When Intuit first released the QuickBooks (Desktop) ProAdvisor Advanced Certification examination, one ProAdvisor after another, who knew the Desktop product backward and forward, failed to pass the examination for one major reason... they had no idea what Business Metrics were, or what various financial ratios were used for, or how to compute them.
Soon thereafter, App Developers started producing apps that would integrate with QuickBooks that could compute in minutes (or in some cases seconds) various financial measures like Cash-flow, Liquidity, Profitability and variances in period data. These 'number crunching' apps made it possible to provide some metrics and ratios that might otherwise have taken hours to produce; however, almost all of their 'computations' were hardwired and inflexible. Additionally, even though a lot of advisors were providing the numeric data these apps could generate, they still couldn't properly interpret or evaluate those metrics for their clients.
While these apps gave accountants, bookkeepers and consultants the ability to provide the raw numbers to their clients, without substantial study they had a hard time explaining when (for example) a 'Quick ratio' is a better measure of "liquidity" than a 'Current ratio' during certain business situations. Or, they had almost no idea when a business should apply the 'Equity Ratio' vs. the 'Debt Ratio' when examining credit worthiness of a customer.
And when it came to much more complex metrics, specific to various business types, those beginner apps were unable to compute critical analytics providing more modern numerics to determine where such businesses were at from a financial perspective, despite an 'apparently stable' balance sheet, or an 'upward trending' profit & loss statement.
I venture to say that the typical QuickBooks user would rarely be interested in "throughput costing" for their business unless they are in manufacturing or production. But for those businesses are who involved in such ventures, I would bet there is more than one CFO who is looking for those metrics inside the list of reports within their QuickBooks.
When they can't find such a report, they are going to be calling their accountant, bookkeeper or ProAdvisor to help them prepare such an analysis from their financial data. The problem is, no such report exists in QuickBooks, and can't directly be produced from QuickBooks data alone. And, while I haven't checked with every 'analytics app' on the market, I did find that NetSuite and Acumatica can both compute 'manufacturing/production throughput.'
So what are you going to do, "dump this highly lucrative" value-added client you are billing several thousand dollars per month to simply because you can't compute the numbers they want with QuickBooks?" At the same time, I don't think you are going to transition a single client to either NetSuite or Acumatica, and chances are the rest of your clients wouldn't even consider such a change.
But, with Qvinci, you can take data from QuickBooks, combine it with CSV or Excel data in a spreadsheet report from your client's production management system (like Fishbowl or Worximity) and to compute accurate throughput cost calculations to help manage your client's inventory and production workflow decision making.
"Qvinci 'is' Client Accounting and Advisory." (Murph)
Now, your 'Client Accounting and Advisory Services' functionality has just taken a 'giant leap forward' to meet the needs of your client. And once you recognize the 'value of Qvinci' to provide the metrics, analytics and reporting needs of your clients, well beyond those that you are providing with simple QuickBooks reports, you will also see that it's time to 'boost those annual CAAS client contract values' because you are providing truly invaluable 'advisory' to your clients.
Last week, I listened to a presentation about the 'time savings' of Artificial Intelligence, and the various panel members were speaking of the time (and cost) savings that AI enhancements already incorporated into their firms were saving them. One panel member made it clear that her firm had already saved the cost of two 'staffers' whose jobs were effectively eliminated by with AI performing the work they had done, faster and with far fewer mistakes.
While none of us like the idea of AI 'replacing' staff members, the reality is that it is already happening. Why pay someone $25 to $35 per hour when an advanced tool can do the work in one 20th the time, and at a fraction of the cost?
The same applies to Qvinci, it is the most cost effective way to provide enhanced reporting, analytics and business metrics in meaningful formats to essentially all of your client. Manufacturer or franchise operator, Ecommerce wholesaler or multi-location retailer, multi-state non-profit or aggregating producer, Qvinci is the solution.
The time and cost savings Qvinci can generate while providing advanced metrics, analytics and reporting significant enhances your 'return on investment.' And from a bottom line standpoint, your CAAS firm will show that Qvinci produces a better "Return on Asset" ratio than any other reporting methodology, because Qvinci truly is 'the profit generating asset' that no CAAS firm should be without.
"Want to know more about how 'Qvinci' can turn your 'Client Accounting' firm into a 'Client Accounting and 'Advisory' firm?" Join me as I guest host Insightful Accountant's Future Forward TODAY 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 your practice into Client Advisor Services. Or you are a CAS firm that is either unable to meet your client's metrics expectations, or spending far too much time producing the analytics needed to provide advisory data at a reasonable cost, THIS WEBINAR IS FOR YOU.
You can REGISTER HERE for Today's "Free" CPE-eligible webinar.