23 Nov Expert Analysis is Gone?
Expert Analysis Is Gone?
The answer is: Yes, and No.
Beginning with version 2003, there was a light version of Sageworks' add-on product for financial analysis included with the Premier: Accountant Edition and Enterprise Solutions QuickBooks products. In 2003 it was installed separately from the CD, it was included as part of the installation process for version 2004-2006.
New with version 2007, this light version is no longer available for free within QuickBooks. The full product is, however, still available for purchase to work with QuickBooks.
According to www.profitcents.com:
ProfitCents™ is a web-based financial reporting software program that enables accountants and financial professionals to provide a written explanation of financial statements to their business clients. The reports use ratio analysis, industry comparisons, and trend analysis to depict the financial health of the client's company in plain language.
This top financial analysis software is designed to be very quick and easy to use. In under 10 minutes, business advisors provide the client's industry and key Income Statement and Balance Sheet data; then ProfitCents automatically creates a plain-language, customizable report.
The report it self is customizable in Word and includes an industry scorecard with calculation and explanations for each indicator at the end of the report. The charts by section include the two periods for the company as well as the industry information. The analysis is in 6 key areas and displayed on a 5 star rating system:
- Liquidity – Current Ratio, Quick Ratio, Inventory Days, Accounts Receivable Days, and Accounts Payable Days charts
- Profits & Profit Margins – Gross Profit Margin, Net Profit Margin, Advertising to Sales, Rent to Sales and Payroll to Sales charts
- Sales
- Borrowing – Interest Coverage Ratio, Debt-to-Equity Ratio, Debt Leverage Ratio
- Assets – Return on Equity, Return on Assets, Fixed Asset Turnover
- Employees – Selected Resource Indicators chart
By using this tool, the Accountant is able to quickly and easily get a starting point for business management discussions with the client. By watching these indicators, the business owner moves from using QuickBooks strictly for compliance to really understanding how the numbers work, and more importantly, how to improve.
To view a sample report, visit http://profitcents.com/USEN/samples/extreme.aspx.
To view the sample report in a pdf format, visit here.
To try a report with your own or your client's data, contact Larry Long Jr for a free trial: larry.long@profitcents.com or 877-724-3967 ext 528.
List Limits Expanded
For most QuickBooks users, the list limit for the QuickBooks Pro and Premier products of 14,500 is sufficient. For some, however, that is not the case. We have been seeing increased list size for a variety of reasons. One of the most common is the increased number of customers as the result of web site sales. For version 6 and prior, the list limit was doubled for the Enterprise Solutions Product. New with version 7, the Enterprise Solutions limit has been removed.