Do you have multiple businesses such as a chain of restaurants or multiple office locations in Xero but want a consolidated report and forecasting tool? We discuss the three leading companies (Joiin, Fathom, and Spotlight) that can provide cost-effective solutions without the need to use Excel. These solutions can integrate seamlessly with multiple Xero accounts to provide powerful forecasting and analytical reporting tool.
Joiin is a very easy to use yet powerful consolidating reporting tool. Joiin integrates with SAGE and Quickbooks meaning entities that are using accounting software other than Xero can also be consolidated. If you are looking for a consolidation tool which has all of the requirements for IFRS reporting then Joiin is the system of choice. They also have added API integrations meaning you can plug data in and out of other systems. Joiin is probably also the most cost effective tool with pricing starting from $19 per month and they offer a 14-day free trial.
Based out of New Zealand and founded in 2003, Spotlight Reporting is Xero's number one reporting and forecasting app and was the App Partner of the Year award winner in 2015 and 2016. Spotlight Reporting was built by progressive accountants, for progressive accountants and is a preferred choice of the Big 4 and leading progressive accounting firms around the world. Spotlight Reporting offers a great range of comprehensive performance reports, full three-way forecasting, customizable dashboards, and advanced consolidated reports for multi-entity businesses and franchises. Spotlight Reporting seamlessly integrates with Xero enabling accountants and businesses to import actual and budget data from Xero with the click of a button. The integration unlocks all functionality available in Spotlight, including unique features such as industry templates, action plans, cash flow forecasting, executive summaries, advanced consolidations with multi-currency and intercompany eliminations, etc. Spotlight Reporting also integrates with Xero HQ. Alerts in Xero HQ can help accountants to become more proactive, reminding them to produce and deliver Spotlight reports or to provide helpful product information. You can add other data to Spotlight reports via WorkflowMax, EXCEL, and Google Analytics, as well as add in your own non-financial KPI information as well. Spotlight also integrates with WorkflowMax, Microsoft Excel, Google Analytics, MYOB, and Quickbooks meaning entities that are using accounting software other than Xero can also be integrated. In terms of ratings, according to the Xero website for third-party apps Spotlight Reporting received a 5-star rating based on 127 reviews. Pricing is between $25 and $250 per month and they offer a 28-day free trial.
Fathom is an award-winning team of designers, developers, and business analysts primarily based in Brisbane, Australia. Fathom has since expanded both its systems and the team as they strive to provide you with exactly what you need - easy-to-use and insightful performance analysis and reports. Fathom also integrates with MYOB and Quickbooks meaning entities that are using accounting software other than Xero can also be integrated. In terms of ratings, according to the Xero website for third-party apps Fathom received a 5-star rating based on 101 reviews. Pricing is between $14 and $39 per month and they offer a 14-day free trial. Spotlight reporting, Fathom and Futril are the three top-rated apps according to the Xero App Marketplace for multiple entity consolidation and forecasting. Be sure to take up the free trial period before locking into one of these solutions long-term. If you would like to know more about Xero or would like to take up our discounted implementation offer, submit your contact details here and one of our consultants will be in touch.
This article is an extract from the Xero website and is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.