Making Sense of Your Xero Dashboard

Making Sense of Your Xero Dashboard

The Xero dashboard is a summary of key information you need to monitor your finances, which is customisable to suit your business needs.

It allows you to track cashflow, monitor bank accounts and stay on top of credit control whilst keeping an eye on other key areas of the business.

Your Xero dashboard can provide an at-a-glance view of cash, profits and issues in your business that need attention.

Cashflow and bank accounts

The dashboard graphically displays your total amount of cash in and cash out on a monthly basis (also allowing you to see the difference), whilst cash movements on individual bank accounts are also tracked.

It gives an up-to-date view of bank and credit card balances (including the business savings account), as well as showing the status of any bank reconciliations.

You can select or exclude the bank accounts you need to view on your dashboard as necessary.

Delve into more detail by using the short-term cashflow available in Xero Analytics, or Xero Analytics Plus. Alternatively, you can use another app like Fluidly.

Keeping cashflow up-to-date

Whether you monitor cashflow in Xero, or use another app, there are four tasks you should do to keep your cashflow up-to-date:

  1. connect all your accounts, using direct feeds
  2. reconcile frequently
  3. manage expenses
  4. add payment dates.

Adding ‘planned’ payment dates tells Xero when you intend to pay your bills. (We add them when we have scheduled the payment using online banking). Adding ‘expected’ payment dates tells Xero when you expect to get paid.

Invoices owed to you

Use this section of the dashboard to assist with credit control. You’ll find data on invoices awaiting payment, draft invoices, overdue invoices and best of all, you can drill down into the detail directly from the dashboard.

Click on the ‘New Sales Invoice’ button to create new invoices here too.

Bills you need to pay

In this section, you can review amounts owed to your suppliers. Here you’ll find total bills awaiting payment, overdue bills and also draft bills, again with a drill down option.

Furthermore, the dashboard will display the status of any expense claims if you’re using Xero’s expense management tool.

Xero dashboard account watchlist

Add accounts to the ‘Watchlist’ to monitor spending on particular areas of your business.  You’ll then see them on your dashboard, tracking monthly and year to date (YTD) expenditure.

Customise your dashboard to monitor profits

If your Xero dashboard doesn’t already show your Gross Profit % over time, here’s how to add this vital chart. Head to Accounting > Reports > Financial > Business Performance and star the Gross Profit % chart. Here are some other options you can add include:

  • Current liabilities to net worth
  • Current ratio
  • Debt ratio
  • Debt to equity ratio
  • Fixed assets to net worth ratio
  • Gross profit %
  • Net profit on net sales %
  • Working capital to total assets %

Not sure what metrics to monitor? Ask us and we’ll let you know.

Edit Xero dashboard

Did you know you can edit the layout of the dashboard to suit your needs?  Simply click the ‘edit dashboard’ link at the bottom of the page and drag panels around the page. In addition to this, you can ‘hide’ or ‘show’ relevant data so that you only see what matters to you.

How can Wessex help?

First and foremost, our team of Xero specialists advise on all aspects of Xero. So, whether you are new to Xero or an established user, we ensure you get the most out of your finances.

Finally, to get started with Xero or for a business review of existing Xero accounts, please get in touch.

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Author: Rachael Baker

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