In This Issue

July 24, 2009
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This month's focus is on Business Intelligence Software that integrates with QuickBooks.

These programs are designed to draw data from many different sources, consolidate it and then convert it into a variety of profit boosting reports. The information can be used for cost analysis, strategic future modeling, analyze customer data and study the efficiency of systems as well as many other business functions.

Business Intelligence software is available to meet a wide range of needs and budgets. This often makes finding exactly the right program for your company both a time consuming and expensive project.

That's where we can help. We analyze your needs and criteria. Then we use our in-depth knowledge of QuickBooks add-on software to find the exact program that will deliver what you need.

Want to find out more? Simply give us a call.

Managerial Mentor

How does Business Intelligence Software fit into today's business world?

With the economy the way it is, Business Intelligence Software (BI) has become more important than ever. Why? Because it funnels tons of scattered information and data into focused reports. These reports often result in better business decisions, efficient operations, increased sales and bigger profits.

For example, BI software helps companies harvest customer data in order to sell new products or services. Or it may uncover unnoticed opportunities for cutting costs..

And generally, because the system is so fast, it can turn what once amounted to 30 hours of work, gathering and preparing data for reports, into 30 minutes. As a result decision makers end up being able to spend 80% of their time analyzing information and less than 20% putting it together. In the past, it was often the other way around.

Case histories included in this issue will demonstrate how three companies have taken advantage of BI programs to streamline decision making and boost profits within their companies. Be certain to check them out.

Techno-Visor

Business Intelligence Software Requires Technical Expertise

Business Intelligence (BI) brings together a number of different programs for reporting purposes. This requires careful technical checking and rechecking of a new installation to avoid serious problems.

For example, one company encountered a major problem in their BI system which involved the calculation of employee overtime. It wasn't discovered until an ex-employee filed a lawsuit.

Fixing the problem was both simple and difficult. The first fix merely involved changing some flags in the system, allowing it to do the correct calculations.

However, the simple fix didn't enable the system to go back and recalculate overtime for all the employees paid incorrectly. This involved an enormous amount of time and labor. If the system had been properly tested before implementation, the miscalculations, lawsuit and expense could have been avoided.

Inadequate testing also has other consequences. Management will often become disenchanted with a new BI program if they discover they are getting misinformation or the system is not producing the reports they expected. In such cases, the plug can be prematurely pulled and the blame will settle on the technical staff.

Testing is, of course, required when setting up any new system. But the importance of testing becomes even greater when installing a BI system because of all the various programs, such as QuickBooks, that will feed it data.

Case Study # 1 - My Business Manager takes substantial guesswork out of forecasting for targeted talent

Targeted Talent, Brisbane, Queensland, Australia, is primarily a recruitment consulting company. It also offers clients a variety of other services including human resource solutions and business consulting.

The company has been in business for over 14 years and has approximately 200 employees. However, only a handful are full-time office staff. The majority are contractors working for clients on-site.

Problem
The recruiting business is very seasonal but fixed costs run high. So it's critical for Targeted Talent to know from month to month how their business will be affected. Also, because recruitment is a fast-paced business, the company needed to keep a constant watch on operations. Tracking new programs was essential to make certain they were profitable and immediately address any issues that might come up.

Solution
My Business Manager was installed as an add-on to their existing QuickBooks program. The system imports income and expense information in QuickBooks to create a broad range of invaluable management and summary reports, including cash flow statements, dashboards, revenue forecasting and operational budgets.

Benefits
According to owner Graham Smith, My Business Manager has helped to significantly increase the profitability of the company. Smith and his operations manager can now clearly see the areas of business where they are doing well and those that need improvement. They are also able to track key performance indicators, cash flow and create forecasts.

As Graham explained, "I don't have time to dig around for the reports I need. That's why My Business Manager is so amazing. I just click a button and it shows me the information I need almost instantly."

Case Study # 2 - Rad ial Viewer consolidates files for Goodman Properties

Goodman Properties is a commercial real estate development and management firm in Pennsylvania. The firm has developed over 100 properties in multiple states during the past several decades.

Problem
Each property is managed with a single QuickBooks file. This meant that over 100 files had to be processed for reporting and analysis. This included monitoring assets, tracking costs, revenue streams and consolidating financial data. Of particular importance was the need to view aging accounts receivables per company and customer...often drilling down into invoices and payments.

Solution
Radial Viewer for QuickBooks was installed, allowing Goodman to consolidate all data into a single source and create needed reports in a single environment. Of particular importance are the Accounts Receivables reports that used to take days to prepare. With Radial Viewer, they are now ready in seconds.

Benefits
Merging of data now requires absolutely no manual work, which has greatly reduced errors. More time can now be spent on analyzing data and making executive decisions, rather than performing manual tasks.

All corporate information is now consolidated in one single database which enables reports to be produced in minutes. And Goodman is able to make maximum use of all QuickBooks information which is readily converted into new analysis and presentation tools.

As Julie Marcus, lease administrator, stated, "When we discovered Radial Viewer, we could not believe how powerful and comprehensive the software was. In addition, the software was affordable compared to others."

Case Study # 3 - numberGo unbolts a ton of customer info for Tanner Bolt & Nut Corp.

Tanner Bolt & Nut Corp, Brooklyn, NY, provides construction and industrial fasteners with a specialization in cutting tools and security fasteners. The 25 year old company began as a small, family operated business and has grown into a huge online operation offering an extensive inventory to a wide range of customers.

Problem
Tanner knew that locked up in their customer database was a wealth of information covering all aspects of their business. However, every attempt to unlock this information was met with frustration.

Solution
The company was introduced to numberGo Publisher. Using the same ODBC connection and queries they had setup to move data into Excel, the new program created a dynamic report they could update with a click of a button. After just a few minutes of clicking around numberGo's intuitive pivot table, they knew they had found an important reporting tool for their sales staff.

They were also pleased with the flexibility of numberGo Publisher which even offers a QPlugin for QuickBooks.

Benefits
According to Jeff Tannenbaum, President of Tanner, "We now run our weekly sales meeting around the numberGo report. Every other click and drag reveals an opportunity that would have been otherwise lost. For example, a backlog, missed order or a customer's expansion."

Outside of the meeting, the concise numberGo document involved can be e-mailed to a salesperson. Using the numberGo Reader, this person can easily drill down and find the right action uncovered by the new report system.

numberGo Publisher has provided Tanner with an important tool for analyzing, visualizing and sharing multi-dimensional data.

Leaving You With A Little Humor

A Microsoft spokesman was recently on a speaking program with an executive from General Motors. Before beginning his remarks he couldn't help taking a good natured poke at the executive's struggling company.
"It seems to me that if General Motors had followed the same development program as Microsoft, they would not be in such a shaky position. We would now be driving a V-32 instead of a V-8. It would have a top speed of 10,000 miles per hour.
"Or you could have an economy car that weighs 30 pounds and gets a thousand miles to a gallon of gas. In either case the sticker price of a new car would be less than $50."
Everyone laughed and applauded.

Then the GM executive's turn at the platform came. He smiled at the Microsoft spokesman and said, "I can certainly agree that if we had followed Microsoft's development program, we might all be driving a different type of car. But then, who wants to drive a car that crashes twice a day?"

FREE TIPS

For our latest tips on setting up your chart of accounts so that you have the processing and reporting capabilities you need for these tough economic times, please refer to http://www.seeclearlyaccounting.com/22/index.html

While you are looking at the tips about your chart of accounts, if you are responsible for the accounting for an estate, you may want to read 22 of the Best Tips for Trust and Estate Accounting. This sets out how we do this work using QuickBooks, with a little help from Excel.