We are super chuffed to be part of this drive towards cleaner data and a first in S.A. Our HeadsUp reporting has been making waves since we officially launched this new service for our clients in March 2020.
Vehicles have heads-up displays
These days we rely on artificial intelligence and the like to provide us with information ahead of time, of a potentially hazardous event. Think about the typical “heads-up” displays in luxury vehicles. Without taking your eyes off the road, you have sufficient information available and enough insights into what is ahead of you, that you can safely navigate while driving to your destination.
Business owners also need HeadsUp displays
Just like these luxury cars helps their owners drive safer and less stressed, the need exists for business owners alike! That is why our HeadsUp report was born…out of the greater need to rely on more accurate accounting data.
There is no use in offloading your record-keeping on Xero, to an accountant or bookkeeper and then relying on the management accounts they produce if the data is incorrect. Management accounts are ultimately the roadmap or GPS that business owners use to determine whether or not they are still on course.
The 1 in 60 rule
Pilots refer to the 1 in 60 rule, which states (in my own words):
“A rule of thumb estimate that indicates that if a pilot’s flight plan varies by 1degree, he will be 1 mile off course for every 60 miles flown. ”
Imagine where the plane would be after a few hours if there is no heads-up warning that the pilot is off-course!
In a similar fashion, the business owner has to be able to rely on the management accounts to highlight all the possible “1 degrees”. If the management accounts are no good, they better strap in because it is going to be an uncertain and possible bumpy ride!
Dashboard view of your data
With the vast amount of data that is being generated in your Xero accounts, it is imperative to have a dashboard view of your analytics. This makes it easy to interpret and course-correct where needed.
Drilldown insights into non-accounting data
To have visibility of non-accounting data such as your Fixed Asset Register, and reconciled against your actual Xero data for any anomalies, makes this report extremely valuable.
Artificial Intelligence at its best
Having AI do some of the heavy lifting for us, enables us to dive deeper into the actual data and find those gremlins in no time. Identifying possible over-spend on certain key suppliers is simplified through AI mapping out your historical spending and tracking any anomalies against that spending. We can now drill down to the actual data with the click of a button.
Something your business could benefit from?
If this is the sort of insight you need into your Xero accounts, you can head over to our HeadsUp Accounting page for more information.