How to Generate Reports in Xero: A Step-by-Step Guide for Tradies
“Confused by all those numbers? Don’t worry, we’ll make your reports as easy to read as a tape measure."
Are you a tradie feeling lost when it comes to understanding your business's financial health? Mate, this tutorial is for you.
Xero makes generating and understanding financial reports simple, clear, and stress-free.
Reports might sound complicated, but this guide will show you how to create and use them step by step.
Understanding your business’s financial health is crucial for success, especially for tradies managing multiple projects. Xero makes it simple to generate reports that provide insights into your income, expenses, cash flow, and profitability. This guide will show you how to create and use reports in Xero to keep your business on track.
Step 1: Log In to Xero
Go to Xero and log in to your account.
Access the dashboard, where you can see an overview of your finances.
Step 2: Navigate to the Reports Section
In the top menu, click on “Accounting”.
Select “Reports” from the dropdown.
This is where you’ll find all the standard reports available in Xero.
Step 3: Choose a Report to Generate
Commonly used reports for tradies include:
Profit and Loss (P&L): Shows your income and expenses, helping you understand profitability.
Cash Summary: Provides a quick snapshot of cash flow.
Accounts Receivable Summary: Displays outstanding invoices and who owes you money.
Accounts Payable Summary: Lists unpaid bills and due dates.
Click on the desired report to open it.
Step 4: Customize the Report
Use the filters to tailor the report to your needs:
Date Range: Choose the period you want to analyze (e.g., last month, last quarter, year-to-date).
Columns: Add or remove columns for detailed breakdowns, such as job categories or expenses.
Comparison: Compare performance across time periods, such as this month versus last month.
Click “Update” to apply the changes.
Step 5: Review the Report
Look for key insights:
Are your income and expenses balanced?
Are there any overdue invoices affecting your cash flow?
Which projects or services are the most profitable?
Take note of areas that need attention, such as overdue payments or high expenses.
Step 6: Export or Share the Report
To save the report, click “Export” and choose between PDF, Excel, or CSV format.
Share the report with your accountant or team by emailing it directly from Xero.
Pro Tips for Tradies:
Review Reports Monthly: Regular reviews help you spot trends and adjust your strategies.
Monitor Cash Flow Closely: Stay on top of outstanding invoices and bills to avoid cash shortages.
Use the Profit and Loss Report: It’s the easiest way to understand if your business is making or losing money.
Conclusion
Generating reports in Xero is a powerful way to stay informed about your trade business’s financial health. By reviewing your reports regularly, you can make smarter decisions, plan ahead, and avoid potential cash flow issues.
Need help making sense of your reports? Contact Contigo Accounting today for a free consultation. We’ll help you make sense of the numbers—too easy!
Checklist: Generating Reports in Xero for Tradies
Here is a quick checklist to get you started with you website blow. Remember imperfect action beats inaction, get started and keep publishing.
Log in to your Xero account and access the dashboard.
Navigate to the “Accounting” menu and select “Reports.”
Choose the type of report you need (e.g., Profit and Loss, Cash Summary, Accounts Receivable).
Set the date range to the period you want to analyze (e.g., month, quarter, year).
Customize the report by adding or removing columns or comparing periods.
Click “Update” to view the updated report.
Review the report for key insights, such as income vs. expenses and overdue payments.
Export the report to PDF, Excel, or CSV format for easy sharing or saving.
Email the report directly to your accountant or team if needed.
Schedule time each month to review reports and plan accordingly.
