Tax season can be stressful, especially when you’re unsure how to pull the right financial reports from Xero. The good news? Exporting your financials correctly can save you and your accountant time, ensuring a smooth tax filing process.
This guide is ideal for small business owners who use Xero but aren’t familiar with exporting reports. We’ll walk you through the steps to export your financials quickly and correctly, so you can focus on running your business.
Your accountant will need specific documents to prepare your taxes, including your balance sheet, income statement, trial balance, general ledger, accounts payable (AP) aging, and accounts receivable (AR) aging. These reports provide a comprehensive view of your business’s financial health, helping your accountant identify deductions, credits, and potential issues. (For a full list of documents, check out our guide on What Documents Are Needed for Tax Prep.)
One important note: It is recommended that you export your financials as an Excel spreadsheet. Excel is easy to use, works seamlessly with other financial tools, and allows your accountant to work faster and more efficiently. PDFs, on the other hand, can slow things down and make it harder to analyze your data.
What happens if you don’t export reports correctly?
- Delays in tax filing: Incorrect formats (like PDFs) or missing reports can slow down your accountant’s workflow.
- Errors in your tax return: Pulling the wrong date range or incomplete data can lead to mistakes.
- Frustration for everyone: Spending extra time fixing errors is the last thing you need during tax season.
Let’s break down how to export your financials from Xero—so you can avoid these pitfalls and stay on track.
Exporting Financials from Xero
Exporting financial reports in Xero is a straightforward process. Here’s how to do it step by step:
Step 1: Log into Your Xero Account
Start by signing into your Xero account using your username and password.
Step 2: Navigate to the Reports Section
From the dashboard, move your cursor to the Accounting tab and choose Reports from the dropdown menu.
Step 3: Select the Relevant Financial Report
You’ll find various financial statements here, such as:
- Balance Sheet
- Income Statement
- Trial Balance
- General Ledger
- AP Aging
- AR Aging
Click on the report you need to export.
Step 4: Determine the Date Range
Choose the fiscal year or specific date range for which you need the report.
Step 5: Export the Report
Scroll down to the bottom of the page and click the Export button.
Make sure to select Excel as the format, not PDF. The report will be downloaded to your computer.
Step 6: Repeat the Process
Repeat steps 3–5 for each financial statement you need to export.
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🔖 Pro Tip: To make this process easier to remember, consider bookmarking the Reports page in your browser or writing down the steps until you become familiar with the process.
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Why Exporting to Excel Matters
Using Excel for your financial exports offers several key advantages:
- Easier Data Analysis: Excel’s formulas and pivot tables make it simple to analyze your financial data.
- Faster Collaboration: Your accountant can quickly review and adjust Excel files, speeding up the tax preparation process.
- Accurate Reporting: Excel ensures your data is clean and organized, reducing the risk of errors in your tax return.
When your accountant receives your financials in Excel format, they can easily analyze the data, spot trends, and resolve any issues quickly. Excel’s flexibility and ease of use make it the ideal tool for collaboration and accurate reporting.
The bottom line
Exporting your financials from Xero doesn’t need to be a hassle. In fact, doing it correctly can make tax season a breeze! Properly exporting your financials ensures your accountant has all the necessary information to file your taxes accurately and on time.
If you’re still unsure about exporting your financials or need help with tax preparation, schedule a free call with a DiMercurio Advisors team member today. We’re here to help you every step of the way!
