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David Leary

How Modern Inventory Systems Help CPAs Unlock New Advisory Roles

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“I don’t deal with inventory clients.” If you’re a CPA, you’ve probably said or heard this before. The complexities of tracking materials, managing production processes, and maintaining accurate costs have long made manufacturing clients daunting to serve. But what if the very challenges that once deterred you could become your next big opportunity?

On a recent Earmark Expo, Kendrick Hair, Chief Evangelist at Fishbowl, showcased how accountants can help their manufacturing clients navigate their digital transformation while maintaining financial control and compliance. 

Traditional manufacturers are rapidly transitioning to omnichannel sales—selling through platforms like Shopify, Amazon, and even TikTok. Amidst this transformation, they face new hurdles in maintaining precise cost accounting and regulatory compliance. Modern inventory management systems like Fishbowl are bridging the gap between complex manufacturing processes and digital commerce, creating unprecedented advisory opportunities for CPAs. 

Understanding Modern Manufacturing Needs: From Complexity to Opportunity

Kendrick explains, “I talk to accountants all the time who say, ‘I don’t deal with inventory clients.’ The reason is they find it too difficult to handle. Inherently, inventory isn’t that hard; it’s all the moving pieces that make it complex.”

These “moving pieces” vary by industry:

  • Food and Beverage Manufacturers: Require lot codes, expiry dates, and recall reporting to meet FDA standards.
  • Healthcare Companies: Need serial number tracking and HIPAA compliance.
  • Government Contractors: Must track specialized labor costs for different task categories, with negotiated rates for tasks like welding and painting.

Understanding these industry-specific requirements for CPAs presents an opportunity to provide strategic guidance. Modern inventory systems can manage these complexities while maintaining precise financial reporting and compliance accounting records.

Enabling the Transition to Digital Commerce

The complexities of traditional manufacturing are now intersecting with new challenges as businesses expand into digital commerce. Kendrick notes, “What we’ve seen—and probably what all of you are seeing—is that folks aren’t just selling one way. Traditional manufacturers who for 20 years have done what they’ve done, now they’ve hung a shingle, and they’re selling on Shopify, Amazon, TikTok Shop—wherever and however they can promote their business.”

This shift creates new inventory management challenges. Consider a Fishbowl client who sells vintage Nike shoes. When a rare pair sells on eBay, it needs to disappear instantly from their Amazon listing to prevent double-selling. Real-time inventory management across multiple platforms requires sophisticated integration—something traditional manufacturing systems can’t handle.

Fishbowl addresses this through native integrations with major e-commerce platforms, enabling real-time inventory syncing across all sales channels. The system handles everything from order receipt to shipping label generation while maintaining the detailed tracking needed for regulatory compliance and cost accounting. Mobile integration for warehouse operations allows efficient picking and packing, ensuring accuracy across all channels.

Understanding these e-commerce capabilities is crucial for CPAs advising manufacturing clients. The transition to digital sales introduces new accounting considerations around revenue recognition, sales tax compliance, and inventory valuation across multiple platforms. Modern inventory systems like Fishbowl provide the control and visibility needed to maintain accurate financial reporting while enabling business growth.

Maintaining Financial Control and Compliance

As manufacturers expand into digital commerce, maintaining precise financial control becomes more critical and complex. This is particularly evident in how modern inventory systems integrate with accounting software like QuickBooks.

Consider a manufacturer of flight control systems for Cessna jets. Their bill of materials contains 37 levels, with each movement requiring tracking to a different asset account for bank reporting requirements. Traditional accounting software wasn’t built for this level of complexity, but modern inventory systems bridge this gap.

“We support more costing methods than QuickBooks does,” Kendrick explains. The system handles standard, average, LIFO, FIFO, and actual costing methods while maintaining detailed audit trails. This capability extends from primary distribution to complex manufacturing scenarios—even NASA’s Johnson Space Center uses Fishbowl to manage supplies heading to the International Space Station every 90 days.

