New software perfect to ‘crunch’ the numbers
Accounting software has changed the world for business owners – and their accountants – taking on the mind-numbing ‘crunch’ side of running a business.
But bank statements, tax and compliance issues are only one part of running your business. Data driven decisions have to be made daily that are critical to meeting the future goals of the business …should your business expand? Should you hire this quarter or next?
Looking at historical data, ‘crunching’ together spreadsheets, cash flow forecasts, budgets and business plans has been the traditional method to help answering these questions. But it is a lot of information to digest, requires updating if the plan changes, and therefore may not the best use of your time.
As an accountant and business adviser, my role is to help business owners understand that myriad of data by extrapolating the trends and the key factors that are unique to their business which influences the future direction of that business. This allows you to cut to the core on the key business issues.
Which is why we’re excited about a new tool that is changing all that. It’s called CrunchBoards, a new Xero add-on that BDO is rolling out to clients this month.
It’s the world’s first real-time business planning engine marking the shift from traditional spreadsheets and generic, static dashboards to fact-based, real-time, detailed support for business owners.
It seamlessly integrates with Xero allowing us to log in and work collaboratively with a business owner to visualise and clarify exactly how their business is performing today – and against targets – without working offline, risking data errors or struggling to navigate the information.
It delivers a full-range of real-time functions from sophisticated cash flow forecasting to making the figures make sense to those on the ground operating the business, daily.
We can help businesses design multiple CrunchBoards and enable them to share customised information with different employees thanks to granular user permission rights – for instance a board for an investor, another for a manager, another for a franchisee.
Developed by two United Kingdom business owners and users of Xero, CrunchBoards is the first software in the world to enable this level of dynamic data display, design, sharing and manipulation.
For BDO, as the biggest user of Xero in New Zealand and with the largest base of small to mid-market clients nationwide, it makes a lot of sense for us to be the first firm worldwide to roll it out nationwide.
It is a game-changer, breaking down the traditional accountant and client relationship model from ‘once a year or quarter’ touch points into a collaborative online partnership which really does make a difference.
At last we can ditch the spreadsheets and get on with helping businesses, exploring not just what is possible, but how fast we can get them there and then automatically help them track their progress.