Financial Reporting Expertise

Leveraging Financial Reporting — a Hidden Asset!


Discover some new uses for Financial Reporting from these two examples of Financial Reporting improvements performance by Profitwyse.  This includes both a Distribution and Printing companies examples.

Create an Excel Dashboard

Utilize Our 8-Step Dashboard Building Process, Explained on YouTube, to Drive Action


At Profitwyse, we really encourage clients to revolutionize their financial reporting.  By introducing our financial results dashboards, clients are able to both gain keen insights into performance toward key objectives and a greater accountability throughout the organization.  In this post you can dive into our step-by-step process behind the magic. 

We will show you how to seamlessly integrate QuickBooks, PlanGuru and Excel to forge a powerhouse business management reporting system.  When ready, you can scroll to the bottom of the Lesson to request a copy of the Excel dashboard for your own use.

How to Convert a Fishbowl Inventory Export Into a CSV Flat File For Analysis


Fishbowl is an extremely capable inventory and production management system.  It comes out of the box with a large assortment of reports covering all the critical business processes you might want (Sales, Inventory, Purchasing, Accounting, Manufacturing, etc.).  It also has the capability to connect to the database for more in-depth reporting, as well as writing custom SQL code.  But if your needs are somewhat greater than what the standard reports provide, but you don’t have the skill to write custom SQL there is an intermediate solution.

In this article we take you through how to turn a monthly Inventory Status report, including Part Numbers, Descriptions, Units on Hand and extended cost, into a flat file that you can then load into Excel or Access or whatever business analytics front end you desire.  This example does require some VBA, which is provided, but can be used as a template for other reports.

Illustration of group assembling gears.

Graphic example of the value of business benchmarking

The Value of Benchmarking to Your Company’s Performance


We address a common concern that business buyers may have when performing due diligence on a prospective acquisition that can easily be overcome by proper use of accrual accounting.  This is especially true for product-based businesses, such as manufacturers and distributors.

This issue pertains to the the level of fluctuations in cost of goods and leads to large fluctuations in gross profit and most noticeably gross margin.  Wild increases and decreases can cause business profitability to appear more at risk that it actually would be if the business just made better use of accrual accounting techniques. 

Turn Your Transactional Data Into Actionable Intelligence With Custom Reporting


Operational and financial reporting can be a significant challenge for many midsize businesses.  Both accounting and ERP systems come with some rudimentary level of reporting, such as how much of item XYZ do we have on hand at month end.  But if you would like to understand how many days of inventory that represents, then you are going to have to develop some deeper reporting tools.

In this lesson we take you through an example of how to utilize your ERP information to compute Safety Stock levels and reorder points that achieve a predetermined customer service level.  If you want to better understand how to much inventory to have on hand and when to place replenishment orders, this is an excellent place to start.

Performance management dashboards

Performance Management Tools for Communication and Action


Performance Management is where the rubber meets the road, so to speak, when evaluating whether your strategic initiatives/intentions are producing the intended results.  Without a decent tools set, this evaluation is going to be difficult to assess.  In this lesson we take you through some of the commonly used to evaluate your Performance Management and gain valuable/timely insight into corrective actions, if needed.