The catch phrase “follow the money,” popularized in the film, “All The President’s Men,” was meant to help investigators solve a case because financial transactions often tell the real story of what is happening.
Your business generates a lot of data within its sales, marketing and operations technologies to help you understand what is going on with your business. But, in order to tell the entire data story, you need to include your financial data.
QuickBooks® Online is a treasure trove of valuable data that can help you make better decisions across all your business functions – not just accounting. Until now, it was incredibly hard to identify and analyze the raw financial data. You had to spend a lot of time manually examining rows of financial reports, making it hard to identify insights.
DataHero and QuickBooks Online have created an integration to solve this challenge, enabling you to leverage your financial data through visualizations, custom analyses and dashboards.
QuickBooks provides the financial data, and DataHero organizes it in intuitive charts that tell your company’s financial story in a way that everyone on your team can understand and act upon. Here is how the DataHero+QBO integration can help your business get the most out of your data:
DataHero Uncovers New Insights Through Visualization
Humans process visual information 60,000 times faster than text, which is why data visualization has become such an important business tool.
When you have to look through raw data in text form across several disparate reports, it’s extremely difficult to find insights by scrolling through lists of numbers. There are too many numbers for the human brain to process. Your data needs to quickly tell a story that reveals insights, and the best way to bring large amounts of data to life is through visualization.
DataHero’s integration with QuickBooks Online (QBO) enables you to build and visualize custom analyses. Once you’ve built your analyses, your data automatically updates, so you always have fresh insights to make real-time decisions.
In the past, if you wanted to analyze your QuickBooks data, such as vendor expenses, you would run several reports like the one below.
The reports tell you how much you’ve spent per vendor, but it is very difficult to quickly compare multiple reports or extrapolate new insights just by looking at lists of numbers. With DataHero, you can create the chart below within minutes.
Instead of just the one report, you can combine all your vendor expense reports, put them into categories, and compare them by quarter and budget.
You immediately start seeing trends and making comparisons that were not possible with the single expense report. For example, you can see that rent dramatically goes down in Q2 2017. Maybe, you want to dig deeper into why rent decreased and rethink how you manage your cashflow to leverage the change.
Visualization brings your data to life and helps you see patterns that give you a better idea of how your business operates over time.
When you create a set of these analyses that cover all of the critical financial levers of your business, you can track your performance on a regular basis to make smarter decisions and eliminate any catastrophic surprises.
DataHero + QuickBooks Becomes Your Business Intelligence Hub
QuickBooks has always been a gold mine of data for your business, but until QBO, it was extremely difficult and time-consuming to export and analyze the data from the desktop versions.
Unlike its desktop predecessors, QBO operates entirely online. You can access it from anywhere, share reports with your team, and most importantly, you can integrate with over 300 software tools, such as Salesforce for CRM and Sourcery for invoice management.
Because QBO contains every financial detail about your customers, vendors, products and sales, it has the potential to become your business intelligence hub. When you combine this valuable data with the data from your other cloud-based tools, you get a more holistic view of your entire business in context to your financial activities.
QBO is your data hub because, without financial context, you’re not getting the real story behind your company’s performance. Let’s say some of your projects are completed early and you’re happy because less time means higher profit margins. It would seem that your business is performing well.
But, when you bring in financial data from QBO and combine it with your project management data from a tool such as Teamwork Projects, you can dig deeper into the profitability of each project. You might learn that the high-performing projects outsourced work to a vendor, or the employees on the project were on the highest pay scale.
Another example of business performance that must be tied to your financial data for an accurate analysis is customer acquisition costs (CAC). Your CRM data will calculate CAC based on the budget within the system, but it won’t take into account other sales and marketing expenses outside of the CRM.
When DataHero integrates your Salesforce data with QBO, you can see your actual sales and marketing expenses that went into the acquisition beyond the set budget.
Your QBO data gives you more than a financial update – it provides visibility into your sales, marketing and productivity data that will help you see how performance affects the bottom line.
To achieve this level of visibility into your entire business, DataHero makes it easy for you to combine and visualize all of the relevant data within QBO and your other tools to track performance, uncover insights and make informed decisions.
QBO Data Complements All Your Business Data
Data-driven companies use all of their data to help them answer questions and solve business problems. If you want to learn the real story behind your many data sources, you need to include your financial data and “follow the money.”
Visualizing your QBO data using DataHero helps you find new ways to improve every aspect of your business across sales, marketing and operations. Your financial data puts all of your other data into context, giving you the real story of your business.
Learn how DataHero can help you connect to your QBO and other cloud-based apps without the help of an IT team.
Source: Uncover Insights To Grow Your Business, QuickBooks Blog