Xero integration
Getting Started
Create an account
Please click here to create an account.
Add a client
Once you've logged into the Virtual Finance Director Portal click ‘Add Client’, you will then be prompted to enter the following information
1 - Company name (the name you would like the company to be referred to as within VFDPro)
2 - Company registration number (used to provide information for benchmarking purposes)
3 - Accounting Date (the most recent month to which the accounts are up to date for that client)
4 - Click 'Save'
5 - Click 'Connect to XERO'
6 - Login to Xero with your user credentials
7 - Select the company whose data you want to sync from the dropdown list
8 - Click 'Allow Access'
That's it! A permanent connection has been created between The Virtual Finance Director and that client, nothing further is required.
Data Flow Diagram
The integration between VFDPro and Xero is very straight forward, we use the data feeds displayed above to create all reporting and analysis. Information only flows from Xero to VFDPro, at no point is any data written to your Xero account.
Maintenance
There is only one piece of maintenance required per client on an ongoing basis.
Once you have finalised the accounts for a particular month within Xero you will need to set a new 'Reporting Month'. To do this use the following process.
1 - Click 'Edit' next to the compamy name in your VFDPro portal
2 - Click in the accounting date field and select the end of the month to which the accounts are finalised
3 - Click 'Save'
Output
Your company is now synced and up to date, everything else is done for you. The following are all accessible from your VFD portal and available on demand.
Performance Reporting
This report has been designed to analyse performance over the past 24 months and highlight any areas of focus to improve profitability. The analysis covers the following KPIs - Revenue, Cost of Sales, Gross Margin, Overheads and Profitability using the following approaches:
Performance Charts - Charts comparing performance vs last year for the most recent month, quarter and 12 month periods.
Executive Summary - Summary of performance over the past 12 months compared to the previous 12 months, highlighting the impact each KPI has had on the profitability of the business.
Revenue Analysis - Monthly, quarterly and annual performance analysed at a total, transactional, average spend and customer level, highlighting how each has impacted overall revenue.
Margin Analysis - Monthly, quarterly and annual performance analysed at a total, % of sales and individual cost of sale line level, highlighting how each has impacted overall margin.
Overheads Analysis - Monthly, quarterly and annual performance analysed at a total, % of sales and individual overhead line level, highlighting how each has impacted overall profit.
Profit Analysis - Monthly, quarterly and annual performance analysed at a total and % of sales level, highlighting how each KPI has impacted overall profit.
Forecast Extrapolation - Performance over the past 6 months is analysed and projected forward for the coming 12 months.
Balance Sheet Analysis – Detailed Balance Sheet analysis highlighting movements in KPIs and drivers of change in net worth
Opportunities Identified - Every transaction within the business model is evaluated to identify all potential areas of risk and opportunity present.
Management Reporting
This report is designed to provide a snapshot of performance for key time periods compared to the same period last year across the entire business model.
Exception Analysis
What really sets the Virtual Finance Director apart are the tangible benefits that it will automatically identify. It will analyse every element of a company’s P&L and Balance Sheet to identify what steps can be taken to improve profitability or reduce financial risk. Areas analysed include everything from customer retention/acquisition to utilities.
Forecast Model
The Virtual Finance Director provides you with a tailored forecast model for every company it is synced to. You are provided with a forecast at a customer and cost line level, allowing you to produce a detailed forecast in a matter of minutes. There is no setup required, all you have to do is amend the pre-populated forecast and click a button to produce a report to discuss with your clients.
Dashboard
As part of your Virtual Finance Director package you are provided with a dashboard using industry leading business intelligence tools which allow you to perform a detailed interrogation of business performance over the past 2 years.
Email Alerts
The Virtual Finance Director portal allows you to automate the communication of performance analysis between accountant and client. You are able to send tailored email alerts to your clients with accompanying performance analytics, ensuring your clients know you're number one priority is improving the profitbilty of their business.
Xero Integration FAQs
Outlined below are the most common questions relating to Xero integration. Please visit our full FAQ's here.
Access the VFDPro Dashboard
Click ‘Login’ in the top right hand corner of any page and enter your credentials given when you set up an account.
How do I ensure my data is up to date?
Your data is synced on whichever frequency you have determined suitable. In order for your reporting, forecasting and analytics to be up to date all you have to do is amend the ‘Accounting Date’ to the end of the month to which the accounts are finalised.
How do I remove client data from the VFD?
Within your VFD Portal click on ‘Delete’ next to the data you want deleted and then click ‘Yes’ when prompted. All data relating to this company will now be deleted from the VFD.