Vendor Case Studies
IA readers have asked for more ‘practical’ solutions to real world problems, and so we implemented this series “Case Study Solutions using 3rd Party Products”. These case studies are not ‘infomercials’, ‘paid advertising’ or ‘endorsements’ of any specific product, rather these articles are intended for educational and information purposes to give you, our readers, solutions to situations you or clients may encounter.
Case Study: Jacqueline Dailey, a certified QuickBooks ProAdvisor, and a Certified Public Bookkeeper uses BizTools Professional Analytics to boost her value as a Trusted Business Advisor.
Jacqueline Dailey is a certified QuickBooks ProAdvisor, a Certified Public Bookkeeper, and holds a Bachelor’s Degree in Business Administration with an emphasis in Accounting. Jacqueline is also the owner of Dailey Bookkeeping Services. Dailey Bookkeeping Services is also an Intuit Premier Reseller, so technology is not only an important part of their own business operations but part of the services they offer to their clients. But as important as the fundamentals of bookkeeping services, QuickBooks set-up, and technology options are to the firm, they also strive to be trusted business advisors to their clients.
The Big Picture is just as important as the Little Details
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.
Finding the Facts in the Figures
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.
More than Client’s Expect – Real Information and Advice
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.