A common example of this would be to keep sales invoicing, purchase ordering and supplier payments internally, whilst outsourcing purchase processing, bank processing and VAT review externally. This prevents the business owner having to hire someone with accounting knowledge and provides comfort that the complex tax issues are dealt with by an experienced team. Advanced reporting tools can be tailored to show important Key Performance Indicators (KPIs) for your business and industry. They update automatically as you live information updates and so adapt as your business changes. Advanced forecasting tools can also look at historical trends of your operations and predict future cashflows based on the activities of your customers and your team.
1. Spotlight, Futrli and Fathom are all reporting and forecasting tools that integrate with Xero. Each has their own specialities with Futrli focusing on forecasting, Fathom dealing with scenarios and advanced reporting and Spotlight having great consolidation tools. 2. Figured is an industry specific reporting tool for the Agriculture sector, with reporting and monitoring developed specifically to aid the niche requirements of these businesses.
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