Why Custom Reports Are Critical for Business Success

In today's fast-paced and competitive business world, clients are increasingly concerned about their expenses, cash flow, and overall business health. As a result, it's more important than ever for businesses to create custom reports tailored to their unique needs. Setting up a custom report is one thing, but you also need to train your clients to read them which ultimately empowers them and enables them to make more informed decisions about their business.

Custom reports are essential for several reasons:

1. Personalisation: Customising reports for your clients allows you to provide them with the specific data they need. By tailoring the information presented in a way that's most relevant to their goals, you can help clients focus on the areas that matter most to their business success.
2. Empowerment: By providing customised reports and training your clients to read them, you enable them to better understand their own financial situation. This knowledge makes them less reliant on external support and allows them to be more responsive when making crucial business decisions.
3. Increased engagement: A well-designed custom report can make it easier for your clients to engage with their financials regularly. This increased engagement can lead to improved decision-making and overall business performance.

To ensure your clients get the most out of custom reports, it's crucial that you properly train them in how to read and interpret the information provided. Here are some tips on how best to approach this training:

1. Start with the basics: Begin by explaining the fundamental concepts of financial reporting, such as income statements, balance sheets, and cash flow statements. This will lay a solid foundation for understanding more complex custom reports.
2. Be patient: Remember that not everyone is a financial whiz - some clients may need more time and assistance to fully understand their custom reports. Be patient and offer additional resources, such as tutorial videos or one-on-one consultations, to aid their learning process.
3. Encourage practice: As with any new skill, practice makes perfect. Encourage your clients to regularly review their custom reports and ask questions when needed.

By taking advantage of tools like Xero and investing time in training your clients to read and interpret custom reports, you can empower them to take charge of their own financials. In turn, this will lead to better business decision-making, ultimately resulting in greater success for both you and your clients.

Want to know more? We have a webinar which will explain how to create and train your clients in custom reporting:

https://www.futureproofaccountants.com.au/offers/NamooAzc/checkout