Quality Reporting and Analytics for Bookkeepers

The third in our Quality Automation series is all about helping you with what you’re really passionate about: helping your clients with great insights, to make excellent decisions.

If you missed one and two, check them out in the links below. We’re moving through the four pillars of quality automation for high-performing bookkeeping firms:

  1. Quality data
  2. Quality work process
  3. Quality reporting and analytics
  4. Quality client service

We know, that you know, accurate financial reporting is key for any business to understand their true position and to make informed decisions. Conversely, the dangers of inaccurate financial reporting can be devastating – so it pays to ensure you're working with quality.

But what is quality? And how do you ensure quality financial reporting? Good financial business management starts with ensuring the numbers are correct (read more about that in the first of our series, data quality). Knowing this, it’s only fair to say that quality reporting is a crucial part of a bookkeeper's role, both for their clients and their own practice.

What is quality financial reporting?

High-quality financial reports are essential to any sized business. These reports help ensure fiscal decisions are based on the most up-to-date and accurate understanding of a business’ financial position. They're also acritical source of information for business owners and their finance teams to understand financial operations of the organisation and their implications on the business moving forward.

  1. completeness
  2. comprehensiveness
  3. integrity

To ensure all of the above, the most important thing to consider first is the health of the data you’re dealing with.

Data cleansing for quality reports

Data cleansing is a crucial step in your reporting process. It improves your data quality and in doing so, increases overall productivity. When you clean your data, all outdated or incorrect information is gone – leaving you with the highest quality information. It means the reports you’re supplying are correct and can be a trusted source of truth to make business decisions.

Gone are the days of time-consuming manual data cleansing. With AI Audit like XBert, you can drastically reduce the amount of manual time on checking, and correcting the data. With more than 70algorithms checking your Xero, MYOB and QuickBooks data multiple times a day, with quick-links to solve directly within your accounting files you will all-but-eliminate the time you spend on manual checks and rework.

Automated analytics and financial reports

Utilising modern cloud software to access your accounting data and automate your financial reporting is a no-brainer. But finding the right system, that’s simple not only for you to use, but for your clients to access and understand, is key. Rather than trying to scrape up everything needed for a financial report—which can be time-consuming and error-prone—using cloud software with direct data access can save you time and money by automating these tasks.

There are plenty of reporting tools available for business owners and their finance teams but consider this: a reporting tool that’s built-in to your data cleansing system (and your workflow tool!).

Incoming hero to save the day: XBert!

XBert’s integrated reports have been built at both the Practice and Client level (with more being developed all the time)allowing users to have deep insights into the client data at any given time. Even better – you know XBert’s AI Audit has run across the files, ensuring any issues or inconsistencies have been flagged for your analysis. Data cleansing is no longer a step in the reporting process – it’s done for you, multiple times a day.

But what about accessibility for your clients? That’s taken care of, too. Invite your clients in to your White-Labelled Client Portal to share the reports, make comments, ask questions and store documents – or simply share the reports via a link.

Find out how XBert Reporting can take your quality reporting to the next level, but sort out quality data, quality workflow and quality service

Start a free trial today - connect your files and discover insights into your client's business, in just a couple of clicks.

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