From XU Magazine, 
Issue 31

Bespoke Financial Reporting - a big differentiator for accountants

A How To guide for getting started

In a perfect world, all clients would receive bespoke financial statements and dashboards, tailored precisely to their needs. The tool of choice for this type of work, is of course, Excel. However, accounting professionals have typically been prevented from offering such services due to the high cost of delivery.

Scott’s Add-in for Excel and Xero changes the game.  Now, Xero advisors have access to a powerful and efficient tool that enables them to create financial art that truly differentiates their service offerings. 

Why offer Bespoke Financial Reporting and analysis to your clients:

1. It is a huge differentiator for your practice as a Xero advisor.

2. It can be very profitable.

3. It’s fun and satisfying.

Here is how to get started:

Step 1:  Build a reusable Excel template using Scott’s Add-in for Xero. Or start by downloading one of our starter templates from scottsaddins.com/templates.  Start with a P&L or go all in with a 3 Statement Model or dashboard.  Use Scott’s powerful new Excel functions such as =SCOTT.GL, which pulls in the balance for a specific GL account for any time period you wish. 

Example =SCOTT.GL(Xero Org, Account, Beginning Date, Ending Date)

Add more power with other SCOTT functions such as =RANGE, =XBUDGET, and =XTRACK to capture Xero tracking category balances. (See Fig. 1) 

Fig. 1

Step 2: Tailor your template for individual clients.  Infuse your Excel model with financial KPIs (Key Performance Indicators), graphs, and analysis, that will give your clients a financial edge in understanding their business.

Step 3: Share the Excel model with your client, providing a valuable interpretation of the results. Refresh the model weekly or monthly, with one-click from Scott’s Add-in, updating with current Xero data.  (See Fig. 2) 

Fig. 2

Step 4:  Build a high margin, recurring revenue model.  Consider charging a flat fee for this periodic service of providing the current, bespoke financials, plus your narrative of the results and trend.

We invite you to join the growing legion of Xero advisors like PurpleLime, PennyBooks, and HFT, who are using Scott’s Add-in to produce elegant and powerful, bespoke financial reports for their clients.  Please visit us at scottsaddins.com for a free 15 day trial, and get started Creating Financial Art today!

Why leave it there?

To start your free 15 day trial

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