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9:T6dce,{"id":"cG9zdDoyNTg2","title":"What Is Double-Entry Bookkeeping? And Why Is It Important?","content":"\n<p>Double-entry bookkeeping is the backbone of modern accounting, providing a structured and reliable method for recording financial transactions. This system ensures accuracy and transparency, essential for small business owners who need to keep their financial records precise and comprehensive. In this guide, we will delve into the principles of double-entry bookkeeping, and explain how it works.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is Double-Entry Bookkeeping?</strong></h2>\n\n\n\n<p>Double-entry bookkeeping is an accounting method where every financial transaction affects at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced. This system uses debits and credits to record transactions, providing a complete view of a business&#8217;s financial activity and health.</p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Accounting Equation</strong></h3>\n\n\n\n<p>At the core of double-entry bookkeeping is the accounting equation:</p>\n\n\n\n<p><strong>Assets = Liabilities + Equity</strong></p>\n\n\n\n<p>This equation means that everything a business owns (assets) is financed either by borrowing money (liabilities) or by using the owner’s or shareholders’ money (equity). Ensuring this equation is balanced is crucial for accurate financial reporting.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Debits and Credits Explained</strong></h2>\n\n\n\n<p>Double-entry bookkeeping records transactions as debits and credits in a general ledger. A debit entry increases asset or expense accounts and decreases liability or equity accounts. Conversely, a credit entry increases liability or equity accounts and decreases asset or expense accounts. Every transaction must have equal debit and credit entries, maintaining the balance of the accounting equation.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Types of Accounts</strong></h2>\n\n\n\n<p>There are five primary types of accounts:</p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Assets:</strong> Resources owned by the business, such as cash, inventory, and equipment.</li>\n\n\n\n<li><strong>Liabilities:</strong> Obligations owed to others, such as loans and accounts payable.</li>\n\n\n\n<li><strong>Equity: </strong>The owner&#8217;s interest in the business, including retained earnings and capital contributions.</li>\n\n\n\n<li><strong>Revenue:</strong> Income generated from business operations, such as sales.</li>\n\n\n\n<li><strong>Expenses: </strong>Costs incurred in generating revenue, including rent, utilities, and salaries.</li>\n</ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Double-Entry Bookkeeping Works</strong></h2>\n\n\n\n<p>To understand how it works, consider a simple transaction where a business purchases office supplies for $500 using cash. In this case, you should record the transaction as follows:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Debit the Office Supplies account (an expense account) by $500 to increase it.</li>\n\n\n\n<li>Credit the Cash account (an asset account) by $500 to decrease it.</li>\n</ul>\n\n\n\n<p>This entry ensures that the total debits equal the total credits, keeping the accounting equation balanced.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of Double-Entry Bookkeeping</strong></h2>\n\n\n\n<p><strong>Accuracy and Error Detection</strong>: This method quickly identifies and corrects errors. If the debits and credits do not match, you need to resolve the issue.</p>\n\n\n\n<p><strong>Comprehensive Financial Reporting</strong>: This system provides a complete financial picture, facilitating the preparation of financial statements like balance sheets, income statements, and cash flow statements.</p>\n\n\n\n<p><strong>Enhanced Financial Management</strong>: By accurately tracking all financial transactions, small business owners can make informed decisions, plan for the future, and manage resources effectively.</p>\n\n\n\n<p><strong>Compliance and Audit Readiness</strong>: Double-entry bookkeeping aligns with accounting standards and principles, making it easier to comply with regulatory requirements and prepare for audits.