Improve your analytics and forecasting with verified actionable data
Every business needs insights into its current position and an understanding of what’s coming in the future. Xero’s Analytics Plus tool makes cash flow prediction much simpler.
The importance of data for insights and forecasting
Understanding your company’s financial health is crucial for making informed business decisions. And the key to accurate reporting and forecasting lies in having high-quality data – data that is structured, verified, and enriched with business context. That’s why financial performance indicators are so important, they give you a comprehensive outlook on your business as a whole, allowing you to find effective ways to move your business forward.
To ensure quality insights and forecasting, it’s important to code all expenses properly in your accounting system. This builds a reliable foundation for cash flow forecasting, cost projections, expenditure structure, and more.
And to further enhance your data quality, it’s essential to have a well-established granular authorisation system. This includes various expense authorisation levels, custom authorisation criteria, rules for authorisation delegation, and fraud monitoring procedures. With a clearly defined authorisation process in place, you can share accountability with your clients, create the basis for accurate financial projections, and provide advice on their financial performance.
By focusing on data quality and a robust approval process, you can gain valuable insights into your business and make more informed decisions.
How ApprovalMax validates and approves bills for accurate financial reporting
When bills enter ApprovalMax, they first get reviewed and coded. In this step, the accounts and tracking categories are checked to confirm that the spend allocation is correct. You can also match bills and corresponding purchase orders in ApprovalMax, which includes copying certain information such as the bill’s coding from the original purchase order.
After this initial control, usually performed by the practice, bills are routed through the defined approval workflow on the client side. ApprovalMax runs a fully automated multi-step and multi-role authorisation process, which is based on one or several criteria pulled from the accounting system (supplier, amount, GL code, tracking category, etc.). The highly flexible approval matrix can easily be extended to suit growing businesses with increasingly complex spend tracking patterns and progressively more approval criteria that need to be taken into account. ApprovalMax reflects the delegated authority for the business and enforces internal controls.
Completing the ApprovalMax review and approval process ensures that only authorised and properly coded bills enter Xero to provide a reliable basis for accurate reporting and forecasting.
Ready to improve your data accuracy?
Take the first step towards more reliable data with a free trial of ApprovalMax – sign up now
Start a free trial