Many businesses operate partially in the ‘financial dark’. They obtain new clients, pay their bills, collect receivables and assume the business is healthy. Once a year, they meet with their accountant and review their financial statements and performance and often times find they are not as healthy as they thought.
How can you manage your performance without your accountant sitting there right next to you every month? Simple, we can help.
Expex provides a dashboard of financial ratios that indicate your company’s performance and are set in place by you and your accountant. The rations are calculated from the data you enter every day into QuickBooks. The dashboard is not there to replace your accountant; it is there in conjunction with the parameters you jointly set with them.
Here’s how it works:
Step one: Jointly create your performance levels for these ratios with your accountant. Set up your profit margins, Days Sales Outstanding, Debt to Equity Ratio and more.
Step two: Setup alerts for results that fall below your desired performance levels.
Step three: Receive alerts, automatically and on demand should your ratios change or dip below your set parameters. You can receive these notifications either by text, email or on the desktop app.
Step four: Discuss. Use this to have meaningful discussions with your accountant as things change, not on an annual basis.
Don’t wait until you are in trouble. Use Expex to manage the valuable data that is captured in QuickBooks but is not calculated in QuickBooks. Data is synced on the hour and provides you with up to the minute access to your financial health.