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Implementing Double-Entry Bookkeeping</strong></h2>\n\n\n\n<p><strong>Establishing a Chart of Accounts</strong>: Begin by setting up a chart of accounts, which lists all the accounts used by the business.<path fill=\"currentColor\" fill-rule=\"evenodd\" d=\"M11 4.91a.5.5 0 0 0-.838-.369L6.676 7.737A1 1 0 0 1 6 8H4a1 1 0 0 0-1 1v6a1 1 0 0 0 1 1h2a1 1 0 0 1 .676.263l3.486 3.196A.5.5 0 0 0 11 19.09zM8.81 3.067C10.415 1.597 13 2.735 13 4.91v14.18c0 2.175-2.586 3.313-4.19 1.843L5.612 18H4a3 3 0 0 1-3-3V9a3 3 0 0 1 3-3h1.611zm11.507 3.29a1 1 0 0 1 1.355.401A10.96 10.96 0 0 1 23 12c0 1.85-.458 3.597-1.268 5.13a1 1 0 1 1-1.768-.934A8.96 8.96 0 0 0 21 12a8.96 8.96 0 0 0-1.085-4.287 1 1 0 0 1 .402-1.356M15.799 7.9a1 1 0 0 1 1.4.2 6.48 6.48 0 0 1 1.3 3.9c0 1.313-.39 2.537-1.06 3.56a1 1 0 0 1-1.673-1.096A4.47 4.47 0 0 0 16.5 12a4.47 4.47 0 0 0-.9-2.7 1 1 0 0 1 .2-1.4\" clip-rule=\"evenodd\"></path><path fill=\"currentColor\" fill-rule=\"evenodd\" d=\"M7 5a3 3 0 0 1 3-3h9a3 3 0 0 1 3 3v9a3 3 0 0 1-3 3h-2v2a3 3 0 0 1-3 3H5a3 3 0 0 1-3-3v-9a3 3 0 0 1 3-3h2zm2 2h5a3 3 0 0 1 3 3v5h2a1 1 0 0 0 1-1V5a1 1 0 0 0-1-1h-9a1 1 0 0 0-1 1zM5 9a1 1 0 0 0-1 1v9a1 1 0 0 0 1 1h9a1 1 0 0 0 1-1v-9a1 1 0 0 0-1-1z\" clip-rule=\"evenodd\"></path><path fill=\"currentColor\" d=\"M3.07 10.876C3.623 6.436 7.41 3 12 3a9.15 9.15 0 0 1 6.012 2.254V4a1 1 0 1 1 2 0v4a1 1 0 0 1-1 1H15a1 1 0 1 1 0-2h1.957A7.15 7.15 0 0 0 12 5a7 7 0 0 0-6.946 6.124 1 1 0 1 1-1.984-.248m16.992 1.132a1 1 0 0 1 .868 1.116C20.377 17.564 16.59 21 12 21a9.15 9.15 0 0 1-6-2.244V20a1 1 0 1 1-2 0v-4a1 1 0 0 1 1-1h4a1 1 0 1 1 0 2H7.043A7.15 7.15 0 0 0 12 19a7 7 0 0 0 6.946-6.124 1 1 0 0 1 1.116-.868\"></path><path fill=\"currentColor\" fill-rule=\"evenodd\" d=\"M11.873 21.496a1 1 0 0 1-.992.496l-.454-.056A4 4 0 0 1 7.1 16.79L7.65 15h-.718c-2.637 0-4.553-2.508-3.859-5.052l1.364-5A4 4 0 0 1 8.296 2h9.709a3 3 0 0 1 3 3v7a3 3 0 0 1-3 3h-2c-.26 0-.5.14-.628.364zM14.005 4h-5.71a2 2 0 0 0-1.929 1.474l-1.363 5A2 2 0 0 0 6.933 13h2.072a1 1 0 0 1 .955 1.294l-.949 3.084a2 2 0 0 0 1.462 2.537l3.167-5.543a2.72 2.72 0 0 1 1.364-1.182V5a1 1 0 0 0-1-1m3 9V5c0-.35-.06-.687-.171-1h1.17a1 1 0 0 1 1 1v7a1 1 0 0 1-1 1z\" clip-rule=\"evenodd\"></path><path fill=\"currentColor\" d=\"M19.898.855a.4.4 0 0 0-.795 0c-.123 1.064-.44 1.802-.943 2.305-.503.503-1.241.82-2.306.943a.4.4 0 0 0 .001.794c1.047.119 1.801.436 2.317.942.512.504.836 1.241.93 2.296a.4.4 0 0 0 .796 0c.09-1.038.413-1.792.93-2.308.515-.516 1.269-.839 2.306-.928a.4.4 0 0 0 .001-.797c-1.055-.094-1.792-.418-2.296-.93-.506-.516-.823-1.27-.941-2.317Z\"></path><path fill=\"currentColor\" d=\"M12.001 1.5a1 1 0 0 1 .993.887c.313 2.77 1.153 4.775 2.5 6.146 1.34 1.366 3.3 2.223 6.095 2.47a1 1 0 0 1-.003 1.993c-2.747.238-4.75 1.094-6.123 2.467-1.373 1.374-2.229 3.376-2.467 6.123a1 1 0 0 1-1.992.003c-.248-2.795-1.105-4.754-2.47-6.095-1.372-1.347-3.376-2.187-6.147-2.5a1 1 0 0 1-.002-1.987c2.818-.325 4.779-1.165 6.118-2.504 1.339-1.34 2.179-3.3 2.504-6.118A1 1 0 0 1 12 1.5ZM6.725 11.998c1.234.503 2.309 1.184 3.21 2.069.877.861 1.56 1.888 2.063 3.076.5-1.187 1.18-2.223 2.051-3.094.871-.87 1.907-1.55 3.094-2.05-1.188-.503-2.215-1.187-3.076-2.064-.885-.901-1.566-1.976-2.069-3.21-.505 1.235-1.19 2.3-2.081 3.192-.891.89-1.957 1.576-3.192 2.082Z\"></path><span class=\"overflow-hidden text-clip whitespace-nowrap text-sm\"></span> This chart should include all asset, liability, equity, revenue, and expense accounts.</p>\n\n\n\n<p><strong>Recording Transactions</strong>: It is important to record each transaction as a debit or credit in the appropriate account. Do this manually or with software.</p>\n\n\n\n<p><strong>Regular Reconciliation</strong>: Regularly reconcile accounts to ensure accurate recording of all transactions and balance the accounting equation.</p>\n\n\n\n<p><strong>Generating Financial Statements</strong>: Use the recorded transactions to generate financial statements. These statements provide insights into the financial performance and position of the business.</p>\n\n\n\n<p>Double-entry bookkeeping is essential for small business owners who want to maintain accurate and comprehensive financial records. Understanding and implementing this system can enhance your financial management, ensure compliance, and make informed business decisions.