Clients turn to you for your knowledge and efficiency – and report templates within Xero HQ help you showcase both. You can make a quick start with pre-populated templates that are easy to customize for your practice needs, or if you prefer, create an entirely tailored set of reports.
And now you can produce a GAAP-compliant Statement of Cash Flows for your client reporting needs using a single integrated reporting solution.
Simplify the indirect method
A Statement of Cash Flows using the indirect method is an important report for accounting professionals, business executives and investors in the US. But as you know, the indirect method is complex. That’s why you’ll appreciate Xero’s simple solution – which gives you unprecedented control – for producing this report for your clients.
This new report allows you to reconcile from the Income Statement’s net income figure to cash from operations. This provides insight into the effects of non-cash transactions and changes in working capital, along with investing and financing activities.
Xero automatically calculates the movement for each account – including balance sheet accounts – and presents the appropriate accrual or cash-basis movement for each group in the report. From there, you confirm that the right accounts are in the right groups.
Customize your reporting
Just use the default layout in Xero to begin.
Then, because it’s built on Xero’s reporting framework, you can customize the report in all the ways you’d expect – with each report tailored to your client needs. You can, for example:
- present more or less detail
- add or remove line items
- add comparison columns and formulas
- rename report sections
- and more
The Statement of Cash Flows – Indirect Method report is available now to US-based practices from Xero’s standard report templates or you can add it to your own custom templates.
To learn more about the new report including the controls and customization, please visit the help center.
Future releases are on the way, including an IFRS-compliant version of the Indirect Statement of Cash Flows. So as always, keep an eye on the Xero blog for more announcements.
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Source: Xero Blog