haves' and 'have nots' on the small business landscape," said Angus Norton, Chief Product Officer, Xero. "Business owners who can get insights into their business at a glance to make smart and informed decisions will be better positioned to grow and compete in their respective markets. Big data is no longer only in the domain of big business, and with this service small businesses can spot issues early, take control of their business, and collaborate easily with advisors to enhance their overall performance."
  • "Small business owners can Xero in to get a comprehensive picture of how their business is performing and focus on what matters," said Andy Lark, Chief Marketing Officer. "We're passionate about providing the tools for business owners to Xero in and understand what drives their business, how they can increase their productivity, and maximize their opportunity for success."

Pricing & Availability:

  • Business Performance dashboard is available now at no additional cost as part of Xero's small business accounting solution, with prices starting from $9 per month.

Xero social media and resources:

About Xero
Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has 500,000 subscribers in more than 180 countries. Xero seamlessly integrates with over 400 third-party tools, and was ranked No. 1 by Forbes as the World's Most Innovative Growth Company in 2014 and 2015.

About Xerocon
Xerocon 2015 is being held at the Denver Center for the Performing Arts on June 2-4, 2015 and will be attended by more than 500 accountants, bookkeepers, small business owners, financial professionals and 35+ exhibitors. Keynote speakers at the event include Xero CEO Rod Drury, Freakonomics author Stephen J. Dubner and Polly Labarre, a founding member of Fast Company. Avalara is the lead sponsor of the event. Follow news from the conference on Twitter at @Xero and with #Xerocon.

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