If you’re regularly working with financial data for your clients, bridging Xero with Excel, the drill is all too familiar…
- You export data from Xero
- Then you pivot to Excel for the heavy lifting of analysis and reporting
It’s a clear-cut process, but let’s face it–it’s also a bottleneck that slows you down, leaving you tangled in manual exports and the risk of errors that can come from too much clicking and not enough syncing.
This is where the standard routine falls short.
In this article, we’re going to show you the step-by-step on how to transfer data from Xero to Microsoft Excel in a way that automates the manual, simplifies the complex, and keeps your data as current as your client’s demands.
Why Pull Xero Data Into Excel?
Imagine you’re tasked with compiling tailored monthly management reports for a client. Each month, this requires updating the Excel reports with fresh data from Xero. Now, consider if your client owns several restaurants, each with its own separate Xero account so you’re looking to consolidate this information to evaluate and compare each location’s performance.
Microsoft Excel makes it easy for you to enhance your financial reporting by incorporating varied data sets and performing complex analyses, ultimately leading to more informed decision-making for your clients.
While Excel is powerful for analysis, it doesn’t communicate directly with Xero, making your data prone to being outdated the moment it lands in a spreadsheet.
How To Manually Export Raw Xero Data Into Excel
When it comes to transferring data from Xero to Excel, the traditional route is manual export. Here’s how you typically get your data from A to B:
- Log in to the Xero platform: Start by signing into your client’s Xero account.
- Locate the Reports Section: Navigate to the area where your financial reports are housed.
- Select Your Report: Choose the report you need, be it the Profit and Loss statement, Balance Sheet, or any other financial report.
- Export the Report: Look for the ‘Export’ button—usually found at the top of the report—and select ‘Excel’ as your export format.
- Download and Open: Download the Excel file and open it up in Microsoft Excel to import the raw Xero data.
- Tidy Up the Xero Data: You’ll often need to spend time reformatting the data to suit your needs, removing any unnecessary headers or adjusting column widths.
Depending on your clients’ needs, that last step can be the most time-consuming.
The Pitfalls of Manually Pulling Raw Data Into Excel
While these steps may seem simple enough, they come with their downsides. The manual export is a repetitive process, especially if you’re handling multiple clients or reports. And each step–every click and adjustment–is an opportunity for mistakes.
Data can be misaligned, figures can be entered incorrectly, and formulas can be broken, leading to inaccuracies that can ripple through your analysis and reporting.
With each manual Xero data transfer when you export Xero to Excel, there are significant inefficiencies and risks that can impact your workflow and the quality of your reports.
- Time inefficiencies
- Risk of human error
- Maintaining data currency
As soon as you download that report, it’s already starting to become outdated. For real-time financial decision-making, this static snapshot is a handicap. You end up trapped in a loop, logging in to Xero and downloading report after report, just to import data into Excel to keep your reports current.
In a profession where real-time data isn’t just nice to have, but necessary, it’s critical to have a workflow that’s as up-to-date as the financial advice you ultimately give your clients.
Use an API-Driven Integration to Connect Xero to Excel
It’s clear there’s a need for a more efficient, error-resistant approach to managing your accounting data workflow–and Scott’s Xero Excel add in creates a direct line between your Xero data and Excel.
This means that instead of exporting and importing data, you establish a live feed directly into your spreadsheets to import your financial figures into Excel with just a few clicks, effectively turning Excel into a dynamic window that reflects your live Xero data.
Connect Xero to Excel through Scott’s Add-ins to seamlessly transfer a raw accounting data such as Journals.
With this information in Excel, you can then craft, adjust, and refine the data to align precisely with your clients’ unique analytical needs and reporting requirements for their businesses.
How to Use Scott’s Add-ins to Pull Xero Data Into Excel
Taking the step to incorporate Scott’s Add-ins into your workflow is simple to select reports and create rich insights for your clients.
Step 1. To begin with, Start Your Free Trial or open up your Scott’s Add-ins account if you’re an existing Scott’s user.
