Powering a virtual firm with integrated software solutions
G2CFO started as a virtual firm eight years ago, long before remote working became popular. Going virtual allowed the team to travel freely and not feel tied to a brick-and-mortar building. One of the things that enabled this work style was using QuickBooks Online that integrates with various other applications, including Syft Analytics.
“We use QuickBooks Online exclusively along with other Intuit modules, such as QuickBooks Online Payroll, to make it as integrated as possible," said Grace. "We also use Intuit® ProConnect™ Tax, which also integrates with QuickBooks Online. So when we get ready to do a business tax return, everything just flows.”
Grace and her team are entirely paperless. She can’t imagine still having clients dropping off envelopes of documents when there are cloud accounting tools available.
“I don't know why there's not been more embracing of the technology and the new tools because it's such a game changer, and you can do so much more with your time," she said.
Choosing QuickBooks Online
Before starting her firm eight years ago, Grace was in corporate finance for more than 20 years and used SAP because she worked for a large manufacturer. After evaluating several online software providers to service accounting clients, Grace found, "QuickBooks Online stood out as the leader."
"We wanted a system that would have integrations for payroll, income tax preparation, sales tax, and all the other requirements a small business might have to ensure compliance," she said. "QuickBooks Online was by far the leader in those offerings. Easy access was also key as we all work remotely. QuickBooks Online continues to add upgrades, and we need a software that is progressive."
Once Grace and her team implemented QuickBooks Online, it was smooth sailing.
"Using QuickBooks Online has allowed us to collaborate with our clients easily," said Grace. "There are no servers to maintain or clunky connections to client servers. All of our team members work remotely so they can easily get access with good internet. We are very happy with our choice, and so are our clients."
Moreover, QuickBooks Online’s connections with other programs make it the perfect foundation to take clients’ data further.
Leaving a legacy with the right reporting software
G2CFO typically works with service businesses, utility contractors, insurance companies, and advertising agencies. Most of their clients are well established and working on their legacy. As Grace explained, they either want to pass the business on to other family members or “get it to the point that they have a sellable, transferable asset.” To do this, they need to have solid reporting in place so that the prospective buyer knows what’s being going on in the business.
The team prepares reports for clients to maximize the value of the enterprise when they decide to exit. However, this wasn’t always a smooth process.
Before finding Syft, Grace and her team would send clients a link to QuickBooks Online to analyze their numbers. However, many clients needed clarification, and this quickly became time-consuming. It was time to find a better solution.
The G2CFO team evaluated various reporting and analysis programs before deciding on Syft. Grace investigated Syft’s YouTube channel and could tell that “Syft was on the cutting edge.” She chose Syft primarily for the forecasting and budgeting capabilities and the Live View function.
Feature spotlight: Live View
A Live View is a Syft report that can be accessed online via a live link. It highlights important information, updates data in real-time, and can be customized according to each client’s needs. With the ability to add commentary to Live Views, Grace and her team can have fewer client meetings while still getting important information across.
“If we add notes, clients can follow along with the Live View, and because you can expand and see the top 10 transactions in the financials, they can review those transactions when, before, they wouldn’t do that.”
Ultimately, it took too much time and effort for clients to log into QuickBooks and determine what was happening in their financials. “It’s just another task, and these clients don’t need another task; they need a tool.” So they needed to find something more straightforward for clients to navigate.
“The Live View made Syft the easiest solution for our clients to access their financials. And of course, it syncs beautifully with QuickBooks Online. The Live View report brings the right priorities to the forefront of the conversation very quickly and makes great use of everybody's time."
Unlocking divisional reporting
Syft empowers the accountants at G2CFO to share divisional reports with the relevant divisions and maintain the principle of least privilege.
“We can put Syft reports together for just those managers and locations so that everyone gets what they need and not more than what they need," said Grace. "It's a simple way for those managers to look at what they budgeted and forecast, and see if there are any tweaks we need to make.”
Combining financial and non-financial data in one place
The key to a robust tech stack is working with varied data sources to inform organizational decisions. Some of Grace's online retail clients also use Shopify for their e-commerce data, and she likes being able to connect Shopify to QuickBooks Online and Syft.
“We bring non-financial data from Shopify into the Syft reporting, such as the average price per sale, the number of items per sale—all those kinds of statistics that you can bring in—so that business owners can easily see what the trend is, how many new customers they're bringing on, and how many repeat customers.”
One example of when Syft’s integration with Shopify came in handy was when the team was working with a client that ran an organic skincare line. Using Syft enabled them to review the e-store’s many sales transactions alongside their financial data. The client used Syft’s reports to see how their online store was performing and where they could seize opportunities.
Ensuring clients review their numbers with confidence
Syft has been a hit with G2CFO’s clients because it makes it easier for them to unpack their financial performance.
“Our clients have been extremely responsive," said Grace. "In fact, two of them said that their favorite new tool to help their business was Syft because it made understanding financials much easier.”
Instead of spending ages wading through information in their accounting software, they could easily interpret the data in clear color-coded graphs and drill down into the underlying transactions by hovering over critical details.
“Syft is a big timesaver for the client because they were not going to go through all the hurdles to look at the QuickBooks reports," she said. "They weren't getting the information they needed or the reassurance that everything was okay.”
She stresses the importance of organization owners reviewing their financials and verifying their accountants' feedback. “If it's your money and your business, you should know whether your reading is accurate.” Clients should do their due diligence, and Syft helps them do this.
Moreover, by providing clients with an intuitive means to unpack their financial statements, the G2CFO team has given them assurance in their organizations’ financials.
“My clients’ confidence level has gone way up with their ability to budget and forecast, and feel like they've got a good understanding of their business.”
Syft makes financial data more accessible to clients and helps them focus on key performance indicators to know whether they will reach their goals. Syft also enables Grace and her team to devise a plan to remedy situations in their clients’ organizations and set them on the path to success.
Enjoying great support
Grace’s team was helped with onboarding by the Syft Customer Success team, which she calls “a great attribute of Syft.” Despite working in a markedly different time zone from the support team, which is based exclusively in South Africa, Grace finds the support to be timeous.
“If we send a question, the team will create a video of the keystrokes while we're sleeping. Then, when we get back into the office, there it is for us to share and easily follow along.”
Grace appreciates that the Syft team works odd hours to accommodate her team. In addition, she finds “the team has been very responsive and polite.”
Learning more with Campus
Grace’s team has been learning about the software on Syft’s online learning platform, Syft Campus, with several members of the team completing their Syft certifications. The courses build on their knowledge to use the system more effectively, and Grace thinks the information is excellent. Moreover, the team likes being able to work at their own pace as this fits their flexible work style.
Looking toward the future
G2CFO has begun rolling out budgets and forecasts to their larger clients, and working with the Connector add-on for Excel and Google Sheets to take their data further. Grace loves the Connector, and said, “Every time we use it, it's like magic.”
The G2CFO team is still learning a lot about Syft. However, Grace is confident the Syft team will be responsive to any suggestions she makes. We look forward to working with Grace and her team and taking their advice on board as they continue to help clients build their legacies and prepare for the future.
Learn more about Syft Analytics and how it integrates with QuickBooks to visualize, analyze and forecast your financial data.