This intersection of manufacturing complexity and financial control presents a strategic advisory opportunity for CPAs. While Fishbowl maintains the “inventory truth” and handles complex tracking requirements, it seamlessly posts appropriate journal entries to QuickBooks. This enables manufacturers to maintain the precise costing and compliance requirements of traditional manufacturing while embracing the speed and flexibility needed for digital commerce.

The Strategic Role of CPAs in Digital Transformation

The transformation of traditional manufacturers into omnichannel sellers represents both a challenge and an opportunity for CPAs. Modern inventory management systems are bridging the gap between complex manufacturing processes and digital commerce, enabling businesses to expand while maintaining the precise cost accounting and compliance capabilities that CPAs demand.

Understanding these systems is crucial for accountants looking to expand their advisory services. From NASA’s space station supply management to vintage shoe sellers managing real-time inventory across multiple platforms, the ability to handle traditional manufacturing complexity and modern e-commerce requirements opens new possibilities for strategic client service.

Watch the Webinar to Learn More

To see these capabilities in action and learn how you can help manufacturing clients navigate their digital transformation while maintaining financial control and compliance, watch the entire Earmark Expo.

The AI Revolution That Frees CPAs for High-Value Advisory Work

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Is your firm still spending 10–15 minutes assembling each tax return manually? What if you could reduce that time to 3 seconds while enhancing your client’s experience? Thanks to AI-powered tax practice solutions, this is now a reality.

AI transforms how CPAs manage document collection, processing, and client interactions. By automating routine tasks like document classification and assembly, these solutions eliminate traditional pain points such as forgotten portal passwords, manual document naming, and time-consuming organizer preparation. This allows firms to focus on higher-value advisory services without sacrificing efficiency.

In a recent Earmark Expo webinar, we showcased how AI reshapes tax practice management and creates opportunities for firms to elevate their service offerings.

The Current State of Tax Practice Management

Surprisingly, over 75% of accounting firms still mail paper organizers to clients. Even firms that utilize advanced technologies in other areas often rely on outdated document processes.

Steven Lyon from SafeSend, an award-winning tax automation solutions provider, shared an eye-opening experience: “I was with a firm in California doing demonstrations, and they said, ‘We fly a bunch of remote and seasonal employees out to the office for a week. We take over a conference room with papers all over the desk, and they form a line and just go down.’ I thought, ‘You’re using so much software at your fingertips, and this is how you’re still handling organizers?'”

Steven continues, “What we’re trying to fix is the disparate solutions for delivering items to clients and gathering items from clients. We want to provide a single solution that gives them the ability to upload, download, and interact all in one location.”

Modern AI-powered solutions like SafeSend One, SafeSend’s flagship tax automation product, integrate with major tax software platforms like Thomson Reuters UltraTax, Wolters Kluwer CCH Axcess, and Intuit. This seamless workflow reduces manual processing time from 10–15 minutes per return to just a few seconds. The efficiency gains free up capacity for higher-value services and allow firms to focus on strategic client advisory work.

AI-Powered Document Management

The traditional tax organizer faces a fundamental problem: less than 30% of clients complete them. The cumbersome process of filling out extensive forms and manually organizing documents contributes to this low completion rate.

SafeSend One is an example of how AI is revolutionizing this experience through intelligent automation that benefits both firms and clients. Rather than sending lengthy organizers, SafeSend One’s Next Gen Gather AI tool analyzes returns from previous years to generate customized document request lists automatically. “A lot of firms are moving away from the traditional organizer and moving towards asking specific questions and requesting specific source documents,” Steven notes. SafeSend One leverages AI to examine prior-year information and create a tailored request list, eliminating hours of manual preparation time.

The transformation is equally significant for clients. Instead of carefully naming and organizing each document, SafeSend One allows clients to simply drag and drop their entire tax document folder into the system. The AI automatically recognizes and categorizes each document, matching W-2s, 1099s, and other forms to the request list. SafeSend One provides real-time progress tracking, showing which documents have been submitted and what’s still missing. This automated categorization achieves a 36% completion tracking rate, helping firms identify missing documents and begin work on returns sooner.

