Tools of Financial Analysis
what does investor does when a client asks investor to look beyond the standard financial statements and help develop financial goals, forecasts and what-if scenarios? If you're like many accountants, you had hunker down with a spreadsheet and begin cobbling together an array of custom worksheets. Then you'd probably spend several more hours explaining to the company's managers, most of whom have little or no financial background, what all those numbers mean.
Investor can do the task faster and create a more sophisticated presentation with financial analysis software. These products condense complex data analysis into easy to understand graphic presentations. And there is a bonus, such software can vault investor practice to a more advanced business consulting level and help investor attract new clients.
To help investor find a program that best fits investor requirement, and investor budget, we analyzed seven of the leading packages that represent, by vendors' estimates, more than 90% of the market for such products. The products' characteristics are summarized in Exhibit
In spite of the fact that all the packages are marketed as financial analysis software, they do not all perform every function needed for full-spectrum analysis. All the same, as a practical matter, not every accountant requirement every bell and whistle for his or her practice. As you will see, the prices for the products vary widely from less than $200 to several thousand dollars.
Some vendors put forward a trial version of the product. Take advantage of that put forward . By testing the product with live data investor can be sure the software meets investor requirement and satisfies investor clients' requirements. Financial analysis software is a relatively budget tool that introduces investor practice to a wide assortment of engagements. It should allow investor to render a unique service to clients.
The major products are as following:
ACCPAC CFO (Comprehensive Financial Optimizer) is designed for small and medium-size enterprises and can help make business-planning decisions by modeling the impact of various options. This is accomplished by demonstrating the what if consequences of small changes. A roll forward characteristic prepares budgets or forecast reports in minutes. The program also bring forths a financial scorecard of central financial information and indicators.
Customized Financial Analysis by BizBench renders financial benchmarking to find out how a company compares to others in its industry by employing the Risk Management Association (RMA) database. It also highlights central ratios that need improvement and year-to-year trend analysis. A unique function, Back computation, computes the profit targets or the appropriate asset base to support existing sales and profit power. It is DuPont Model Analysis establishes how each ratio affects return on equity.
Financial Analysis CS inspects and compares a client's financial position with business peers or industry standards. It also can equate multiple locations of a single business to find out which are most profitable. employers who subscribe to the RMA option can integrate with Financial Analysis CS, which then lets them render aggregated financial indicators of peers or industry standards, showing clients how their businesses compare.
iLumen regularly collects a client's financial information to render ongoing analysis. It also renders benchmarking information, comparing the client's financial performance with industry peers. The system is Web-based and can monitor a client's performance on a monthly, quarterly and annual basis. The network can upload a trial balance file directly from any accounting software program and render charts, graphs and ratios that demonstrate a company's performance for the period. Analysis tools are considered through customized dashboards.
PlanGuru by New Horizon Technologies can bring forth client-ready integrated balance sheets, income statements and cash-flow statements. The program lets in tools for analyzing data, making projections, forecasting and budgeting. It also supports multiple resulting scenarios. The system can compute up to 21 financial ratios as well as the breakeven point. Plan Guru employs a spreadsheet-style interface and wizards that guide employs through data entry. It can import from plain text files, Excel, Peachtree QuickBooks. It arrives in professional and consultant editions. An add-on, known the Business Analyzer, computes benchmarks.
ProfitCents by Sageworks is completely Web-based, so it needs no software or any updates. It integrates with CCH, Case ware,Quick Books, Best Software and Creative Solutions applications. It also renders a wide variety of businesses analysis for nonprofits and sole proprietorship. The company put forward training, customer support and free consulting. It is available in Spanish too.
Profit System fx Profit Driver by CCH Tax and Accounting renders a wide range of financial diagnostics and analytic. It renders data in spreadsheet form and can compute benchmarking against industry standards. The program could track up to 40 periods.
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