Financial Visibility – the key to empowering your clients and differentiating your firm
We had some great guest speakers join us on our latest episode to discuss a better way of banking with Relay. Let’s meet them!
Financial Visibility has been more important these past 11 months than ever before. Many small businesses closed and the ones that were able to survive were ones that had that financial visibility.
What is financial visibility?
Financial Visibility is all about understanding where we are currently and helping guide your client through the future. Every small business owner wants to make smart decisions with their cash flow and know what is going on with it. Relay offers the power to do just that.
There are a few things that really just aren’t convenient.
- Accounting and bookkeeping firms hold onto the login credentials and it creates liability for the firms
- Poor quality of information that comes into the accounting system
- Actually getting into the accounts to get the data
Relay is able to deliver reliable and high-quality data that makes it easier to do the compliance work or bookkeeping as you need to. Here are a few reasons that make Relay different.
Michael shared with us on ‘Appy Hour how he approaches a new client:
The first thing you want to look at is cash flow at least a year into the future. Secondly, it’s good to look at their debt. If there is a large amount of debt, it may be a dying business. On the first call that is had with the client, we want to understand their goals so that we are able to start building a road map for them. When understanding goals, we start with their endpoint and reverse engineer through time, then through the balance sheet and net profit.
With keeping this in mind, having a platform that keeps financials visible makes creating and reaching goals much easier to manage.
As we dove into the demo with Relay, which you are able to view here, there were tons of great features that we got to go over. It has a direct back feed to QuickBooks that is extremely reliable and secure. You can also collaborate with your team and offer access to other staff members and to keep a visible front, you can also invite your clients into Relay.
Don’t miss out on hearing more about Relay!
Register for The ‘Appy Hour by clicking here.
To learn more about the show sponsor, follow the link to: Relay