Step 2. Install Scott’s Add-ins in Excel
- Open Excel on your computer.
- Go to the ‘Add-ins’ section within Excel.
- Search for Scott’s Add-ins and choose to add it to your Excel application.
Step 3. Create Financial Reports in Excel
Take advantage of new functions such as =GL (General Ledger) and =RANGE, to create customized financial reports. Design your Excel sheets to reflect the data points you need, leveraging the flexibility of Scott’s custom functions.
Step 4. Sync Your Data
With Scott’s Add-ins installed, you can now sync live general ledger data from Xero directly into your Excel report. Ensure your Excel sheet is set up to pull the specific data you need from Xero.
Step 5. Refresh Your Reports
Once your reports are set up, use the ‘1-click recalc’ feature to refresh your reports with live data. This function will import the latest data from Xero, ensuring your reports are always up-to-date.
Step 6. Save and Share Reports
After recalculating and updating your reports with the latest data, save your Excel workbook. Share your up-to-date, accurate financial reports with clients or team members as needed.
A Better Way to Import Xero Data Into Excel
The Xero and Excel integration by Scott’s Add-ins is a powerful addition to your accounting toolkit that integrates directly with Excel through a robust API connection to Xero, streamlining what has traditionally been a manual and error-prone process.
So why use Scott’s Add-ins to connect Xero to Excel, you ask?
Establishing a Seamless Link to Accounting Data
This integration significantly simplifies your workflow. Say goodbye to the repetitive cycle of logging in, exporting, and formatting. With Scott’s Xero Excel add in you can access the data you need without ever leaving Excel. This seamless connection frees up your dashboard for more important tasks, like analyzing trends and preparing forward-looking financial forecasts.
“We use the app for consolidated reporting of several companies and thousands of tracking codes. A neat and lean tool that works perfectly and much better than other tools that promise more and keep less.”
– Christian Mosebach, Director
Time-Saving Spreadsheet Program
Time equals money. And pulling Xero data into Excel shouldn’t meant time wasted. Scott’s Add-ins respects this equation by minimizing the hours spent on mundane data manipulation. The time you save is then reinvested into activities that add value to your services—like offering more in-depth analysis and actionable advice to your clients.
“Brilliant Add-in. It has already reduced the amount of time we dedicate to month-end reporting by two days. We use Scott’s Add-in to consolidate cash flow reporting on multiple entities in Xero. The Add-in quickly and accurately rolls up all our entities in one Excel spreadsheet.”
– Teri Bittner, Vice President, Operations and Finance
Error Reduction
By automating Xero data retrieval, Scott’s Add-ins cuts down the risk of human error. It eliminates the chance of misfiled reports, incorrect data entry, and the inadvertent misapplication of formulas that can occur when handling Xero data manually. With a reduction in these risks when switching importing accounting data from one data source to another, the integrity of your financial reports is bolstered, and you can provide services to your clients with greater confidence.
Scott’s Add-ins redefines how you connect Xero to Excel. It brings efficiency, accuracy, and real-time data integration to your fingertips, transforming Excel from a static spreadsheet tool into a dynamic platform for accounting and bookkeeping management.
“Exactly what we needed! Saves so much time and eliminates errors that used to arise when data was changed in Xero. Don’t know how we managed without it!”
– Faye Mathews, Blue Skies Bookkeeping Services
The Takeaway
You need a streamlined and secure method of accounting data transfer–one that can save time, reduce the margin of error, and maintain the freshness of the Xero data, allowing you to focus on what you do best: providing insights and strategic financial guidance–without fussing over things like the file format.
Transitioning from manual data export processes to leveraging Scott’s Add-ins for Excel significantly enhances your efficiency, accuracy, and ability to provide timely, insightful financial reports for your clients.
No longer will you be tied to the repetitive tasks of downloading and formatting data from Xero. Blend, analyze, and report on financial information with the agility and precision that today’s fast-paced business environment demands.
Don’t let another reporting cycle pass you by with the old, inefficient methods. Start your free trial with Scott’s Add-ins today.