Vivid Reports, Inc.’s Post

The top three drawbacks to forecasting in Excel 😬 1. Scalability challenges: Excel is a core tool for many accountants, but when it comes to managing large datasets or complex financial models, it often struggles to keep up. 2. Risk of human error: A simple misstep in inputting data, an error in formula configuration, or incorrect cell referencing can propagate mistakes throughout an entire forecast. 3. Lack of advanced advisory functions: While Excel provides a suite of basic statistical functions, Excel lacks the more sophisticated tools needed for in-depth scenario planning and complex modeling. Want to learn more (+ the solutions to these drawbacks)? Check out our latest article 👉🏼 https://hubs.ly/Q02w_mgM0 #excel #spreadsheets #accounting #accountants #finance #forecasting

💻📊 Excel: The Ultimate Tool for Accounting Excellence 📊💻 Managing accounts and finances can get overwhelming, but with Excel, you can turn chaos into clarity! Here's how I help businesses streamline their accounting processes: •Automated Calculations: Say goodbye to manual errors with automated formulas that handle everything from profit margins to tax calculations. •Data Analysis: Visualize financial data with charts, pivot tables, and dashboards for deeper insights into your business performance. •Efficient Reporting: Generate clear, concise financial reports that simplify complex data for better decision-making. •Budget Tracking: Monitor income and expenses with dynamic spreadsheets that update in real-time. Excel isn’t just a tool—it’s a game-changer for financial efficiency. Ready to optimize your accounts with the power of Excel? Let’s connect! 💬📈 #ExcelExpert #AccountingSolutions #FinancialAnalysis #DataVisualization #BusinessEfficiency

Unlock the Power of Pivot Tables for Financial Reporting! 💡📊 Struggling with manual financial statements? Discover how you can effortlessly prepare Profit and Loss Statements and Balance Sheets using Excel's pivot tables. Save time, reduce errors, and gain clearer insights into your financial data. Here's a quick guide: Gather & Organize Your Data: Ensure your transactions (income, expenses, assets, liabilities, equity) are in a clean, tabular format. Create a P&L Statement: Insert a pivot table. Set up rows (Account) and values (Amount). Filter for Income and Expenses. Add a calculated field for Net Profit. Prepare a Balance Sheet: Insert another pivot table. Set up rows (Account) and values (Amount). Filter for Assets, Liabilities, and Equity. Organize by type for clarity. Why Use Pivot Tables? Efficiency: Save hours on manual calculations. Accuracy: Minimize errors in your financial reports. Flexibility: Easily update and adjust your data as needed. Start leveraging pivot tables today and transform your financial reporting process! 👉 [ https://lnkd.in/dwWFV8sc] #Finance #ExcelTips #PivotTables #FinancialReporting #Accounting #Productivity #BusinessGrowth #DataAnalysis #ProfitAndLoss #BalanceSheet

Forecasting is a critical aspect of financial planning and analysis. Excel’s built-in forecasting tools make this process more accessible and efficient. Here's how to do quick financial forecasting in Excel: https://hubs.li/Q02Qt4GQ0

5 Signs your financial reporting process is outdated: ⚠️ Your financial reporting process relies on manual data entry. ⚠️ Inconsistencies and errors frequently appear in your financial reports. ⚠️ Your reports are consistently delayed, forcing your company to make decisions based on old data. ⚠️ Your current reporting system only allows for basic financial statements without deep analytics, drill-down capabilities, or forecasting options. ⚠️ Your current financial reporting process is rigid and slow to adapt. We have written an article about these issues and the benefits of a modern financial reporting solution. We hope this article gives you some inspiration to change and maybe also some arguments to bring to management in order to get buyin for a project that will help you and your organization forward. Read the article here: https://lnkd.in/d79CV55a #financialreporting #reportingprocess #businesscontroller #intito

Forecasting is a critical aspect of financial planning and analysis. Excel’s built-in forecasting tools make this process more accessible and efficient. Here's how to do quick financial forecasting in Excel: https://hubs.li/Q02QsVwz0

