Over the course of the last 12 months, we have provided many Calxa tips and tricks that you can use to enhance use of the software. In the bustle of the day-to-day you may have missed some of these. So, each Christmas we finish the year by bringing you a summary of our best Calxa Tips. We give you the 12 Calxa Tips of Christmas.
1. Add Formulas to your Budgets
Your Christmas present from us this year is budget formulas. Just like Santa’s elves, our team are busy working overtime. They are anticipating to have them ready and tested for you before you take a few days off. With Budget Formulas you will be able to:
- Set one account based on another account or even on a selection of accounts. A good example is the superannuation or pension fund expense as a percentage of your payroll amount.
- Metrics can also be used as inputs to your formulas, giving you true driver-based budgets.
After Christmas, we will add some more formulas like fixed date calculations. For example, you would use this to add fortnightly fixed wage amounts to disburse across your budgeted period. Cool, right? So, look out for Budget Formulas when you next do some budgeting.
2. Budgets for Any Date Range
The next Calxa tip will also help you with next year’s budgets. You are not limited to entering budgets by financial year. The pre-set date ranges include the current calendar year, current quarter, next 6 months and more. If you’re budgeting for a short-term project, set the dates to the start and end of the project so you can see it all at a glance, even if it extends across financial years. And the arrows beside the date will take you back and forth through the same time period.
3. A Favourite Calxa Tip – Invite your Advisor for Free
Make use of the Free Advisor option. Invite your external accountant or bookkeeper or one of our partners to help you with your Calxa setup and review. We won’t count them towards your subscription capacity (that’s why we call it Free!).
4. Overdraft Interest Budget
This year has been tough for many businesses. Reviewing finance and other cash flow options helped many survive the restricted economy. So use this Calxa Tip to Budget for Overdraft Interest by creating a customised KPI. Create an Account Group for the Closing Balance of your bank account. You can also use the default one which is based on the bank accounts selected in Financial Settings. Your formula could be as simple as:
If [Bank Closing Balance] < 0, -[Bank Closing Balance] * 0.12/12
To be really clever, create a Metric for the overdraft rate, update that with the actual and budgeted rate each month and change your formula to:
If [Bank Closing Balance] < 0, -[Bank Closing Balance] * [Overdraft Rate]/12
Once you’ve calculated the overdraft interest, quickly add it in to your budget.
5. Speed Up your Data Sync
Speed up data imports by limiting the numbers of years of actuals, and / or suppress the import of Departments & Projects (Settings, Organisation Settings, General). The first time we synchronise we bring in all years. If you know you won’t be changing prior years, you can save time by just bringing in changes to the current year or current and previous. If you’re using a Workflow to synchronise (and why wouldn’t you?) we recommend using the ‘All Years’ option as it then doesn’t matter how long it takes.
6. Our Automation Calxa Tip – Create Workflows
Use workflows to schedule updates from your accounting system. You can also use workflows to automatically deliver your reports. If you’re using Calxa regularly during the month, set one workflow to do the accounting sync every worknight so that you always start the day with current information. If you have a group of companies, you can add more ‘Actions’ to the workflow for each organisation.
7. Quick Starting Budget with Budget Factory
This Calxa Tips probably has the most impact. Use the Budget Factory to quickly populate cost centre and organisation budgets based on prior year actuals. The Budget Factory is also useful for any bulk copy operations. For example, copy a read-only accounting system budget into a Calxa budget. You can now edit the content and add Balance Sheet budgets. Alternatively, you can use this to copy your ‘Approved Budget’ for the year into your ‘Current Forecast’. It’s a good way to keep good practices to help you from creating a new budget version each year.
8. Add Budget Comments
Add comments to your budgets to record any assumptions on values. You can add comments to an individual cell, an entire row or column or any range. Because you can view your budgets from different perspectives in Calxa, the comment is applied to each selected cell, each account for each month. Add the Budget Comments report to your bundle to document your assumptions to your readers.
9. Super-Charge your Reports with Account Trees
This certainly would have to be our ‘wow’ Calxa Tip all round. Use Account Trees to manage the rows in your reports, or when Consolidating Organisations. You can create new top-level categories (up where Income, Cost of Sales and Expenses are) with their own running totals.
Use a Category with ‘Show in Reports’ turned off to exclude accounts from your reports. Use this if you want to report on a subset of accounts for a department or project.
Moreover, within each category you can create ‘Headers’ to group and summarise the accounts, providing your readers with the level of detail they need to make good decisions. We came up with 7 Uses for Account Trees but there are many more!
10. Create Your Own KPIs
Create customised KPIs to highlight the numbers that are vital to your organisation. Some KPIs are relevant to almost everyone but sometimes you need something specific to your industry.
11. Handing Over Calxa Tips
Are you leaving your job and handing over to someone else? Invite them as a Subscription Co-Owner so they have full access and point them in the direction of our learning resources.
- Our Getting Started Webinars are a good place to start.
- The online Help Centre is stocked with both videos and help notes.
- And, of course, they can get in touch with us if they get stuck.
So remember, when you’re ready to move on, email us at [email protected] if it makes sense to make them the payer of the subscription. And don’t forget Calxa for your reporting needs in your next role!
12. All Calxa Tips End With Report Bundles
And Bundle, Bundle, Bundle! In other words, we give you lots of choices in reporting, but you should only need to make those choices once. Find the template you want, configure it to show the information you need and then add it to a bundle. Now you can quickly run it every month thereafter, or schedule delivery to your inbox. If you find you are regularly editing your report configuration, talk to our team to figure out some better options. We hope you are going to put some of these Calxa Tips and Tricks into action and save loads of time. That is our gift from us to you. Keep safe this holiday season.