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Xavier Analytics

Xavier Analytics is an accounting professional’s best friend. Xavier’s initial focus is on the Xero marketplace and the financial firms that support clients using Xero. The system solves frustrations and accelerates time-consuming tasks that the FD Works team deal with on a daily basis when working with Xero data. Xavier Analytics’ approach is:

Step 1: automated extraction of data out of Xero for all of a firm’s clients, on a regular basis

Step 2: guidance and tools for cleaning up Xero data – helping identify and amend unreconciled transactions, duplication of contacts, account coding errors, and tracking changes in relation to locked periods

Step 3: Sanitised client data served up in a flexible format for customised reporting

The pain points Xavier solves for FD Works are common across all accountants working with Xero, as they are built around day-to-day bookkeeping tasks. Expansion into benchmarking and forecasting tools will provide financial advisors with the ability to have constructive conversations with their SME clients about the future of their business.

The future Xavier Ecosystem will level the playing field by giving small businesses access to meaningful comparative data, something usually only accessible to large organisations. This comparative data will focus on financial metrics (spend on bills, revenue growth, gross profit, gross margin) against companies in similar sectors, geographic regions or of similar ages.

A number of existing providers offer elements of the Xavier ecosystem, but not all:

– Botkeeper (https://www.botkeeper.com/) combines financial and non-financial data sources and bookkeeping tools, but is limited to cash-only accounting, lacks UK-specific data and benchmarking analysis.

– CheckMyBooks (https://www.checkmybooks.co.uk/) provides accountants with help on compliance however the functionality is limited and SMEs are not their target audience.

– Fathom (https://www.fathomhq.com/) provides SMEs with reporting over their financial data, but lacks integration across data sources.

– Ormsby Street (https://www.ormsbystreet.com/) uses Office for National Statistics data to provide high-level statistics for UK SMEs, but does not combine this with a business’s financial records for direct comparison.

None of these providers are combining data across multiple sources and allowing SMEs to take action in the wide range of ways that Xavier will offer. This integrated database will make Xavier truly unique in the marketplace.

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