Your Cloud Accounting Team!
Do you get financial statements but do not know what it all means?
Do you need a full time controller but cannot afford to hire one?
Do you need to get key information from your financials to make better business decisions like:
I could go on, but the point is, if you are not able to get this information out of your data than your business could be in real trouble. If you know things like the state of your cash flow ahead of time, you can take action ahead of time to make sure you have the cash in place to run your business.
You may not have a big company, but you still need to fill the needs like a big company, and big companies do financial data analysis. Just because you may not have a bookkeeper, does not mean that you stop paying the bills, right? Many business owners wear many hats and do not have the time to do everything, and while you may be great at your business, analyzing your financial data to make good business decisions may not be your strong point.
The number one goal at dailey bookkeeping services is to help businesses get more profitable and to do that you need accurate data to make good business decisions. Once we have cleaned up your data file we will perform the financial data analysis to track important Key Performance Indicators (KPI's) so that you understand the drivers behind your results. From there, you can take action on these items to take your business to the next level!
dailey bookkeeping services will perform the complex financial data analysis for you. We won’t just hand you a report, together we will go over this data and put a plan in place to increase your profitability, so you will know that you are making money and HOW you are making money. Here are just a few items in addition to the analysis that we can help you with:
So if you are ready to grow your business, give dailey bookkeeping services a call today! We offer a 30 minute no obligation consultation, where you can tell us exactly what problems you are seeing and we can start to get you on the road to profitability. Not sure exactly what the problems are? Once we perform your financial data analysis we will show you where they are!
Note: This article was originally published on the Intuitive Accountant website in January 2015.
One day Jacqueline Dailey was contacted by a manufacturing and distribution client who was looking for someone to clean-up their QuickBooks accounting file. They were unclear about the true status of their company because their QuickBooks file had been improperly set-up. As a result it seemed all of their balances were ‘out of whack’ and none of their cash accounts had been reconciled, so they really didn't even know their bottom line. They needed an experienced QuickBooks professional advisor to help make sense of their situation, correct their file errors, and get them ready to file their tax return.
While Jacqueline was working on their file it became abundantly clear that this client was in need of more than a simple clean-up and some reconciliation work. They were taxing the limits of inventory management within QuickBooks, and many of the deficiencies associated with QuickBooks such as negative quantities and inactive items with non-zero quantities were plaguing their real value of inventory on-hand.
In order to get a more realistic valuation of their inventory as well as their overall business performance, Jacqueline set a course to analyze their refurbished file using BizTools.
BizTools is a business intelligence, KPI and multi-dimensional analytics solution that seamlessly integrate with QuickBooks. Jacqueline said, “I love the ease of BizTools; even though the software makes use of cubes and pivot tables, you are not required to be an Excel expert to use it. BizTools is a simple drag-and-drop interface.”
As a result of her use of BizTools, Jacqueline was easily able to not only present her client with a Balance Sheet and Income Statement, but a variety of key inventory data like Inventory Turnover, best and worst product performers, and Inventory Days. A variety of key datametrics and financial ratios are generated by the software. This data coupled with detailed reports concerning their accounts receivable, accounts payable and cash position provided the means whereby Jacqueline’s client could see just how much money they made, how much they had tied-up in inventory and accounts receivable. The client went from having essentially no reliable information to a wealth of information not remotely accessible within QuickBooks.
Jacqueline’s client was now able, for the very first time, to see the money they had tied up in inventory as well as the high number of days it took to turn over their inventory. They saw how much money they could free up by simply decreasing their accounts receivable days, and they had a clear picture of their overall financial condition right down to the smallest detail so they could set meaningful financial goals as part of budgeting for success.
BizTools provides Daily Bookkeeping Services with the ability to provide higher value services in assisting their clients with analyzing their business; this enables those businesses to make better informed decisions upon which to build the future of their business. Jacqueline said that “BizTools has been a key components of not only her own firm, but for all her clients’ businesses as well.” BizTools enables Dailey Bookkeeping Services the ability to offer higher value advisory services to more QuickBooks clients.
It's clear that BizTools has helped to transition Jacqueline's bookkeeping and ProAdvisor practice into the role of Trusted Business Advisor. If you are looking to make the same transition you might want to check out BizTools.