"Unlocking Financial Insights: Excel's Role in Powerful Financial Modeling" 💰 Day 29 is all about mastering financial modeling with Excel! Join me in discovering how Excel can be your trusted ally in building sophisticated financial models for analysis, forecasting, and decision-making. 📈🔍 Key Components of Financial Modeling in Excel: Data Gathering and Organization: Import and organize financial data from various sources into Excel. Assumptions and Variables: Define key assumptions and variables that drive the financial model's outputs. Financial Statements: Build income statements, balance sheets, and cash flow statements using Excel formulas. Forecasting Techniques: Utilize Excel's built-in forecasting functions and techniques to predict future financial performance. Sensitivity Analysis: Conduct sensitivity analysis to assess the impact of changes in key variables on financial outcomes. Benefits of Using Excel for Financial Modeling: Flexibility: Excel's flexibility allows for the customization of financial models to suit specific business needs. Transparency: Clear and well-organized financial models in Excel enhance transparency and facilitate communication. Accessibility: Excel's widespread availability ensures that financial models can be easily accessed and shared with stakeholders. Interactivity: Excel's interactive features enable users to explore different scenarios and assumptions in real-time. Practical Applications of Financial Modeling in Excel: Business Valuation: Use Excel to calculate company valuations based on financial performance metrics. Investment Analysis: Evaluate investment opportunities and assess their potential returns using financial models. Budgeting and Planning: Create budgets and financial plans to guide strategic decision-making. Risk Assessment: Assess financial risks and uncertainties through scenario analysis and stress testing. Capital Budgeting: Analyze capital expenditure projects and determine their financial viability. Challenge: Build a simple financial model in Excel for a hypothetical business scenario. Include key financial statements, assumptions, and forecasting techniques relevant to the scenario. Share your financial model, discuss your approach, or ask questions about financial modeling in the comments. Let's empower each other to excel in financial modeling! Pro Tip: Leverage Excel's built-in templates and financial functions to kickstart your financial modeling efforts and save time. Share your financial modeling experiences and tag someone who's interested in mastering Excel for finance! 💼📊 #FinancialModeling #ExcelFinance #DataDrivenDecisions #datawithbikram #excelwithbikram

4 Stages of Forecasting Credits to Josh Aharonoff, CPA, follow him for more impactful content. ------ Here's the original post: The 4 Stages of Forecasting from BEGINNER to ADVANCED Which stage is your business at🪜? Every month, I meet with founders who are looking for help around their financial model. I rarely see a company working with a level 4 forecast… and oftentimes, founders don’t realize how much more value can be unlocked with just a few tweaks. Let’s go over each stage, and what to think about as your company scales 🪜 LEVEL 1 - CREATE A REVENUE BUILD [Beginner] This is where most founders start with a forecast. This will oftentimes suffice for an early-stage company, as the focus here is simply on the business model and the details behind the blueprint for how the company plans to scale The key here is to think about these 2 things: 1️⃣ How will INPUTS result in OUTPUTS [eg: an investment in sales reps results in more sales] 2️⃣ What are the SOURCES of your revenue [eg: existing customers vs customers in your pipeline vs new customers] 🪜 LEVEL 2 - ATTACH A PROFIT & LOSS [Beginner / Intermediate] Your revenue build is important, but it's not the only area of your business you need to think about. At this stage, you start to introduce other costs. It's here where you'll also want to attach a dynamic headcount build, showcasing the details behind who is on your team, and who you will hire in the near future. 🪜 LEVEL 3 - INCLUDE A BALANCE SHEET & CASH FLOWS [Intermediate / Advanced] Most companies report on the accrual basis, especially as they scale. Under the accrual basis, the amounts reported on your profit & loss won't equate with your cash flows. It's here where you'll want to implement a 3 statement model showcasing the movements in your Balance Sheet, allowing you to dynamically showcase cash. 🪜 LEVEL 4 - INCLUDE HISTORICAL DATA AND DASHBOARDS [advanced] This stage involves you importing your existing data around your financial statements, allowing you to understand where you have been, and where you are going, all in one view. With this data in place, you can refresh your forecast each month, allowing you to tap into limitless dashboards for any business case. -------------- 🛎️ Want to take your 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 & 𝗘𝘅𝗰𝗲𝗹 𝘀𝗸𝗶𝗹𝗹𝘀𝗲𝘁 𝘁𝗼 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗹𝗲𝘃𝗲𝗹? Start with Josh’s CFO Dashboards Course: https://lnkd.in/gjKDG6PP 💠 Organizing Your Data 💠 Creating Summarized Financials Report 💠 Creating Dashboards 💠 Bonus Templates --------------

