Xero is online accounting software for small businesses.
kopilot provides secure and immediate corporate information from your Xero data. You will get several predefined sample reports and charts to answer the critical business questions you have and to serve your operational needs. You can perform initial Xero data import in minutes. Your data is automatically refreshed and updated each time there is a change in your Xero account. When you can't wait for the next sync, hit the button to trigger it immediately.
During initial data import, you will be redirected to the Xero application.
Xero will ask you to authorize kopilot to import your Xero account data.
Make sure you have the unique admin user on your Xero account.
Only Admin User may link Xero with a third-party platform. Further scheduled data imports will use the same authorized access.
kopilot imports the following Xero data:
- Invoice amount,
- Tax amount,
- Second tax amount,
- Due amount
- Invoice Currency
- Invoice issued date,
- Invoice due date
- Client, Supplier
- Invoice Status
- and the same for the expenses, bills, credit notes, and receipts.
If you have invoices, bills, receipts, or expenses in multiple currencies, then for reporting total amounts, you need to convert them to one currency.
kopilot syncs with more than 170 currencies.
Currency conversion is always done using historical currency rates. When kopilot syncs past transactions or past payments, it retrieves the operation's historical exchange rate, based on the transaction issue date.
Please consider that the converted amount slightly might differ from the converted amount in your accounting.
- Some accountants convert an amount at the buyer rate: the accountant integrates the bank fees directly into the price. It avoids a second encoding.
- Other accountants record the amount in the original currency, then convert that amount without the bank fees, and finally, add the bank fee with all your other bank fees.
kopilot always works the mid-point rate, which is the difference between the buyer and vendor prices. In other terms, the mid-point rate is the real exchange rate, without bank fees. Kopilot can't know the bank fees the bank applied.
However, it is more than close enough for management and performance reporting.
Critical Business Questions kopilot answers
- Are we going to do more cash than last year at the end of the year?
- Do we get paid on time?
- How long does it take to get an invoice paid?
- How much money should we already have collected?
- Do we control our receivables?
- Do we manage our payables optimally?
- How much did we invoice this year till today?
- How much did we spend this year till today?
Available Metrics in kopilot per domain
- Sales forecast at the end of the year
- Forecasted sales growth to last year
- Forecasted deviation in sales to last year
- Sales forecast over the next 12 months
- Rolling forecast over the next 12 months
- Year-to-date sales
- Year-to-date variation to previous year sales
- Year-to-date sales growth
- Completion of last year sales
- Monthly Sales
- Daily Sales
- Hourly Sales
- Monthly sales growth
- Year-to-date sales on new clients
- Year-to-date sales on existing clients
- Percentage of recurring revenue
- Number of clients generating recurring revenue
- Percentage of clients generating recurring revenue
- Year-to-date expenses
- Year-to-date deviation to last year expenses
- Year-to-date expenses growth
- Completion of last year expenses
- Monthly expenses
- Daily expenses
- Hourly expenses
- Monthly expenses growth
- Year-to-date expenses on new vendors
- Year-to-date expenses on existing vendors
- Year-to-date profit
- Year-to-date deviation to last year profit
- Year-to-date profit growth
- Completion of last year profit
- Monthly profit
- Daily profit
- Hourly profit
- Monthly profit growth
- Profit per month
- Cumulated per month along the year
- Time to collect an invoice
- Percentage of late payments
- Total Overdue
- Percentage of delinquent accounts
- Day sales outstanding
- Worst debtors ranking
- Number of overdue invoices
- Number of clients in overdue
- Next 7-day incoming payments
- Next 14-day incoming payments
- Next 30-day incoming payments
- Overdue receivables
- Overdue in days of sales
- Overdue receivables between 1-14 days
- Overdue receivables between 15-29 days
- Overdue receivables between 30-44 days
- Overdue receivables between 45-59 days
- Overdue receivables for more than 60 days
- Next 7-day outgoing payments
- Next 14-day outgoing payments
- Next 30-day outgoing payments
- Overdue payables
- Overdue payables in days of payables
- Overdue payables between 1-14 days
- Overdue payables between 15-29 days
- Overdue payables between 30-44 days
- Overdue payables between 45-59 days
- Overdue payables for more than 60 days
- Number of active clients
- last year number of active clients
- Average revenue per client
- Last year average revenue per client
- Year-to-date number of transactions
- Last year number of transactions
- Average transaction value
- Last year average transaction value
⚡ Harvest users - Delete an invoice in Harvest
It might happen that you've deleted an invoice in Harvest after having copied it in Xero. In such a case, the invoice will still be present in kopilot.
Harvest's integration with Xero copies Harvest invoices and payments over to Xero. Copying is not the same as syncing, though. That is, any invoices that get updated in Harvest (including deleting an invoice) won't get updated in Xero after they've already been copied over.
To make the invoice disappear, connect to Xero, and void the transaction.