When you run a business, you know how important it is to keep track of your financial performance. One of the most useful tools for this purpose is a profit and loss statement, also known as an income statement or a P&L. A profit and loss statement shows you how much money your business made or lost in a given period, usually a month, a quarter, or a year. It also helps you identify the sources of your income and expenses, and how they affect your bottom line.
Creating a profit and loss statement can be challenging, especially if you have multiple revenue streams or complex cost structures. The built-in reports are usually really good, but they have their limitations. You have a P&L in Xero, but your options are limited.
That’s why you need Connectorly. Connectorly is designed to make your life easier by automating the process of creating and updating your P&Ls. Using the rich functionality of Microsoft Power BI, you have lots of options to change and customise your reports.
You can connect your Xero to Power BI with Connectorly, and it will automatically generate the Connectorly Xero data model that extends your reporting capability. You can also customise your P&Ls by adding or removing categories, adjusting time periods, and applying filters. Connectorly will then generate a detailed and accurate P&L for you, and you can create charts and graphs to help you visualise your data.
With Connectorly, you can also compare your P&Ls across different periods, projects, products, or locations. You can see how your income and expenses change over time, how profitable each aspect of your business is, and where you can improve your efficiency and profitability. You can also export your P&Ls to PDF, Excel, or CSV formats, or share them with your team members, investors, or advisors using Microsoft Power BI. Connectorly helps you stay on top of your financial performance and make smarter decisions for your business.
If you want to learn more about how Connectorly can help you create and analyse your profit and loss statements, visit our website today and sign up for a free trial. You’ll be amazed by how easy and convenient it is to use Connectorly for your P&L needs.