4 Stages of Forecasting Credits to Josh Aharonoff, CPA, follow him for more impactful content. ------ Here's the original post: The 4 Stages of Forecasting from BEGINNER to ADVANCED Which stage is your business at🪜? Every month, I meet with founders who are looking for help around their financial model. I rarely see a company working with a level 4 forecast… and oftentimes, founders don’t realize how much more value can be unlocked with just a few tweaks. Let’s go over each stage, and what to think about as your company scales 🪜 LEVEL 1 - CREATE A REVENUE BUILD [Beginner] This is where most founders start with a forecast. This will oftentimes suffice for an early-stage company, as the focus here is simply on the business model and the details behind the blueprint for how the company plans to scale The key here is to think about these 2 things: 1️⃣ How will INPUTS result in OUTPUTS [eg: an investment in sales reps results in more sales] 2️⃣ What are the SOURCES of your revenue [eg: existing customers vs customers in your pipeline vs new customers] 🪜 LEVEL 2 - ATTACH A PROFIT & LOSS [Beginner / Intermediate] Your revenue build is important, but it's not the only area of your business you need to think about. At this stage, you start to introduce other costs. It's here where you'll also want to attach a dynamic headcount build, showcasing the details behind who is on your team, and who you will hire in the near future. 🪜 LEVEL 3 - INCLUDE A BALANCE SHEET & CASH FLOWS [Intermediate / Advanced] Most companies report on the accrual basis, especially as they scale. Under the accrual basis, the amounts reported on your profit & loss won't equate with your cash flows. It's here where you'll want to implement a 3 statement model showcasing the movements in your Balance Sheet, allowing you to dynamically showcase cash. 🪜 LEVEL 4 - INCLUDE HISTORICAL DATA AND DASHBOARDS [advanced] This stage involves you importing your existing data around your financial statements, allowing you to understand where you have been, and where you are going, all in one view. With this data in place, you can refresh your forecast each month, allowing you to tap into limitless dashboards for any business case. -------------- 🛎️ Want to take your 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 & 𝗘𝘅𝗰𝗲𝗹 𝘀𝗸𝗶𝗹𝗹𝘀𝗲𝘁 𝘁𝗼 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗹𝗲𝘃𝗲𝗹? Start with Josh’s CFO Dashboards Course: https://lnkd.in/gjKDG6PP 💠 Organizing Your Data 💠 Creating Summarized Financials Report 💠 Creating Dashboards 💠 Bonus Templates --------------

4 Stages of Forecasting Credits to Josh Aharonoff, CPA, follow him for more impactful content. ------ Here's the original post: The 4 Stages of Forecasting from BEGINNER to ADVANCED Which stage is your business at🪜? Every month, I meet with founders who are looking for help around their financial model. I rarely see a company working with a level 4 forecast… and oftentimes, founders don’t realize how much more value can be unlocked with just a few tweaks. Let’s go over each stage, and what to think about as your company scales 🪜 LEVEL 1 - CREATE A REVENUE BUILD [Beginner] This is where most founders start with a forecast. This will oftentimes suffice for an early-stage company, as the focus here is simply on the business model and the details behind the blueprint for how the company plans to scale The key here is to think about these 2 things: 1️⃣ How will INPUTS result in OUTPUTS [eg: an investment in sales reps results in more sales] 2️⃣ What are the SOURCES of your revenue [eg: existing customers vs customers in your pipeline vs new customers] 🪜 LEVEL 2 - ATTACH A PROFIT & LOSS [Beginner / Intermediate] Your revenue build is important, but it's not the only area of your business you need to think about. At this stage, you start to introduce other costs. It's here where you'll also want to attach a dynamic headcount build, showcasing the details behind who is on your team, and who you will hire in the near future. 🪜 LEVEL 3 - INCLUDE A BALANCE SHEET & CASH FLOWS [Intermediate / Advanced] Most companies report on the accrual basis, especially as they scale. Under the accrual basis, the amounts reported on your profit & loss won't equate with your cash flows. It's here where you'll want to implement a 3 statement model showcasing the movements in your Balance Sheet, allowing you to dynamically showcase cash. 🪜 LEVEL 4 - INCLUDE HISTORICAL DATA AND DASHBOARDS [advanced] This stage involves you importing your existing data around your financial statements, allowing you to understand where you have been, and where you are going, all in one view. With this data in place, you can refresh your forecast each month, allowing you to tap into limitless dashboards for any business case. -------------- 🛎️ Want to take your 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 & 𝗘𝘅𝗰𝗲𝗹 𝘀𝗸𝗶𝗹𝗹𝘀𝗲𝘁 𝘁𝗼 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗹𝗲𝘃𝗲𝗹? Start with Josh’s CFO Dashboards Course: https://lnkd.in/gjKDG6PP 💠 Organizing Your Data 💠 Creating Summarized Financials Report 💠 Creating Dashboards 💠 Bonus Templates --------------