With the new financial year upon us it is a great time to establish some financial targets and import them into Xero so you can compare your actual results versus your targets (or budget).
What we find, is that the understanding of the financial make-up of a business is enhanced significantly when you set targets and then report against those targets and get curious about the variances. Some good tips for establishing your financial targets for the year are:
- Start with a review of the strategy of your business
- Set some targets around the key drivers for your business (eg no of customers, productivity)
- Use excel or another spread-sheeting program to “play” with your numbers and create some what-if scenarios
- Prepare a bottom up budget for your overheads (day to day running costs)
- Once this is done you can then easily import the targets into Xero
- Customise reports in Xero to optimise the reporting and the use of your financial goals
- Run reports each month and get curious about your variances
For a video on how to import budget data into Xero click here
We regulalrly run webinars to cover establishing targets and how to upload them into Xero.
To register your interest then please click here