By eliminating manual document management tasks, firms can redirect their professional staff toward providing strategic tax planning and advisory services that deliver greater client value.

Enhancing Client Experiences with AI

The common tax portal password problem exemplifies issues with traditional client interfaces. Steven says, “This is the biggest issue with portals—that one-time password. Clients end up calling the firm saying, ‘Hey, can you reset this?'”

Modern AI-powered solutions like SafeSend One are reimagining these pain points to create more intuitive client experiences. Instead of annual password resets, the platform uses smart authentication methods with a 97% success rate. Clients can review documents on any device through a mobile-friendly interface, and the system automatically places signature blocks. It also handles complex scenarios like joint returns through a single email, unlike traditional solutions that require separate emails for each signer.

SafeSend One introduces intelligent payment tracking and reminders. Automated voucher reminders ensure clients never miss a payment deadline, and when integrated with payment processors, the system can require payment before return access. For entities with K-1s, the system allows electronic distribution to all shareholders or partners with a single click. These automated features eliminate hours of follow-up work, freeing staff to engage in more meaningful client conversations.

SafeSend recently released its Client Portal feature within SafeSend One, a comprehensive taxpayer dashboard that further unifies the client experience by providing a single access point for all tax-related tasks and documents. This represents the future of client interaction—seamless, intuitive, and easy to use—where routine tasks are automated, and firms can focus on delivering high-value advisory services.

The Future of Tax Practice Management

The transformation of tax practice management through AI represents a fundamental shift in how firms serve clients. While the efficiency gains are remarkable—reducing return assembly from 15 minutes to 3 seconds—the true revolution lies in how these solutions free firms to focus on higher-value advisory services.

By automating routine tasks like document collection, return assembly, and payment tracking, SafeSend One creates capacity for strategic client relationships while improving client experience. The results speak for themselves: 97% authentication success rates, 36% document completion tracking, and hours of saved administrative time that can be redirected toward advisory services.

AI is not just a technological advancement; it’s a catalyst for redefining the role of tax professionals. By embracing AI-powered solutions, firms can transform from document processors into strategic advisors, offering clients greater value and positioning themselves for growth in an increasingly competitive market.

Watch the entire Earmark Expo webinar to see these revolutionary capabilities and learn how AI could transform your practice.

Audit Crisis: How Flawed Incentives and AI Are Reshaping the Accounting Profession

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In a recent episode of The Accounting Podcast, we explored alarming trends in audit quality shaking the foundations of our profession. The numbers are stark: the Public Company Accounting Oversight Board (PCAOB) found that Ernst & Young (EY), one of the Big Four firms, has a staggering 37% deficiency rate in its audits. Even PricewaterhouseCoopers (PwC), the “best” performer among the Big Four, has an 18% deficiency rate. These deficiencies are so significant that, according to the PCAOB, the auditors should not have issued their opinions.

As audit deficiency rates remain stubbornly high and scandals shake investor confidence, the accounting profession must confront systemic issues undermining audit quality—including misaligned incentives, inadequate staffing, and outdated practices—to restore trust in financial markets and secure their future relevance.

The Alarming State of Audit Quality

When we discuss a crisis in audit quality, we’re not exaggerating. The deficiency rates reported by the PCAOB paint a troubling picture of the state of auditing in the United States:

  • EY has a 37% deficiency rate—the highest among its peers.
  • PwC, despite performing “best” among the Big Four, still has an 18% deficiency rate.
  • BDO, a top 10 firm, has an alarming 86% deficiency rate.

But what do these numbers mean? A Part 1.A deficiency indicates that the auditor “had not obtained sufficient appropriate audit evidence to support its opinion(s) on the issuer’s financial statements and/or ICFR.” In other words, it means the auditor should not have issued their opinion, and potentially, investors should not rely on it.

This is not just a minor oversight—it’s a fundamental audit process failure. When nearly four out of ten audits at a Big Four firm like EY are deficient, or when 86% of BDO’s audits fail to meet standards, we’re looking at systemic issues that threaten the foundation of our financial markets.

