Sept 3, 2020 Meeting Notes

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Sept 3, 2020

By Jackie Haldorson



Vice President Melissa Barton is running the meeting.

Video is now live, please share!

Also please update your profile - Melissa will create loom video to show how to do this

Side note: Membership works is on back end.

Upcoming events - next Monday virtual Lunch and learn with Woodard group

Aug 20 virtual happy hour 



Introductions

Speaker - Justin Pulgrano CPA - Co owner of Cash Flow Tool/Finagraph



Used by Accounting Professionals to provide cash flow management and forecasting as a recurring service offering to clients

  • View cash flow by week, day, or month using interactive chart and cash flow calendar

  • Perform what if scenarios (hiring, purchasing equipment, etc) to visually see the impact on future cash flow

  • Create your own KPI dashboards to show your top biz metrics

  • Reporting in excel and pdf



Scope of cash flow meeting

30 min meetings on a recurring basis

Before meeting need to reconcile cash/AP/AR



  Agenda

Review prior period

Current standings

Forecasted outflows over next few weeks/months

Review AR and collections for expected inflows

Look at long term for next 3 months



Client Benefits

Clients have action items to manage their short term cash flow effectively

Clients can make decisions with more certainty and play out “what if “ scenarios

Clients better understand the inns and outs of cash flow both historical and future

Many clients are unable to get this level of insights on their own

Connects to QBO and QB Desktop

The app uses the history of the clients payments to estimate when it will get paid (smart defaults)

The tool will give you an initial forecast of income (historical) but you can make adjustments (payroll going up, rent going up, etc?)

It’s a Good idea to test out on your own company - there is a 14 day free trial

If an estimate is made, once the date happens that was estimated, the actuals take over the estimates

Important to control the client experience - ie even if they have view only access tell them when things are updated. You don’t necessarily want them to look halfway through the month

Subscription is most commonly billed to the accountant

Anyone who has greater than 350 K in revenue can afford this app. Pick the right clients to start

How much can we make with this charge with this service offering? Depends on the frequency & complexity, but average is $250-$500

In QBO the cash flow widget is not as flexible, mostly historical

Cash flow reports in QBO are based on indirect method