Going beyond the three common financial statements —Profit & Loss, Balance Sheet, and Cash Flow Statement —takes you from compliance reporting to advisory consulting. The question is how far you take it?
The answer is, "to the max!"
In their simplest form, comparative financial statements show you two, three, or more periods of financial data and provide you with comparison values (such as percentage of variance) between the various periods. QuickBooks offers similar, but limited, reports of this type; however, even the most sophisticated QuickBooks reporting specialist can't really compile a three-year (or even a three-month) comparison with multiple variability measures without exporting the QuickBooks data to Excel.
But let's assume you are such a talented 'reporter' that you can export the data and configure it just the way you want it for your Client. A new problem immediately arises… "problems with the data." I don't mean with the data itself; I'm referring to the 'financial situations' that become evident when examining the comparisons and variability indicators.
You now have a problem identified between two periods for a specific account or set of accounts, and you have absolutely no way of pinning down the cause because you have no access from the Excel report to the underlying data in QuickBooks. You must now return to QuickBooks, run reports for the various periods, and then click down into the specific account data to begin identifying the cause(s).
You have literally just spent, even if you are highly proficient at reporting, no less than an hour or so accomplishing the tasks, identifying an issue, and then researching the cause(s). All for one Client.
Now let's assume that you have 'sixty' clients for which you must prepare, review, and if needed, analyze problem areas. Your time, organizing and exporting data in QuickBooks, formatting reports in Excel, reviewing the results, identifying problem areas, revisiting QuickBooks, generating specific reports, and finally identifying problems to discuss, will have taken you at least one and a half weeks for your sixty clients.
Some of you are saying, "That's OK, I have a very talented Intern, Jr. Accountant, or Associate that can do that work for which we will invoice every client an hour of our time."
But, what if I tell you that you can accomplish the same tasks in 2 minutes, 1 minute, 30 seconds, or even 15 seconds for every one of your sixty clients? The how is simple.
"Qvinci is the answer."
With Qvinci, comparative financials are just one click away. Simply select the periods you want, and Qvinci takes care of the rest. Variability indicators are Qvinci standards, even trending. And when an issue arises, just click on the numbers in question, and you will be taken to the underlying data; it's that simple.
This is the point at which some of you are now asking, "But I just reduced my billable time from hours to minutes, how is that going to help my bottom line?"
Well, the answer to that is 'Value' or 'Fixed-fee' billing for your financial reporting and analysis. The information is 'no less valuable' now than when it took you an hour to produce it… in fact, it is more valuable because it gives you a greater opportunity to turn that data into meaningful consultation with each of your clients.
You now have those sixty hours that you can bill at a truly professional rate, rather than at the rate you bill for an Intern, Jr. Accountant, or Associate. Say that you are paying $30 per month (per Client) for Qvinci*, but you can now charge your Client $300 for your 'advisory consultation' which you now have time to provide, thanks to the time savings of Qvinci, think of your "return on the dollar."
And I haven't even factored in if you will still need that Intern you are paying $25 per hour to prepare those sixty hours of reports "the old-fashioned way."
That's just one rough example of how 'profitable' Qvinci can be. Don't think of it as 'an expense', think of it as a "profit generating asset."
"Qvinci 'is' Client Accounting and Advisory." (Murph)
With Qvinci's 'trending' and 'benchmark comparison' features, the reports that your staff previously spent many hours preparing are now almost instantaneous. You have the data in hand that you need to provide each of your clients with meaningful consultations, not just a "well, it's time we go over your profit and loss report for last month" phone call.
With the reporting and analytics Qvinci can produce for you, I'm betting your clients will welcome you with open-arms along with donuts and coffee, rather than expecting you to bring them. That business owner, or CFO, will be telling themselves how confident they are that "you have all the answers" to the cash-flow, profit margin, or tax liability worries they are loosing sleep over every night.
Want to know more about how 'analytics' can turn you from "number cruncher" into "financial wizard"? Join me as I guest host Insightful Accountant's Future Forward on November 12 at 1:00 PM Eastern. During that hour, Charles Nagel, Qvinci's Founder, and Brad Adams, Qvinci's CEO, will join me as we discuss 'valuing your services with Qvinci' as part of your Client Advisory firm.
So, if you are an Accountant, Bookkeeper or ProAdvisor looking to expand their practice into Client Advisor Services, or you are a CAS firm already that is spending far too much time producing the kind of analytical reporting needed to provide advisory services at a reasonable cost, THIS WEBINAR IS FOR YOU.
I will crunch the numbers for you and show you just how significant a "return on your dollar" you can generate with Qvinci leading the way in your Advisory practice.
You can REGISTER HERE for this "Free" CPE-eligible webinar.
Note: In the above feature, the example of * $30.00 per month per client is an approximate estimated average price, your actual price for Qvinci may vary based on your number of clients, your number of users, onboarding requirements and any allowed discounts or other pricing considerations.