In this case study, we sat down with Chase Vowell, Owner and Chief Accountant at Flux Accounting, to learn more about how he runs Flux Accounting and makes his firm as efficient as ever.
About Flux Accounting
- HQ: San Diego, California
- Launch date: 2018
- Website: https://fluxaccounting.com
Tell us a little bit about Flux Accounting and how your team is organized?
Flux accounting is a team of 8 people. Our main responsibility is to manage custom accounting reports specifically for the Grocery stores niche and we do so using cloud-based tools.
The beautiful thing about our approach is that we work with QuickBooks Online, which is the future of accounting and it keeps growing. Working in the cloud is everything for us.
Which tools do you use to be productive at work?
We utilize a variety of tools to ensure maximum productivity and efficiency in our work.
- Monday.com to manage and organize all aspects of our projects
- JotForm for online forms
- QuickBooks Online for financial management
- Zoom and Slack for communication
- LiveFlow for reporting automation
Overall, our approach is to use a combination of tools that best suit our needs and that are cloud-based, as it allows us to access and collaborate on projects from anywhere.
What was the problem you were looking to solve when discovering LiveFlow?
I had to do an accounting analysis for each client every quarter. To do this, I needed to work with and analyze data from five different platforms and wrangle them together to see whether my clients needed to pay estimated taxes for the quarter.
When we were searching for an accounting software solution, our primary objective was to find a tool that would enable us to efficiently manage our financial operations and data.
We were looking to solve the problem of spending a significant amount of time collecting and consolidating financial data from various sources in order to conduct analysis.
Why did you choose LiveFlow?
Our goal was to connect various data sets like QuickBooks, the tax program, and more in one dashboard. This would allow us to efficiently analyze the data, instead of spending a lot of time just consolidating it for one client and then moving on to the next one.
While we are still working on building out this idea, we have been able to implement a solution that automates our month-end financial reports for clients using LiveFlow. This includes an Income Statement, Balance Sheet and a five-page report package that we send to our clients every month.
Earlier this process took more than 15 minutes for each client every month, now takes less than a couple of minutes. So, for all of our clients it is more than 2 days a month!
Which value does LiveFlow bring to you personally, and your team?
Our client base is currently over a hundred grocery stores and we add even more clients monthly. As a result, LiveFlow has become a valuable tool in our month-end accounting workflow because it creates a scalable process for us.
For example, clients have switched over to us from other accounting firms because of our efficient accounting-reporting set-up. In the past, they'd give their December QuickBooks to their accountant and not get it back for three, four, or five weeks.
For us, it takes three days, and a lot of times clients get their completed reports the same day.
Would you recommend LiveFlow to other accounting firms, and if so, why?
I believe that LiveFlow is at the forefront of the future when it comes to managing and analyzing financial data. The concept of a live flow of data to where it's needed is crucial for making informed and real-time decisions.
Our use of LiveFlow has not only improved our own financial operations but it has also caught the attention of partners, such as public companies, who have expressed interest in training their staff with the help of our platform.
We see a lot of potential in LiveFlow and we have plans to incorporate it into more of our projects in the future. Overall, we believe that LiveFlow is a key component in shaping the future of CFO, accounting and tax work.
Want to try out LiveFlow too?
LiveFlow helps you to create live financial dashboards directly in Google Sheets and save 2 days per month in tedious manual copy/paste work. LiveFlow is used by hundreds of companies, including Y Combinator, Hipcamp, PH Data, Masterworks, Finalis, airCFO, Connected Accounting, Acuity, and many more.
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