</p>\n\n\n\n<p>For a deeper dive into financial management tools and techniques, explore <a href=\"https://www.modeliks.com/features/\" target=\"_blank\" rel=\"noreferrer noopener\">Modeliks’</a> resources and discover how our platform can support your business’s growth and success.</p>\n\n\n\n<p>Ready to take your financial management to the next level? <a href=\"https://app.modeliks.com/register/ACBD5AB2-6994-40EE-A43A-B4370C09EDA1\">Sign up for a free trial of Modeliks</a> today and gain access to powerful tools and insights to help your small business thrive.</p>\n","slug":"what-is-double-entry-bookkeeping","date":"2024-07-29T13:16:44","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"}]},"mainCategory":{"mainCategory":["business-plans"],"videoHeader":null},"tags":{"nodes":[]},"featuredImage":{"node":{"id":"cG9zdDoyNTg3","sourceUrl":"/images/cms/Modeliks-3-1.jpg","altText":"Modeliks Guide to double entry bookkeeping and general ledger: a crucial system for small business financial accuracy and balance."}},"seo":{"metaDesc":"Explore the essentials of double entry bookkeeping: the precision-driven method ensuring accuracy in financial recording and reporting."},"modified":"2024-07-29T13:16:45","related":[{"id":"cG9zdDoxMTU0MQ==","title":"How Accountants Can Offer High-Margin Advisory Services","content":"\n<h2 class=\"wp-block-heading\">Why Advisory Services Matter for Accounting Firms</h2>\n\n\n\n<p>The accounting profession is shifting. Compliance and bookkeeping remain essential, but today’s clients expect more. They want guidance on <strong>how to run their business smarter, manage cash flow, and plan for the future</strong>.</p>\n\n\n\n<p>According to a <strong>CPA.com survey</strong>:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Clients pay <strong>~50% more</strong> for advisory services compared to traditional compliance.</li>\n\n\n\n<li><strong>65% of clients</strong> need advisory support.</li>\n\n\n\n<li><strong>45% expect their accounting firm</strong> to provide it.</li>\n</ul>\n\n\n\n<p>This means the demand is already there. The opportunity for accounting firms is clear: <strong>move beyond bookkeeping into high-margin advisory services</strong>.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">The Challenge: Scaling Advisory Without Burning Out</h2>\n\n\n\n<p>For most small and mid-sized firms, the hesitation is simple:<br>❌ Limited staff time<br>❌ No standardized tools for forecasting &amp; reporting<br>❌ Concern about overcomplicating workflows</p>\n\n\n\n<p>The good news? Advisory can be delivered at scale, without adding headcount or creating inefficiencies — if you have the right system.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">The Solution: Modeliks for Advisory Services</h2>\n\n\n\n<p><strong>Modeliks</strong> helps accountants transform their existing relationships into advisory partnerships by automating the heavy lifting.</p>\n\n\n\n<p>Here’s how it works in practice:</p>\n\n\n\n<p>1️⃣ <strong>Connect QuickBooks in Minutes</strong><br>Sync client actuals directly — no messy spreadsheets or manual imports.</p>\n\n\n\n<p>2️⃣ <strong>Build Budgets &amp; Automated Financials</strong><br>Instantly generate a forward-looking <strong>P&amp;L, Balance Sheet, and Cash Flow statement</strong>, tailored to each client.</p>\n\n\n\n<p>3️⃣ <strong>Deliver Dashboards &amp; Variance Analysis</strong><br>Clients see Actual vs. Plan vs. Previous Periods. You provide insight into <em>why</em> numbers moved — without building reports from scratch each month.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">The Impact for Accounting Firms</h2>\n\n\n\n<p>Firms using Modeliks see:<br>✅ <strong>New revenue streams</strong> by offering planning &amp; reporting as premium packages<br>✅ <strong>Higher client retention</strong> thanks to consistent value beyond compliance<br>✅ <strong>No extra headcount required</strong>, since processes are automated<br>✅ <strong>Improved positioning</strong> as trusted advisors, not just bookkeepers</p>\n\n\n\n<p>As one accountant put it:</p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>“Our clients can now make confident decisions. For us it’s a game-changer — we finally sell insight, not just compliance.”</em></p>\n</blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">Why Now Is the Time</h2>\n\n\n\n<p>Client expectations are rising. Competitors are moving into advisory. Technology makes it easier than ever to scale.