The most common deficiencies relate to basic audit tasks:

  • Performing substantive testing.
  • Testing controls over data accuracy.
  • Evaluating the effectiveness of internal controls.

In essence, auditors are failing to perform the core responsibilities that investors rely on them to perform. These high deficiency rates directly erode investor confidence. When investors can’t trust the audited financial statements, the entire financial reporting and investment system becomes compromised.

Why are these deficiency rates so high? We need to examine the business models and incentives driving audit firms to answer that.

Misaligned Incentives and Flawed Business Models

At the heart of the audit quality crisis lies a troubling truth: audit firms’ business models are fundamentally misaligned with the goal of producing high-quality audits. Instead, they incentivize practices that prioritize profit over thoroughness and accuracy.

One primary strategy audit firms employ to maximize revenue is understaffing. Having the fewest people work on the audits leads to overworked staff and rushed audits, increasing the likelihood of errors and oversights.

EY provides a stark example of this strategy in action. The firm boasts the highest revenue per employee among the Big Four at $383,900. While impressive from a business perspective, it raises serious questions about the firm’s ability to allocate sufficient resources to each audit.

Another concerning practice is the lack of transparency around materiality thresholds. Auditors use these thresholds to determine what issues are significant enough to report. However, these standards are not publicly disclosed and can be manipulated. It’s possible to cover up something undesirable by deeming it “immaterial.” This lack of transparency allows auditors to ignore or downplay significant issues, further undermining the reliability of their opinions.

However, the biggest problem is that auditors lack the financial incentive to detect fraud or significant issues. They have every incentive to do the audit quickly, even if it means overlooking critical problems.

These misaligned incentives and flawed business models directly contribute to the high deficiency rates. They create an environment where cutting corners is rewarded, and thoroughness is penalized, contradicting the fundamental purpose of an audit.

The Supermicro Scandal: A Case Study in Audit Failure

The recent Supermicro scandal provides a vivid example of how systemic auditing issues can lead to significant market disruptions and erode investor confidence.

Supermicro Computing, a major player in the tech industry, recently announced an accounting delay that caused its stock to plummet 19% in a single day. This followed a report by Hindenburg Research, which alleged dubious accounting practices at the company.

Based on a three-month investigation, the Hindenburg report uncovered glaring accounting red flags, including:

  • Undisclosed related-party transactions involving nearly $1 billion were paid over three years to suppliers partly owned by the CEO’s brothers.
  • Rehiring executives involved in previous accounting scandals less than three months after paying a $17.5 million SEC settlement for widespread accounting violations.

But where was Deloitte, Supermicro’s auditor, in all of this? Despite charging $4.5 million annually for their services, Deloitte failed to identify or report these significant issues. Their audit letters for 2022 and 2023 were nearly identical, focusing only on inventory valuation as a critical audit matter.

Adding to the concern, an AI system developed by Hudson Rock had identified potential accounting risks at Supermicro two years before these issues came to light. As my co-host, David Leary, points out, “If AI can surface these audit problems before companies can, people aren’t going to want to pay $4.5 million for an audit.”

The emergence of AI challenges the traditional audit model and demands a reevaluation of how we approach financial oversight.

A Call for Reform

The audit profession stands at a crossroads. The alarming PCAOB deficiency rates, misaligned incentives driving audit firm business models, and high-profile failures like the Supermicro scandal all point to a systemic crisis in audit quality.

This isn’t just an issue for accountants and auditors—it’s a threat to the integrity of our entire financial system. Investors rely on audited financial statements to make informed decisions, and when those audits fail, the consequences can be catastrophic.

The emergence of AI as a potentially more effective tool for detecting accounting irregularities further challenges the traditional audit model. Significant changes are needed—from realigning incentives to embracing new technologies—to restore trust in the audit process and secure the future relevance of the profession.

But change won’t happen without a concerted effort from all of us in the accounting world. We must confront these challenges head-on, push for meaningful reforms, and reimagine what high-quality auditing looks like in the 21st century.

