Too many small business owners only glance at their financial reports to see if there is a profit on the bottom line. But, the purpose of a good report is to provide insights into the financial operation of the business with actionable details. If you are not getting reports that you can use to make smart business decisions, there are two things that you need to do. First, you need someone who offers QuickBooks ProAdvisor Services and you should consider a reporting tool like Spotlight Reports.
The premier bookkeeping and accounting software developed specifically for small and medium-sized businesses is QuickBooks. QuickBooks comes as software installed on computers in your office or as a cloud-based version that can manage and pay bills, accept business payments, and even handle payroll. Our team of QuickBooks ProAdvisors will help assess your bookkeeping and accounting needs, develop a profitable strategy, implement the changes needed to convert to QuickBooks and help maintain your QuickBooks system. Good, solid bookkeeping is the first step in getting you the information necessary for making informed decisions about your business.
A strong management tool for creating actionable reports, providing forecasting, and giving you a “snapshot” of up-to-date views of your finances is Spotlight Reports. This tool was specifically designed to give you CFO “virtual” reporting, strategic planning abilities, help with setting goals, clear forecasting, and the ability to track multiple clients using multiple currencies as well. Here is a step-by-step breakdown of what Spotlight Reports can do for you with someh of its functions.
Spotlight integrates seamlessly with QuickBooks as well as other accounting tools for easy data sharing. It lets you consolidate financial information for up to fifty clients using a wide range of currencies. Spotlight offers a large gallery of customizable chart templates with a “white label” option.
For those who have difficulties creating a compelling “executive summary,” Spotlight offers a “pre-populating” tool for this task. And, if you have other external content to add to your report, Spotlight can do that as well.
The end result when you create reports in Spotlight is that the financial results that are derived from QuickBooks are brought to life. Spotlight Reports are not just column upon column of data. They are a story about your business and a tool for making smart business decisions to grow your business.
The point of a good financial report is not to see the past but to predict the future. At Exigo Business Solutions we use the “Profit First” approach to help you budget and manage cash flow. The three-way forecasting tool and scenario builder in Spotlight helps bring your forecasting report to life. This is an important function because accurate forecasting leads to optimal budgeting and cash flow management. And these functions, when well done, lead to optimal business success and profits.
When you use Spotlight to import your QuickBooks data it is easy and intuitive. You can seamlessly show features such as loan amortization and demonstrate multiple “what if” scenarios. Plus, there are tax schedules included that provide clear forecasting of taxes by type.
With Spotlight you do not need to wait for the end of the month to see the state of your finances. The Spotlight Dashboard gives you an up to the moment “snapshot” of what is important for your business.
This feature is customizable with your choice of chart and display template and the setup up is an easy to use drag and drop.
This is a really nice and very popular feature with those who use it. You can see if your plans are coming to fruition or if there are issues that you should address promptly instead of waiting for the end of the month or bookkeeping cycle.
The dashboard can also contain non-financial information if that is what you need for a complete view of business operations.
Some businesses, such as not-for-profits, specialized industries, or franchises, need multi-entry reports. These reports break down information by category and allow comparisons across multiple categories. And, if your business has international clients, your bookkeeping can manage foreign currencies. If this is you, Spotlight Multi is your tool of choice for readable and actionable reports.
Because Spotlight Multi is set up to work across categories and generate comparisons, it works efficiently and without the usual tedium of creating such reports.
Multi can give you a consolidated report including up to five hundred organizations, ranked as you wish. Outliers and exceptions can be highlighted and you can include a visual scorecard as well as galleries of appropriate charts. So you can see exactly what information you need across any channel.
Spotlight works with QuickBooks Online, Xero, and non-financial sources like WorkflowMax or Google Analytics. When you are looking for an accurate representation of your business, not all of the information will be strictly financial. As such, the ability to import and display non-financial data in your reports is necessary. When you generate reports with Spotlight, you can seamlessly integrate financial and other data to tell a compelling story that drives profitable decisions.
We would all like to think that everyone who reads our financial reports will be all excited about seeing the numbers. But, there are a lot of folks, who need to be led to the important parts of a financial report. Luckily, Spotlight Reports can do that. They are attractive with customized colors and logos. They can be designed in such a way as to make every important point perfectly clear and every actionable detail jump off the page. If you want reports that will really help you make informed decisions about your business, consider Spotlight Reports in conjunction with QuickBooks.
If you need any help with your current bookkeeping or accounting, please schedule a free consultation with Exigo Business Solutions to discuss your options. We are here to help make sure that your books are working for you and helping you grow your business profitably!
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