Small and midsize businesses (SMBs) are turning to cloud accounting platforms like QuickBooks Online (QBO) and Xero for automation and streamlined accounting. However, many find these solutions insufficient for advanced reporting and data analysis. Business owners and accountants still spend significant time manually crafting reports in spreadsheets, which highlights the gap between basic cloud accounting functionality and SMBs' specific needs.
The Shortcomings of QuickBooks Reporting
For many SMBs, QBO’s reporting falls short. Its default reports lack the depth and flexibility required to cater to industry-specific needs, and it often doesn’t allow for the customization needed for meaningful insights. Key limitations of QBO include:
Limited Stock Reports: Basic and generic, these reports don’t account for unique industry requirements.
Minimal Customization Options: QBO doesn’t allow extensive customization for filtering data or integrating with other systems.
Lack of Visual Tools: Without visual aids, accountants face challenges when presenting insights that clients can easily understand.
Manual Data Processes: Extracting, updating, and consolidating data manually is time-consuming and error-prone.
These limitations result in SMBs turning to spreadsheets for deeper analysis, requiring repeated manual updates whenever QBO data changes.
How Coefficient Streamlines Reporting for SMBs
Coefficient addresses these pain points by enabling live data connections from QBO (and 70+ other business systems) directly to Excel or Google Sheets. This eliminates the need for manual data updates, offering real-time data integration that saves time and reduces errors. Notable benefits include:
Automated Data Refresh: Coefficient keeps data updated, avoiding manual updates.
Advanced Filtering and Segmentation: Accountants can tailor reports for unique client needs and gain deeper insights.
Seamless Integration: QBO data can be combined with other sources like Shopify, Stripe, and Salesforce.
Enhanced Forecasting Tools: With Coefficient, businesses can track both historical and real-time data, providing a clearer forecast and analysis framework.
Businesses adopting automated data refreshes with Coefficient save an average of 20+ hours monthly on report generation. This efficiency lets accountants focus more on strategic advisory services, enhancing client satisfaction and retention.
Real-World Use Cases
For SMBs managing multiple locations, Coefficient allows for easy consolidated reporting across QBO accounts in a single spreadsheet, saving time and effort. Additionally, e-commerce businesses using platforms like Shopify and QBO can use Coefficient to set up automated dashboards that provide up-to-date sales, returns, and cost data without manual entry.
In summary, while QBO and similar tools handle accounting fundamentals, they often fall short in advanced reporting. Coefficient bridges this gap, giving SMBs and accountants the tools to make data-driven decisions with efficiency and precision.
Ready to Elevate Your Reporting?
Discover how Coefficient can save you time, streamline processes, and enhance your advisory services. Download the eBook today to learn more!