To hear our full analysis, including potential solutions and ways you can make a difference, listen to this episode of The Accounting Podcast.

Mastering Multi-Channel Mayhem: A CPA’s Guide to Modern E-commerce

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Struggling to reconcile thousands of daily e-commerce transactions from platforms like Shopify, Amazon, and Square? You’re not alone. For CPAs, the surge in e-commerce has transformed accounting into a complex maze. Gross sales don’t match bank deposits, fees are vaguely labeled, and sales tax spans multiple states and cities.

“Everything has moved to net deposits,” explains Jason Richelson, CEO of Bookkeep, in a recent Earmark Expo. “It used to be that gross sales plus sales tax equaled your deposit the next day. Now, everything is net of fees, and it’s becoming increasingly complicated.”

As e-commerce continues to dominate retail, CPAs face an evolving ecosystem of platforms and payment systems. To navigate this complexity and deliver value to clients, they must embrace cutting-edge accounting technologies that offer automated reconciliation, real-time reporting, and multi-channel integration.

This article explores the key challenges of modern e-commerce accounting and how innovative technologies are revolutionizing the field, transforming CPAs into strategic advisors.

The Complex Landscape of E-Commerce Accounting

Gone are the days when retail accounting meant simply reconciling a cash register with a bank statement. The rise of e-commerce has introduced new challenges for CPAs.

“We had about 50 clients,” Jason recalls. “We started developing software, thinking people could handle it manually. They do it manually, but I’m surprised that six years later, they just can’t find people to do this.”

The core problem lies in the shift to net deposits. “It used to be that in your POS, your gross sales plus sales tax equaled the credit card deposits you received the next day,” Jason explains. “But now, businesses receive net deposits—the gross amount minus various fees and adjustments.”

Consider a client using Shopify for online sales, Square for in-person transactions, and selling on Amazon as well. Each platform has its reporting system, fee structure, and payout schedule. Amazon pays out every two weeks, so Christmas sales might not hit the bank account until January.

The complexity compounds with cross-platform sales. A business using Shopify might also sell through Facebook and Instagram. While Shopify shows total sales, including sales tax, the actual deposit might not include that sales tax if Facebook pays it directly. Without specialized tools, a CPA might mistakenly think the business failed to collect sales tax.

“A lot of people just record deposits as income,” Jason notes, “because they’re overwhelmed or don’t have access to detailed data. But we book your sales summary and then your payout deposits separately.”

Innovative Solutions in E-Commerce Accounting

As the e-commerce landscape grows more complex, innovative technologies are emerging to meet the challenge. Specialized accounting software revolutionizes how CPAs manage multi-channel sales, reconciliations, and reporting.

One key feature of Bookkeep is automated reconciliation. “We post summary sales information daily, typically on an accrual basis when the transaction occurs or when it is fulfilled,” Jason explains. This approach allows for accurate, real-time sales tracking across multiple platforms, regardless of when the actual payout occurs. It solves the Amazon payout delay by recording sales when they happen, not when the deposit is received weeks later.

Another crucial aspect is the separation of sales data from payout deposits. This separation allows for clearer tracking of actual sales versus received funds, solving the net deposit problem that plagues many e-commerce businesses. CPAs can now easily reconcile gross sales with net deposits, identifying fees and adjustments.

These systems also offer detailed breakdowns of fees and adjustments. “All the data we post to your accounting platform, we also provide spreadsheets with all the backup data,” Jason says. This level of detail allows CPAs to quickly identify and resolve discrepancies, saving countless hours of manual reconciliation work.

Multi-channel integration is another key feature. Bookkeep handles data from Square, Shopify, PayPal, Amazon, and more, consolidating information from multiple sales channels into a single, coherent financial picture. This integration extends to sales tax management as well. “We will file and pay your sales tax for you, and we do it through Avalara,” Jason explains, addressing the complex issue of multi-jurisdictional sales tax compliance.

These tools are adaptable to the rapidly changing e-commerce landscape. When e-commerce platforms introduce new features or payment methods, the software updates to accommodate them, ensuring CPAs always have accurate, up-to-date information.

