The profit and loss (P&L) statement is the lifeblood of any business, providing a clear picture of financial performance. But for accountants, whether it be for due diligence or monthly reporting for a client, manually creating and analyzing P&Ls can be a time-consuming and error-prone process. Here's where Strongbox emerges as your game-changer.
Strongbox is a powerful financial data extraction and analysis tool that automates the entire P&L creation and analysis process. Forget spending hours getting data from clients, wrestling with data entry, and manually reformatting layouts – Strongbox seamlessly extracts the necessary data directly from your client's accounting system and delivers a clean, formatted output directly into Excel. This output not only contains multiple iterations of the P&L (sometimes called a PnL), but raw data from the general ledger, cash flow, and additional analysis depending on your service line.
Automating aspects of your profit and loss statement creation and analysis process can produce significant efficiency gains for your firm. Strongbox offers several differentiators to help your team do more with less:
Effortless Data Extraction: Strongbox eliminates the need for manual data extraction or asking your client to produce generic. It connects directly to your client's accounting system, extracting all the relevant data for your P&L in a matter of seconds, and delivers it directly to Excel ready for your analysis.
Pre-formatted P&L Delivery: No more wasting time formatting spreadsheets! Strongbox delivers a fully formatted P&L directly into Excel, including the ability to pre-map specific accounts within the Strongbox portal before delivering it to Excel. This ensures a consistent and professional presentation every time.
Customizable Timeframes: Gain flexibility without sacrificing time with Strongbox. Generate P&Ls for any custom date range, including a trailing twelve months (TTM) view for a comprehensive analysis of recent performance.
Multiple P&L Variations: Cater to your client’s specific needs. Strongbox offers a variety of P&L formats, including vertical and horizontal presentations. Strongbox also auto-generates PnLs by specific time periods (monthly, quarterly, year-to-date) without any extra work.
Strongbox goes beyond just creating P&Ls. It empowers your team to deliver deeper insights for your clients. Here’s how:
Detailed Underlying Data: Strongbox doesn't just provide the P&L itself; it also delivers all the underlying data used to create it. General Ledger details are delivered with journal entries, account numbers, vendor, customer, relevant dates, and more. This allows you to easily drill down into specific line items and analyze the granular details behind the numbers.
Enhanced Efficiency: By automating data extraction and formatting, Strongbox frees up valuable time for you to focus on higher-value tasks like financial analysis, client communication, and strategic planning.
The benefits Strongbox can offer your team and your clients expand beyond efficiency gains:
Better Client Experience: Using Strongbox will save your client hours. They no longer have to generate reports or track down information for your audits, reports, etc. A few clicks connects Strongbox and delivers all the data you need, allowing them to stay focused on running their business.
Faster Client Service: With Strongbox, you can generate and deliver P&Ls, along with additional reports like your databook or cash flow analysis, to your clients significantly faster, allowing them to make informed decisions based on real-time financial data.
Improved Accuracy: Strongbox automates the entire process, eliminating the risk of human error and ensuring the accuracy of your P&Ls.
Deeper Financial Insights: Strongbox empowers you to delve deeper into financial data, identify trends, and uncover potential areas for improvement.
Strongbox is not just a PnL tool; it's your key to a more efficient and insightful approach to financial analysis. Stop wasting time with manual data manipulation and embrace the power of automation. With Strongbox, creating and analyzing P&Ls becomes a breeze, allowing you to focus on what truly matters – delivering strategic financial insights to your clients.
Ready to unlock the power of Strongbox for your P&L needs? Contact us and discover how Strongbox can revolutionize your approach to financial reporting!
