Overview
The Business Overview report is a valuable tool for evaluating the performance of your business on a monthly basis. It provides a comprehensive overview of your profits, including both labour and material costs. This report is available for Professional Plan and Xero Connected Fergus customers only.
Getting Started
First, you will need to make sure that you have a different account code set for labour and material sales in ⚙ Settings > Xero - this makes sure the report can tell labour and materials apart and prevents odd results.
The contents of this report are drawn from totals in your Xero account - the figures are pulled from the account codes you have turned on in the Assign Accounts section in ⚙ Settings > Xero which are used exclusively for this report:
To get the most accurate reporting, you will want to run through these account codes and make sure they are set appropriately. If you are unsure what to set some of your accounts to, your accountant should be able to help you out.
Understanding the Business Overview Report
The Business Overview report is a detailed analysis of your business's financial health. It consolidates data from your active Xero account codes, offering a comprehensive view of your business's profits. This report is designed to help you assess your business's profits by including labour and material costs, as well as expenses, purchases, and overheads. This comprehensive approach allows for effective profit and loss assessments, making it particularly useful for evaluating your business's financial performance.
Using the Business Overview Report to Evaluate Your Business's Performance
The Business Overview report is a powerful tool for evaluating your business's financial performance. By providing a comprehensive view of your profits, including labour and material costs, this report allows you to make informed decisions about your business's future. Use the data from this report to identify areas where you can cut costs, increase profits, and improve overall financial health. With the Business Overview report, you can easily track your business's progress over time and make adjustments as needed to ensure continued success.
In Conclusion
The Business Overview report is an essential tool for any business owner looking to evaluate their financial performance. This report offers valuable insights to help you make informed decisions about your business's future. Make sure to regularly review this report to stay on top of your business's financial health and drive growth and profitability.