The Xero accounting system is getting widely accepted in larger companies with consolidation requirements for multiple entities. In this article I would like to explain how you can completely automate the consolidation process and add unparalleled analytics options with Power BI.
There are a variety of web apps out there to address this requirement, but these typically are rigid and cannot compete with the analysis functionality in market leading analytics platforms. The approach that we are covering here is based on an enterprise grade data warehouse approach using Microsoft’s Azure SQL Server where all Xero data is stored securely in the cloud.
• You have a full backup of your data in a format that can be accessed by nearly every client tool from Power BI, Excel, Tableau, Qlik to custom built solutions
• The platform is optimized for reporting and analytics requirements and enables the fastest possible query times
• The platform is nearly infinitely scalable as the cloud capacity can be instantly adapted to the needed capacity
• You have the option to choose in what jurisdiction your data is deployed and have full control over it
Acterys enables you to automate the load for any number of Xero companies to the Azure SQL data warehouse and provide you with all requirements necessary for consolidation. Here are the necessary steps
2. Add one or many Xero companies
3. Install the Acterys Power BI App or the Acterys Excel Template
5. Configure the required consolidation parameters:
a. Details of multi-currency conversion: automated integration of currency services or manual maintenance
b. What FX rates (spot, historic) to use for what account types
6. Configuring your preferred method for inter-company elimination. Acterys is the only solution the enables you to use 5 different methods -that can be used in combination- and in most cases completely automate the process of eliminating transactions:
a. By specifying dedicated inter-company accounts
b. Specifying inter-company contacts (setting a flag per group company that will automatically eliminate transactions between them)
c. Using Xero Tracking Categories for inter-company transactions
d. Manual adjustments as required
7. Customizing your reports with the front end tool of choice (Power BI, Excel, other options)
One of the biggest benefits of this approach is that consolidation is just one of many aspects that the solution covers. It can be easily extended with other business requirement from planning and budgeting to project management and the addition of nearly any data source.
The shown approach natively supports widely used authentication standards like Microsoft accounts and active directory and instantly integrates with Office Productivity solutions.
Finally, the option to easily extend Acterys with new no code app development platforms like PowerApps and workflow automation like Microsoft Automate enable you to realise nearly any workflow requirement from approvals to email notifications.
Please feel free to contact us for any questions or start a trial for consolidating your companies.