Curious about your business’s performance? Spotlight Reporting is at your service. This all-inclusive business platform is one of the main tools we use at ABJ Solutions to support our clients’ growth — and for good reasons. Find out below the uses and benefits we get from this powerful tool, including its practical applications to your business.
As a company that offers accounting services and provides financial insights to small business owners, we find Spotlight Reporting a reliable tool. Its practical features and uses assist us in collecting, analysing and reporting our clients’ business data. Thanks to its different reporting templates, preparing business reports and financial forecasts has become more efficient. Instead of starting from nothing, we can simply generate a report and customise its contents based on the information needed by a client. It’s also cool that we can seamlessly integrate it with Xero — the main cloud accounting software that our team uses.
Related: Five Benefits of Xero for SMEs
Spotlight Reporting is a vital tool for our day-to-day operations. Not only does it streamline our work but also help us deliver better service to our clientele. But of course, we also attribute its proper use to the knowledge and skills of our accountants.
These are only some reasons why our team at ABJ Solutions like using Spotlight Reporting. If you’re also interested in giving this tool a try, below are the key benefits of using Spotlight Reporting in your business.
Benefits of using Spotlight Reporting for your business
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Understand your business performance
The customisable Dashboard of Spotlight Reporting can give you a snapshot of your business’s performance through its simple and functional charts. It shows both financial and non-financial KPIs — giving you the ability to see trends and other changes that can potentially affect your business.
Depending on how you set up the dashboard, Spotlight Reporting can also let you see your business’s revenue streams, expenses and other financial data during a certain period.
Meanwhile, under its Reporting feature, you can use the cash waterfall chart to see the cash flow of your business and monitor its liquidity.
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Create effective cash flow strategies
Spotlight Reporting’s Forecasting feature can help you create a three-way cash flow forecast, budgets and scenarios. This feature enables you to prepare for unexpected problems and resolve them with confidence.
When you see what’s ahead of your business, you can take the necessary steps in the present to secure your bottom line when times get tough. This way, you won’t run out of cash, and at the same time, you can maintain your business’s financial stability.
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See the big picture of your business
Another good thing about Spotlight Reporting is its ability to consolidate financial and non-financial information from multiple sources. It allows easy integration with other business platforms like Xero, QuickBooks, MYOB, Excel, Google Analytics and WorkflowMax. As a result, you can reduce the time you spend on manual data and entry and reallocate your focus to analysis, interpretation and other high-priority tasks.
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Make empowered decisions
Every decision you make either positively or negatively impacts your business. With Spotlight Reporting, you can create management reports to guide your key stakeholders in making data-based decisions. This tool also allows your accountant to leave commentary based on your financial data. This way, you can gain further insights into what the numbers mean and what you should do about them.
Need help in financial reporting and decision-making?
ABJ Solutions uses Spotlight Reporting to help our clients analyse the performance of their business and make the necessary actions and recommendations based on actionable reports. If we’re the service provider you’re looking for, schedule a free financial health check with our experts today.
