Streamlining Accounting Processes with Xero Push

Xero Push APIs save you time and money and improve accuracy and speed

Using Xero Push APIs offers numerous advantages:

• Time Savings: Automates daily updates, significantly reducing manual data entry and preparation time for statutory and management purposes.

• Accuracy: Minimises human error associated with spreadsheets and pivot tables, ensuring reliable financial data.

• Auditability: Creates an auditable set of accounts at year-end, enhancing compliance and transparency.

• Real-Time Insights: Provides intra-month updates on financial positions, enabling timely decision-making.

• Efficiency: Reduces the need for outsourced bookkeeping, particularly in foreign countries

We integrate with broad range of complex data sources

Firehawk Analytics supports many integrations, from off-the-shelf solutions like Shopify to more complex custom-built CRMs, payment gateways, and structured (e.g. SQL, Snowflake) and unstructured (e.g. MongoDB) databases. Each integration is carefully managed using APIs, webhooks, and other connections to ensure seamless data flow into Xero.

The need for data accuracy and reliability is crucial

Accuracy is critical in accounting. We thoroughly diagnose existing processes, agree on the chart of accounts, and design the necessary APIs that drive the automation of journal entries, bills and invoices. This meticulous planning includes:

• Requirement Assessment: Understanding existing accounting processes.

• Chart of Accounts Agreement: Defining journal codes for all revenue, cost, and balance sheet items.

• Designing Manual Journals and Bills: Ensuring compliance with Xero’s daily API limits.

• Development Instance Setup: Running trials in a development environment.

• Reconciliations and Error Dashboards: Verifying data accuracy.

• Parallel Testing: Running the development environment alongside production for 1-2 months.

• Go Live: Switching from development to production.

• Ongoing Monitoring: Ensuring continued accuracy.

• Reporting Framework: Building comprehensive reports around the data.

• Handling Exceptions and Errors

Firehawk Analytics collaborates with clients to develop error-processing protocols. For example, handling customer returns or refunds requires careful coordination. End-of-month manual journals address minor discrepancies, ensuring minimal end-of-month adjustments and streamlined accounting.

Reporting and insights is the result

Once integrated, the reporting capabilities are enhanced significantly. Firehawk Analytics updates accounting daily, providing real-time financial positions on Income Statement, Balance Sheets, and Cash Flow Statements. Our platform offers:

• Sales vs. Budget Analysis: Monthly and year-to-date comparisons against budget.

• Permission-Based Reports: Senior managers and board members can access detailed reports.

• Working Capital Management: Improved cash flow and sales tracking.

• Ensuring Data Security and Compliance

• Firehawk Analytics ensures full compliance with data security and privacy regulations, operating within each client’s security frameworks to maintain confidentiality and integrity.

Success through experience

Firehawk Analytics has assisted many clients with comprehensive accounting and financial reporting solutions. For example, our platform facilitates the consolidation of group accounts across multiple Xero tenants. Implementing Xero Push APIs saves the accounting team approximately two weeks each month. Senior management and board members benefited from timely, accurate reporting, enhancing decision-making and operational efficiency.

Getting your business down to seven days for monthly reporting

We are committed to making accounting processes seamless and efficient at Firehawk Analytics. Our deep knowledge of Xero Push APIs and tailored support ensure that your financial data is always accurate and up-to-date, providing the insights needed to drive your business forward. Contact us today to learn how we can transform your accounting operations.

Read our white paper on reporting in seven days [here].