You know the old saying that knowledge is power.
Fortunately, as a business owner, you have tons of information at your fingertips. But, where so many entrepreneurs get stuck is knowing how to access that data and then actually use it to make informed business decisions.
These reporting add-ons for QuickBooks help you get the information you need and then use it to push your business in the right direction.
With a robust set of features and enterprise-level functionality, Qvinci is best for larger businesses who have numerous employees, several locations, and who rely on financial reporting from multiple different sources.
Qvinci automates the collection and consolidation of your financial data, so you can use reports—the tool offers both templated options and custom reports—to make educated decisions for your business.
For example, if you run a grocery store with five different locations throughout your region, you can use Qvinci to easily compare the performance of one store location to another, as well as identify best practices to implement at your lower-performing stores.
Qvinci brings a comprehensive feature set for a somewhat affordable price tag (plans start at $15.95 per company, per month), but smaller businesses may become overwhelmed by the bells and whistles meant for companies with multiple locations and larger teams.
Who Should Use it: As this reporting add-on itself states, it’s best for accountants with numerous clients, franchise owners, and multi-unit organizations.
Business owners are goal-oriented, and Fathom exists to help you monitor your progress on all sorts of goals—whether they’re financial or not.
Within Fathom, it’s easy to set up custom key performance indicators (KPIs) to track the metrics that matter most to your business.
For example, whether you own a small shop that prints custom wedding invitations or are a freelancer with a large client roster, you can set a sales target and closely monitor how close you are to your sales goal each and every month.
Plans begin at $39 per month for small businesses. However, if you’re a larger entity with more locations and complex needs, Fathom does have flexible plan options to ensure you get the functionality you require.
Who Should Use it: Fathom offers plans for small businesses all the way up to large, multi-unit companies. It’s a great fit for business owners who are intimidated by or completely new to financial reporting, as this add-on is able to take complicated financial data and boil it down into actionable information.
As a business owner, your average day is busy.
Perhaps you own a local coffee shop where you’re constantly ordering and monitoring inventory, managing employees, and working with customers. Or, maybe you’re running an ecommerce company where you spend all of your time fulfilling customer orders and marketing your business.
Either way, one thing is for sure: You don’t have time to look at your finances every day. You might even only peek at them when you’re struck with that terrifying realization that it’s been a while since you’ve checked in on how your business is really doing.
Despite the fact that MoreReporting appeals to accountants and accounting firms, its “Platform” plan (which begins at $50 per month) is perfect for small business owners who need to get their hands on quick financial reports so they can go back to what they need to be doing—running their businesses.
Whether you want to see where your money is going or if that spending correlates to sales spikes for your business, MoreReporting is able to get you the information you need to make informed decisions—without all of the hassle and headaches.
Who Should Use it: With an emphasis on efficiently getting you the information you need, MoreReporting is a great fit for small business owners who don’t have time to obsess over their data and go cross-eyed looking at complex financial reports.
You want financial reports to understand how your business has been performing. But, in an ideal world, there’d also be a way to figure out how your business will perform in the future.
That’s where Futrli steps in. Like many reporting add-ons, it takes all of your financial data and turns it into charts and graphs that are far easier to understand. But, it also has algorithms that use your financial data to better understand what will happen with your business in the future.
For example, you know the importance of cash flow for the health of your business, and Futurli will help you understand exactly what your cash flow looked like over the past month or even year.
However, the tool also uses that historical data to build a three-way forecast using your profit and loss, balance sheet, and cash flow statement—so you can project your cash flow up to 10 years out.
Plans begin at $49.99 per month for single businesses, with more advanced plans available for accounting and advisory firms that have numerous clients.
Who Should Use it: Futrli states that it was built for anyone who wants to make better business decisions—whether that’s a small business owner, an executive, or an accounting firm. We think it’s a good fit for any small business who wants to set themselves up for a successful future (and doesn’t have a crystal ball handy).
5. Seller to Accounting
Let’s say that you own a business creating novelty t-shirts, and you do most of your selling through your Amazon account.
You know that Amazon frequently generates a settlement report for you to review your recent account activity—such as your total orders, refunds, and other fees. But, considering that you can only open those settlement reports in a text editor or spreadsheet program, they’re hard for you to review and actually utilize.
Seller to Accounting makes it easy for you to record your Amazon sales and expenses and match and reconcile your Amazon payouts directly in QuickBooks.
Plans start at $29 per month, making it a reasonably-priced option for even newbie Amazon sellers.
Who Should Use it: Seller to Accounting is meant for business owners who sell on Amazon and need an easy way to analyze and record their Amazon settlement reports.
Reporting add-ons like these make it easier to access and understand your important financial data, and you can certainly learn to master them yourself.
However, if you’re completely overwhelmed or know that you have too much on your plate already to handle these reports, working with a professional can remove a lot of pressure while still getting you the business intelligence you need to make smart decisions.
Regardless of which route you go, these reporting integrations will help you make the most of the data that’s at your fingertips and truly turn knowledge into power.