The Evolving Role of CPAs in E-Commerce

Innovative technologies are not just making CPAs’ jobs easier—they’re reshaping the role of accountants in the e-commerce era. The focus is shifting from data entry to strategic advisory.

“We’re here to help you understand the data coming through,” Jason explains. “That’s really where accounting is going—it’s about data flows and proper categorization.” This shift means CPAs need to develop new skills and knowledge to thrive.

Understanding the intricacies of various e-commerce platforms is essential. “Shopify moves very fast. Square is also providing great tools. TikTok is coming onto Shopify as well,” Jason notes. CPAs need to stay current with these developments to provide accurate advice and ensure proper accounting treatment.

Sales tax complexity presents another opportunity. With Bookkeep’s integration with Avalara, CPAs can offer comprehensive sales tax management services. “Nobody inside these e-commerce businesses wants to learn that stuff,” Jason says. By mastering these tools, CPAs become indispensable advisors, helping clients navigate multi-jurisdictional sales tax requirements.

Some CPAs might worry that these technologies could replace their roles. However, the reality is that these tools free CPAs from tedious tasks, allowing them to focus on higher-value activities. CPAs can offer strategic insights into cash flow management, profitability analysis, and growth strategies by interpreting the detailed data these systems provide.

Embracing the Future of E-Commerce Accounting

E-commerce accounting is evolving rapidly, but CPAs can turn these challenges into opportunities with the right tools and mindset. You can stay ahead in this digital era by embracing innovative technologies and focusing on strategic advisory.

To better understand these cutting-edge solutions and how they can transform your practice, we encourage you to watch the on-demand webinar featuring Jason Richelson’s insights on the evolution of e-commerce accounting. You’ll learn about the latest trends in e-commerce platforms, discover how to leverage automated reconciliation tools, and gain strategies for positioning yourself as a valuable advisor to e-commerce clients.

The End of Late-Night Spreadsheets: Live Flow’s Game-Changing Solution for CPAs

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Imagine it’s 2 a.m., and you’re still wrestling with spreadsheets because a client made last-minute changes. If you’re a CPA, this scenario might sound all too familiar. The endless cycle of manual updates highlights a persistent challenge in financial analysis: balancing customization with automation.

But what if you could have both? At the recent Earmark Expo, a solution emerged that promises to revolutionize how CPAs handle financial data. Enter LiveFlow, a groundbreaking tool catching accountants’ attention everywhere.

“The solution that LiveFlow offers allows you to create live reports of your QuickBooks information directly in Google Sheets or Excel,” explains Josh Thomas, Senior Product Owner at LiveFlow. For CPAs looking to modernize their financial analysis without sacrificing customization, LiveFlow combines the familiarity of spreadsheets with automated data integration and advanced reporting features.

In this article, we’ll explore how LiveFlow bridges the gap between customization and automation in financial analysis. From seamless integration with existing tools to advanced consolidation capabilities and robust forecasting, discover why LiveFlow might be the game-changer CPAs have been waiting for.

Seamless Integration with Accounting Software

At the heart of LiveFlow’s innovation is its ability to integrate seamlessly with the accounting software and spreadsheets CPAs already use. Gone are the days of endless copy-pasting and manual data entry. LiveFlow directly bridges QuickBooks or Xero and your Google Sheets or Excel workbooks.

Blake Oliver, co-host of the Earmark Expo, shared a painfully familiar memory: “I have a very distinct memory of one time doing it seven times in a row until about two in the morning because I kept having to make changes.” This tedious process of exporting, pasting, and reformatting becomes obsolete with LiveFlow.

Instead, LiveFlow allows you to create live reports that update automatically. “By default, LiveFlow is refreshing your QuickBooks data every single hour,” Josh explains. This means your spreadsheets are always up-to-date without any manual effort.

What about customization? LiveFlow doesn’t sacrifice flexibility for automation. You can add custom formulas, insert new columns, and tailor your reports to your needs. The app allows you to filter data by customer, class, vendor, or location, giving you granular control over your reports. Impressively, LiveFlow retains these customizations even when the underlying data refreshes.

