Xero Tracking Reporting with FUTRLI
Posted on 17th August 2017 in Forecasting
Written by Freya Hughes
Technology is constantly developing to help us streamline our days. Glancing at our phones, we can see where our trains are, get real-time progress updates of the pizza we’ve just ordered, and see where that t-shirt we’ve ordered online has got to. While these functions are useful in our downtime, entrepreneurs need to be able to track their business’ movements at all times. A beautiful relationship between Xero and FUTRLI has resulted in exactly that – in-depth, departmental tracking reporting. Where Xero stops, FUTRLI proudly continues and develops these functions, so you can focus on where your pizza has got to, rather than whether or not your business is on track.
Slice and dice your Xero tracking data
Xero’s Tracking Summary Report does what it says on the proverbial tin. With this way of reporting, you can generate a list of your tracking options, showing the activity in a particular group of accounts for a particular time period. Simply input the time frame you’d like to see, add your account group (eg ‘sales’), and add your tracking category. This, for argument’s sake, might be branch location. Xero’s tracking categories (and class or location categories) enable you to monitor different areas of your business. This way, your reports help you make proactive business decisions.
At FUTRLI we’ve taken this functionality to the next level. It allows you to forecast against individual tracking options, and filter any report by tracking options. There are no restrictions on the time period you want to analyse. This is because you can’t get a grip on your business if you’re chasing around for information: to protect your business from any nasty surprises, you must to look at the full picture. Drill down into incomes and costs, and create custom KPIs and formulas for all your Tracking Categories.
What Xero data can you track?
Sales and Purchase information can be tagged effectively with the departmental names that you assign. We have users who are tagging their data by region, by project name, by sales person, by department. We will let you run reports that allow you to benchmark each one against each other.
Industries which should be using this function include tourism, hospitality, manufacturing, recruitment and real estate. The possibilities are (almost) endless – any business that needs to divide itself up into smaller entities needs to be conducting tracking reporting.
Setting your staff personal and team targets offers your staff empowerment, accountability, and motivation in the workplace. This leads to good team morale. Being transparent with your team through your reporting will show them you trust them, result in harmony, achieved targets, and even a better quality product.
Food for thought
As a real life example, let’s say you’re the proprietor of a pizzeria. Your business will likely be divided into departments: wet (drink) sales, dry (food) sales, sales per person, eat in/take out, and total sales.
Rather than manually updating a spreadsheet with every single sale, plugging your figures into Xero will show your team’s movements in real-time. You’re likely to have multiple servers, therefore your transactions will be regular and must be measured.
Focusing on the positives – the actual sales – you need to know how each person is performing. You’ll have laid out a target in your budget, and need to be able to see how you’re performing against it. You have your actual data, so you could go through and compare each figure manually, or you could automate this task incredibly quickly, and it’ll continuously update in real-time.
Input each of your sales team’s names into a report to create your report. You’ll be able to easily see who is on or missing their targets, and how they’re doing as a unit. If there’s a dip in sales, you’re able to ask the right questions and work out how and why this has happened. You’re able to divide up per region, person, and any other segmentation that you need. Now you can see your report, you’ve achieved half of the mission. Let’s turn up the heat.
Having these static figures is great, and gives you a solid understanding of where you are at present, and how your business has performed in the not-so-distant past. What you need to do next is get your figures into a forecast, which will project your future earnings. The reason this is pivotal to your operations is you’ll be able to make business decisions confidently, knowing your sales will be strong enough to help you move forwards.
If you need to invest in more staff for a busy season, you’ll need to be completely sure that you can afford their wages. Forecasting is the easiest, fastest and most efficient way of achieving this. Need a bigger office? Check your forecast to ensure this is within your means. There’s no sense in rushing in head first with these decisions, and having a forecast help you decide such things will make your business grow sustainably – not a moment before you should.
Delivering speedy tracking results
Almost all of the entrepreneurs we speak to say the one thing they had more of is time. Conducting your reporting in anyway but Xero and FUTRLI is going to save you a life-changing about of your time, both professionally and personally. When you don’t have an hour or more to check up on the performance of your entire business, it sure would be handy to be able to check on it at a glance. And this is exactly what FUTRLI’s tracking reporting allows you to do.
We’ve created this function to be easy to use, so logging in you can set it up to show you a snapshot card which presents your actual vs forecast data. Create cards for each department, or have them all in one place. The beauty of FUTRLI is its flexibility, and the ability to customise your dashboards so they’re just right for you. Your business is unique, and your reporting should reflect that.