When you copy last years report in Xero

Cons

1. You MAY need to group new accounts
   1. Any new accounts will land in the general bucket
2. Some accounts MAY not be in the Notes
   1. And you need to add them
   2. This is because your notes MAY not be set up properly 
3. Changes to directors, trustees etc will need to be updated
4. Text is copied, so any changes to master practice templates will NOT be presented 

Pros

1. All revenue and expense accounts are in the income statement
2. All asset, liability and equity accounts are in the balance sheet
3. Any tracking reports are copied
4. Any custom grouping is copied
5. Any renamed reports are copied
6. Dates are updated with current date