Master multi-entity with Xero HQ
Streamline, sync and scale your finance operations
Xero HQ is now available for in-house finance teams managing multiple entities. Ready to learn how you can leverage this tool to handle your different entities on Xero?
Let’s dive into the key takeaways from our conversation with Annie Hawkins, Account Manager for Groups and Franchises at Xero, and Paresh Makwana, Head of Finance at Outernet London, who manages his 47 Xero entities with Xero HQ.
A growing buzz around Xero HQ
Our recent webinar rode the wave of excitement from our popular Xero for Groups series back in March, which had a whopping 600+ registrants. The huge turnout really highlighted the importance of understanding how to tap into Xero's full potential for groups of companies.
Annie, who just hit her five-year milestone at Xero, joined us to share her insights. She talked about her journey from working with bookkeepers and accountants to now focusing on franchises and groups.
“When I first joined Xero, I was supporting our traditional partners, the bookkeepers and accountants who are part of our partner program. One of the perks of this program is access to Xero HQ. In my new role, I began exploring how the features used by bookkeepers and accountants could also benefit franchises and groups, with Xero HQ being a standout.” - Annie Hawkins, Xero
So, what’s Xero HQ all about?
Annie gave us the lowdown: Xero HQ is like a central command centre where you can manage all your Xero subscriptions within a group.
Let's break down the main perks:
- Simplified organisation setup: You set up a standard chart of accounts once in Xero HQ. Then, whenever you start a new subscription in Xero, you can just pick from your chart of accounts library. This saves time and ensures consistency when comparing companies within your group, plus it means less mapping when using consolidation apps.
- Efficient onboarding and offboarding: With Xero HQ, bringing new staff on board or offboarding them is a breeze. You can either assign subscriptions in bulk or pick and choose which ones to assign—a real time-saver.
- Custom reporting: Creating and using custom reports across all your group entities is super easy. You can whip up reports in Xero HQ, store them in your library, and make them available across your entire network.
- Live dashboards: Access all the key information from various subscriptions in one live dashboard without needing to log into each one individually. It's a game-changer for keeping track of everything at a glance.
Annie’s demo really brought these features to life, showing how they simplify managing multiple entities and streamline workflows for finance teams.
Aside from the headline benefits, Annie highlighted some hidden gems:
- Bank feed expiry column: This lets you know when a bank feed is about to expire across your subscriptions, without having to log into each individual one to check. Since bank feeds are the heart of Xero, this feature ensures they stay live without any interruptions.
- Unreconciled column: Think of this as your to-do list organiser. You can sort subscriptions by unreconciled items, tackle them, and get everything up to date quickly and efficiently.
- Group entities: Within the clients tab, you can group your entities together. Imagine you have a group with various types of organisations, including properties. With Xero HQ, you could easily group all your property organisations. This means that when assigning staff, if someone oversees all property-related entities within your group, you can simply select the properties group.
Real-world success: Outernet London’s story
Paresh shared his journey with Xero HQ after transitioning from Sage Intacct to Xero. Outernet London, a group with 47 entities spanning various sectors, found Xero HQ invaluable. Paresh explained that he used to think Xero couldn't handle groups until he met Annie, who introduced him to Xero HQ.
"I wasn't going to use Xero until I got to see Xero HQ." - Paresh Makwana, Outernet London
Paresh highlighted the significant time savings and increased efficiencies gained through Xero HQ.
From data to decisions: Sharper control, smarter reports
Xero HQ provided better control over bank reconciliations and a more streamlined reporting processes.
"We’ve achieved a lot of efficiency and time savings with Xero HQ. Our reporting has improved significantly because we use it as a standardiser across all entities. The columns Annie showed, bank feed expiry dates and outstanding reconciliations, are exactly what we’ve set up. I use these columns as a checklist for the team to address issues with bank reconciliations. It’s a great way to check without having to go into each account individually." - Paresh Makwana, Outernet London
Same chart, different entities, no headaches
The ability to apply a standard chart of accounts across all entities really simplified the setup and ensured consistency across all entities.
"The chart of accounts feature allows you to apply a standard chart of accounts across all entities. Since we operate in different industries, we need specific account codes—for instance, a property company’s codes won’t apply to a charity. Xero HQ’s customisation options for the chart of accounts have been incredibly useful. This flexibility has greatly improved our team’s efficiency." - Paresh Makwana, Outernet London
Grow without the growing pains
With a rapidly growing group, adding new entities is now a breeze, and the incremental costs have been much lower compared to their previous system.
"It was so much simpler and the incremental cost isn't as dear as it used to be on Sage Intacct." - Paresh Makwana, Outernet London
Tips for finance teams
For those thinking about switching to Xero HQ, Paresh’s advice is straightforward: leverage the support available. Engage with Xero’s partner consultants and use the resources provided to make the transition seamless. He also encouraged finance teams to connect with others using Xero HQ to share experiences and best practices.
What’s next?
For finance leaders interested in exploring Xero HQ, joining the Xero partner program is the first step. The program is free and offers numerous benefits, including access to Xero HQ. Interested? Contact Annie on annie.hawkins@xero.com or visit the groups page here.
Xero HQ is transforming how multi-entity finance teams manage groups of companies in Xero. Annie and Paresh showed us how it can simplify workflows, improve reporting, and save time. If you’re looking to scale your finance operations in Xero, exploring Xero HQ and joining the Xero partner program is a great next step.
You can catch up on the webinar, including Annie's demo of Xero HQ, here >
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