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Useful financial reports and how to run them

Xero has loads of helpful reports that work pretty much out of the box.

These are some we've found useful

Finding old rates

It's often useful to check what freelancers' rates have been in the past, to make sure we're not over/under-charging for their time. This is especially relevant for e.g. Designers who might work on a project at the start and then not again until much further into the project

If their role is tracked

We've set up a number of "sales items" which are tracked - Roles like Designer, Architect, Scrum Master. If their role is one of these:

  • Go to Xero > Reports > Sales > Receivable Invoice Detail
  • Fix the date range you need
  • Open the Custom settings
  • At the bottom - Filters - add a filter for Item Code and set it to the relevant role
    • If you want to limit this to a specific client, you can also put a filter on for that
  • Voila - all the charges put down to that Role will be displayed

If their roles isn't tracked

  • Go to Xero > Reports > Sales > Customer Invoice Report
  • Fix the date range you need
  • Select Sort By Contact
  • Now you'll have to scroll down until you find the client you're interested in
  • Once you've found it I'm afraid you're just going to have to look through each invoice manually to find the info you need.

Payroll breakdown report

In order to fill in staff details on the R&D tax credits spreadsheet, you need a breakdown of how much was paid per employee in Employer's National Insurance.

  • Go to Xero > Reports > Payroll > Payroll Activity Summary
    • (The Payroll Activity Detail report might also be useful if you need a monthly breakdown)
  • Under Employees select "Individual"
  • Under date range select your required date range (likely to be last financial year)
  • Hit update and you've got totals for
    • Earnings
    • Employee Tax
    • Net Pay
    • Employer Tax
  • Repeat for each employee

Pension contributions report

In order to fill in staff details on the R&D tax credits spreadsheet, you need a breakdown of how much was paid per employee in Pension contributions.

  • Go to Xero > Reports > Payroll > Pension Contribution Report
  • Under Employees select "Individual"
  • Under date range select your required date range (likely to be last financial year)
  • Hit update
  • Repeat for each employee