Fiscal Year-End Tips for Fractional CFOs Using QuickBooks

February 23, 2024

Fiscal Year-End Tips for Fractional CFOs Using QuickBooks

As we move through the fiscal year-end scramble, fractional CFOs like yourself are looking for tips and tricks to speed up reporting and other cumbersome tasks. 

This guide will delve into surviving and thriving in the fiscal year-end, so prepare for practical advice, innovative solutions, and friendly guidance.

Why Does the Fiscal Year-End Matter?

None of this is news, but the fiscal year-end serves as a critical juncture for Fractional CFOs to reflect on the past, strategize for the future, and ensure that financial practices align with regulatory requirements and the company's broader business objectives.

Findings during this time will dictate which business decisions are made for the next year, making the fiscal year-end a critical time for your business.

Wrapping up the fiscal year is crucial to ensure your business forecast for the next year has achievable goals. Whether you build your forecast or utilize a financial template like the one shown below by LiveFlow, the work you do wrapping up this fiscal year dictates how useful it will be. 

P&L Financial Template by LiveFlow

Carefully Review All Information with Automatic Reconciliation

Reviewing all relevant financial information is essential before anything of value can be deduced from the fiscal year. Carefully noting the accuracy of all data will help set your business on the right path to financial success. 

Out-of-date information can wreak havoc on your ability to pull practical conclusions from financial statements. 

With QuickBooks Online, you can use automatic reconciliation to reduce manual errors while streamlining the process, saving time and money.

Using QuickBooks Online, you can confidently navigate the fiscal year-end, ensuring financial accuracy and compliance.

Communication is Key

Communicating with stakeholders is about more than just relaying numbers; it's about translating financial intricacies into a language that resonates with everyone.

Do you have a client that is always asking for updates and last-minute reporting? 

With QuickBooks Online, this is no problem! You can easily share any transaction or report and send it to their inbox! The ease of access to financial data QBO offers allows you to communicate with clients in many ways.

Don’t be afraid to lean on your team for support. Foster collaboration within your organization to get ideas on communicating with given stakeholders most effectively: Each client is different, so don’t underestimate the personal relationship your team has built with each one throughout the past year. 

Looking for more ways to communicate with your team? Check out LiveFlow Workspaces for new ways to collaborate on your reports without ever switching account admin!

Also, building synced dashboards with your QuickBooks Online data in Google Sheets could be a great way to keep stakeholders and curious clients in the know moving through crunch time.

QuickBooks Online Magic

So, how does QuickBooks help you save time and avoid going gray early? 

  • Scheduled Reports: Scheduled reports gracefully land in your inbox, allowing for a hands-off experience like never before

  • Recurring Invoices: Recurring invoices get shot over to clients with precision, eliminating any possibility of late arrival 

  • Rules and Alerts: The rules and alerts you set in your account effortlessly categorize expenses and sound the alarm on irregularities

Daily tasks no longer clutter your morning and demand an early clock-in. QBO takes care of the mundane, leaving you more time to tackle the big tasks.

Why spend hours creating spreadsheets, when we have already done the work for you?
100+ financial spreadsheet templates, all free and ready for you now.
Free Spreadsheet Templates

With QBO’s array of organization opportunities, you can keep all documents audit-ready: your financial dashboard has never looked better than it will after utilizing QBO. Imagine your balance sheets and income statements, all perfectly organized and balanced and done for you! 

But what if you’re not confident you can maximize QBO and its magic? That’s okay; check out our post covering more QuickBooks Online tips for CFOs to ensure you’re prepared to get everything out of your subscription. 

Third-Party Apps and Integrations

Integrating third-party apps becomes your secret weapon, transforming QuickBooks Online into a financial superpower capable of more than ever. 

Now, not to be too biased, but here at LiveFlow, we believe our platform is the most powerful and flexible way to build flexible and live dashboards from your QuickBooks Online data in minutes. 

Here are some of the things we offer to help make your job a little easier: 

  • Templates: Select the template you wish to use and swap companies to build the same report for multiple clients in seconds

  • Automatic Refresh: Once you have connected your QBO account, you can refresh your LiveFlow-supported spreadsheet and watch it refresh automatically without leaving the sheet!

  • Drilling Down: While in your spreadsheet, you can click any account and select our drill down tab to see all transactions contributing to the selected cell

  • Live Financial Models: Automatically feed live data into dynamic financial models and customize it with your own charts, data blends, graphs, and formatting.

Accountants and CFOs save more than 150 hours each year using LiveFlow; check us out for yourself to learn how we can help your business. 

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