In an increasingly digital world, cloud-based accounting software has become a popular choice for businesses of all sizes, and one of the benefits of using this technology is the ability to store substantial amounts of financial data, including reports and transactions, in one convenient location. However, as software evolves providers cannot maintain all old reports indefinitely.
For a number of months now, Xero has been rolling out a new style for the reports it can produce, affecting everything from account transactions to balance sheets. These new reports have greater functionality and allow for a lot more customisation. As a result, the retirement of old reports has been announced, with the plug being pulled on 31st July 2023. You may be starting to think about how this will impact your business reporting.
According to Xero’s General Manager of Reporting and Insights, Tory Anderson “the new reports are built on the latest technology and have some really exciting features that will help you get quick access to answers and streamline your financial analysis.” Xero plans to add more reports and functionality in the future, but to do this they will no longer maintain older versions that are now outdated.
Just like a car, the older a software gets, the more challenging it becomes to maintain it. Even keeping the engine working requires effort, attention, and cost. Eventually, you need to replace it with something new. “Even if we left the older versions there unsupported, this lack of integration into other areas of Xero means the data would quickly become untrustworthy and insecure. Our vision is to be the most trusted and insightful small business platform, so it is vital that the data in our reports is accurate,” said Tory.
How can you tell if you’re using an old-style report?
When you search for a report or view your favourites, a tag will indicate whether it is an old version.
These tags will continue to be added to old reports as more new reports become available.
When you open an older version of a report, you will see a banner at the top with links to the new version as well as tips to help you make the switch.
If you want to use new reports just as they are, then all you need to do is open the report and get started! The tips and tricks panel in the most used reports and the “Reporting” playlist on Xero’s YouTube channel Xero YouTube - Reporting will help familiarise you with how they work.
Don’t forget to replace your favourites in the report centre with the new version of that report, however, Xero will start doing this for you soon to help you make the switch.
If the reports you use are a little more complex, here are the key things you might need to do:
Copy any custom layouts you may have used, using the layout importer tool linked at the top of the report (do this before 31 July as you will not be able to after that date)
Customise the new version if you want to, and save it as a custom report or default layout, so next time they will open exactly how you want them
Finalise and publish any old, saved report drafts, if you want to keep them as read-only reports (draft reports will be removed after 31 July 2023)
Connect any workflows outside Xero to the new versions of your reports (if you export data and do further manipulations in Excel or other apps to get what you need, like macros)
Some old reports will not be retired on this date, as Xero is upgrading them in a different way or at a later date. These include Budget Manager, Business Activity Statement, VAT Return and Reconciliation reports, Expense Claim Summary report, Pay Run Summary and Pay Run by Employee, Foreign Currency Gains and Losses reports, Budget Summary report and Reporting API.
If you have any questions or concerns regarding the upcoming changes please contact Andrew Hemingway on 0808 144 5575 or email help@armstrongwatson.co.uk.