For CPAs managing multiple clients, this is transformative. As David Leary pointed out, “I could see Blake’s problem is magnified if you have 50 clients. Now, you’re doing this over and over across 50 clients.” With LiveFlow, you set up customized reports for each client once and let the software handle the updates.

Simplifying Complex Consolidations

Consolidating financial data from multiple entities or standardizing a complex chart of accounts can be daunting. Traditional methods involve intricate Excel formulas that are prone to errors and time-consuming to maintain. LiveFlow’s consolidation feature tackles this challenge head-on.

“No more formulas,” Josh emphasizes. “You’ve distilled it down to the consolidated accounts you want in your end report.” This approach saves time and significantly reduces the risk of errors.

LiveFlow uses a visual mapping process. You can click and drag to map accounts from different QuickBooks files to a unified chart of accounts. It even handles intercompany eliminations, a notoriously tricky aspect of consolidation.

Perhaps most impressively, the consolidation feature updates automatically when new accounts are added, or changes occur in the underlying QuickBooks files. No more scrambling to update complex spreadsheets every time a client tweaks their chart of accounts.

Transforming Data into Actionable Insights

CPAs need to do more than crunch numbers—they also need to tell compelling financial stories. LiveFlow Dashboards transform complex financial data into visually appealing, easy-to-understand visualizations that resonate with clients.

“We’re really excited about it because, for some people, coding is not their bread and butter,” Josh explains. LiveFlow Dashboards allow CPAs to create professional, customizable dashboards without coding skills. You can select from components like bar charts, line graphs, and KPI indicators, arranging them to build a dashboard that suits each client’s needs. Advanced settings like filtering by vendor or displaying data by quarter provide a level of customization that rivals custom-coded solutions.

One standout feature is the ability to create “snapshots” for static reporting. This addresses a common concern voiced by Blake: “I don’t want it refreshing automatically throughout the month because the period isn’t closed yet.” With snapshots, you control exactly what data your clients see and when, balancing real-time updates with carefully curated financial presentations.

But LiveFlow doesn’t stop at visuals. Its forecasting capabilities take financial analysis to the next level, combining automation with the flexibility to model various scenarios. The cash flow forecasting templates include features like income vs. burn rate charts and runway models. You can input different growth rates and starting financial positions to model various scenarios for a startup client.

“If you’re advising software or startups, then their burn rate and runway are the two most important things to keep tabs on,” Blake points out. “If you can do that for them with live data from their QuickBooks file, you become really valuable as an advisor.”

These tools allow CPAs to offer high-value services like scenario analysis and strategic financial planning. By combining live data with powerful, customizable forecasting tools, you can help clients make informed decisions about their financial future.

Embracing a New Era of Financial Analysis

LiveFlow represents a significant leap forward in financial analysis technology, seamlessly bridging the gap between customization and automation. As Josh aptly puts it, “The beauty of it is sometimes the simplicity of it.” By integrating live data with familiar spreadsheet interfaces, simplifying complex consolidations, and offering powerful visualization and forecasting tools, LiveFlow empowers CPAs to work smarter, not harder.

The implications for the accounting profession are profound. With LiveFlow, CPAs can significantly increase their efficiency, freeing up time to focus on high-value tasks like strategic advising. As Blake noted, “If you can do that for them with live data from their QuickBooks file, you become really valuable as an advisor.” This ability to quickly generate customized, visually appealing reports and forecasts enhances the services CPAs can offer to their clients.

Perhaps most importantly, LiveFlow allows CPAs to modernize their practice without abandoning their hard-earned expertise and customized approaches. It’s not about replacing the CPA’s skillset but augmenting it with powerful tools that make financial analysis more efficient and insightful.

Experience LiveFlow for Yourself

To see how LiveFlow can revolutionize your financial analysis processes, watch the Earmark Expo. Discover firsthand how you can harness the power of automation while maintaining the flexibility your clients depend on. Don’t just adapt to the future of financial analysis—shape it with LiveFlow.