{"id":5259,"date":"2016-12-12T08:00:52","date_gmt":"2016-12-12T14:00:52","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=5259"},"modified":"2019-03-05T18:27:11","modified_gmt":"2019-03-06T00:27:11","slug":"reporting-apps-to-enhance-your-tax-and-accounting-practice","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/reporting-apps-to-enhance-your-tax-and-accounting-practice\/","title":{"rendered":"Reporting Apps to Enhance Your Tax and Accounting Practice"},"content":{"rendered":"<p>As a tax professional in this rapidly developing accounting technology age, we are perceived to not only be tax preparers, but more importantly, tax planning strategists. We require a process to have real-time access to our clients\u2019 financial data, whether we handle year-round accounting or financial statement preparation. For many of my colleagues who also manage tax practices, our process has incorporated management reporting dashboards, providing an efficient method to evaluate business performance, while allowing us to develop strategic advisory roles with our clients.<\/p>\n<p>As expected, there are several options in the management reporting app arena. On my quest to research and implement a reporting dashboard for my firm, I learned there was a combination of three solutions that could work independently and\/or harmoniously together to collect and create business intelligence data for my clients:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.finagraph.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wa-link=\"body_finagraph\" target=\"_blank\">Finagraph<\/a> &#8211; The financial data engine<\/li>\n<li><a href=\"http:\/\/www.fathomhq.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wa-link=\"body_fathomhq\" target=\"_blank\">Fathom<\/a> &#8211; Create beautiful and usable business intelligence tools<\/li>\n<li><a href=\"https:\/\/www.liveplan.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wa-link=\"body_liveplan\" target=\"_blank\">LivePlan<\/a> &#8211; The world\u2019s leading business plan software<\/li>\n<\/ul>\n<p>Let\u2019s first cover what all three solutions have in common, and then differentiate what they each bring uniquely to the table. This will provide a perspective on how these apps can be used independently, or how they are stronger together.<\/p>\n<p><strong>Commonalities:<\/strong><\/p>\n<ul>\n<li>Direct connection with accounting solutions to seamlessly bring financial data into a web-based profile that can be accessed by the accountant and business owner.<\/li>\n<li>Real-time financial report creation, including visual charts and graphs for continuous high-level review, and strategic business and tax planning.<\/li>\n<li>Industry-specific benchmark data, financial and non-financial key performance indicators (KPIs), and financial ratios for competitive advantage discussions.<\/li>\n<li>Investor-ready reports and business intelligence data may be used for future lending opportunities.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5299 aligncenter\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report1.png\" alt=\"report1\" width=\"778\" height=\"324\" \/><\/p>\n<p><strong>What\u2019s Cool About Finagraph?<\/strong><\/p>\n<p>Finagraph can proudly consider itself \u201cthe financial data engine,\u201d since I agree that it\u2019s the most powerful of the three, regarding its business analytics output. Built initially for banks and lenders to make credit decisions for prospective loans, the financial ratios, graphs and metrics are very valuable. This solution provides indicators that explain how metrics are computed and how these metrics impact the company financially. These explanations provide great discussion topics for quarterly tax planning reviews with our clients.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5301 aligncenter\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report2.png\" alt=\"report2\" width=\"797\" height=\"90\" \/><\/p>\n<p>In addition, Finagraph has teamed up with Moody\u2019s Analytics to provide a free business credit score called the MARQ score. My colleague Beth Damis explained the value of this business score as \u201ca platform to translate the accounting data into an easy-to-understand format, which advisors can utilize when speaking to non-accountant stakeholders without all the lingo that makes their eyeballs roll in the back of their heads.\u201d<\/p>\n<p>However, what I personally love most about this solution is that it\u2019s completely free, with no hidden fees and no strings attached. Hard to believe, but it\u2019s true. Just click on pricing on the Finagraph website, and you\u2019ll find this:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5304 aligncenter\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report3.png\" alt=\"report3\" width=\"627\" height=\"490\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report3.png 627w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report3.png?resize=150,117 150w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report3.png?resize=300,234 300w\" sizes=\"auto, (max-width: 627px) 100vw, 627px\" \/><\/p>\n<p><strong>What\u2019s Cool About Fathom?<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5307 aligncenter\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report4.png\" alt=\"report4\" width=\"975\" height=\"455\" \/><\/p>\n<p>What stands out most about Fathom are the beautiful reports and dashboards. The visual reports, charts and graphs are visually delightful, and many of my colleagues have fallen in love with this app. The reports can also be branded with our tax firm\u2019s logo, which provides a very professional look when reviewing the financial data during our strategic client meetings.<\/p>\n<p><strong>What\u2019s Cool About LivePlan?<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5308 aligncenter\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/11\/report5.png\" alt=\"report5\" width=\"975\" height=\"371\" \/><\/p>\n<p>LivePlan is most popular for its business plan \u201ccreating your pitch\u201d feature. This solution provides an all-inclusive financial dashboard that begins with a business plan and evolves into a robust financial dashboard. The dashboard\u2019s metrics assist business owners and their advisors with managing a company\u2019s current performance, along with budgeting and cash forecasting, to achieve future strategic goals.<\/p>\n<p>An exciting new feature is the \u201cwhat if scenarios,\u201d allowing the creation of forecasted situations that provide a possible glimpse of good or hard times in a company\u2019s path. More importantly, these scenarios give way to open discussions on how we, as strategic advisors, can tackle these uncertain times together. The LivePlan team advocates for a collaborative teamwork environment and has recently launched the <a href=\"https:\/\/www.liveplan.com\/strategic-advisors\/training-schedule\" target=\"_blank\" rel=\"noopener noreferrer\" data-wa-link=\"body_liveplan-trainingsched\" target=\"_blank\">Strategic Advising and Financial Forecasting training track<\/a> for accounting and tax professionals.<\/p>\n<p>Regardless of whether you choose to implement one solution or all three, your tax planning strategies will be tremendously strengthened. Your clients will not only appreciate the real-time transparency of their financial data, but they will also be excited to participate in more intelligent and open discussions with their respected strategic advisor and tax professional.<\/p>\n<p><strong>Editor\u2019s note:<\/strong> Want more information on high-tech ways to make your practice more efficient? Check out \u201c<a href=\"http:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/4-technologies-to-advance-your-tax-practice\" target=\"_blank\" rel=\"noopener noreferrer\" data-wa-link=\"body_tpc-4techadvancepractice\">4 Technologies to Advance Your Tax Practice<\/a>\u201d by Jim Bourke, CPA.CITP.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a tax professional in this rapidly developing accounting technology age, we are perceived to not only be tax preparers, but more importantly, tax planning strategists. We require a process to have real-time access to our clients\u2019 financial data, whether we handle year-round accounting or financial statement preparation. For many of my colleagues who 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Martinez, EA, is a small business accounting consultant and tax professional who specializes on solo-entrepreneurs. Mariette is a mom, first and foremost, and was born into a family of entrepreneurs. Her strong business-oriented upbringing has fueled her deep passion to embrace, engage and help the small business community. She partners up with several innovative companies to teach and develop complete and cost-efficient accounting technology workflow solutions for her clients. Mariette\u2019s mission is to empower solo-entrepreneurs to seamlessly manage financial performance and meet year-round tax obligations by using accounting, tax and workflow technologies. She maintains a year-round advisory relationship by utilizing collaborative cloud-based software. As a trusted virtual advisor, Mariette and her clients have the flexibility to engage from anywhere at any time and most importantly spend more time with their loved ones. 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