</p>\n\n\n\n<p>If you’re an accountant or firm owner, now is the time to position your practice for the next decade. Advisory services are not just an add-on — they’re the future of accounting.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">Next Steps</h2>\n\n\n\n<p>📽️ Watch the full video playbook here: <a href=\"https://www.youtube.com/watch?v=UlQEwnWOdKQ\">https://www.youtube.com/watch?v=UlQEwnWOdKQ</a>.<br>🌐 Explore how Modeliks can help you launch advisory services in under an hour -> <strong><a href=\"https://www.modeliks.com/solutions/accountants\">HERE</a></strong>.</p>\n\n\n\n<p>📩 Or <a href=\"https://www.modeliks.com/?utm_source=chatgpt.com\">reach out to</a><a href=\"https://www.modeliks.com/\"> </a><a href=\"https://www.modeliks.com/?utm_source=chatgpt.com\">us directly</a> to explore how Modeliks can be tailored for your firm.</p>\n\n\n\n<p>Enjoy <a href=\"https://modeliks.com/\">Modeliks</a>! We know we are!</p>\n\n\n\n<p>Author: <br><a href=\"https://www.modeliks.com/about-us\">Modeliks Team</a></p>\n","slug":"high-margin-advisory-services-accountants","date":"2025-09-02T08:30:06","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxNA==","name":"Financial Forecast"},{"id":"dGVybTozNQ==","name":"News"},{"id":"dGVybTozNA==","name":"Partners"},{"id":"dGVybToxMg==","name":"Pitch Decks"},{"id":"dGVybToxMw==","name":"Reports & Dashboards"}]},"mainCategory":{"mainCategory":["financial-forecast"],"videoHeader":"https://www.youtube.com/watch?v=UlQEwnWOdKQ"},"tags":{"nodes":[{"name":"accounting advisory services growth"},{"name":"budgeting and forecasting"},{"name":"business planning"},{"name":"consulting firm profitability strategies"},{"name":"Financial analysis"},{"name":"financial forecasting"},{"name":"financial modeling"},{"name":"financial planning"},{"name":"financial planning for professional services firms"},{"name":"financial reporting"}]},"featuredImage":{"node":{"id":"cG9zdDoxMTU0Mg==","sourceUrl":"/images/cms/Screenshot-2025-09-02-at-10.27.59.png","altText":"How to offer Advisory Services at High Margin?"}},"seo":{"metaDesc":"Learn how accounting firms can add high-margin advisory services without extra headcount. Discover how Modeliks helps accountants deliver financial planning, reporting, and dashboards that clients will pay more for."},"modified":"2025-09-02T08:30:10","related":null},{"id":"cG9zdDoxMTQ4Mw==","title":"How to Manage & Grow Your Professional Services Business: A Strategic Playbook","content":"\n<p>Running a professional services business is demanding. Whether you’re a <strong>founder, consultant, accountant, or finance leader</strong>, the challenges are similar:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Managing multiple clients</li>\n\n\n\n<li>Tracking projects and timesheets</li>\n\n\n\n<li>Ensuring profitability while scaling</li>\n\n\n\n<li>Moving beyond basic bookkeeping into strategic financial insights</li>\n</ul>\n\n\n\n<p>The truth? Many services firms outgrow spreadsheets faster than they realize. A project-based business requires a planning and reporting framework that adapts as you grow &#8211; not one that breaks every time a new client, project, or team member comes onboard.</p>\n\n\n\n<p>That’s where having a structured <strong>financial planning and reporting system</strong> becomes a game-changer.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">Who is This Playbook For?</h2>\n\n\n\n<p>This strategic framework is designed for:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Founders &amp; Owners of Service Firms</strong> — who need clarity on profitability and growth drivers.</li>\n\n\n\n<li><strong>Consultants</strong> — who want to optimize billable hours and scale without burning out.</li>\n\n\n\n<li><strong>Accountants &amp; Accounting Firm Owners</strong> — who want to expand beyond bookkeeping and offer high-value advisory services like forecasting, management reporting, and fractional CFO solutions.</li>\n\n\n\n<li><strong>Finance Leaders (CFOs, Finance Managers, Controllers)</strong> — who require accurate reporting, scenario planning, and board-ready insights without wasting hours in spreadsheets.</li>\n</ul>\n\n\n\n<p>If you run a <strong>project-based business, use timesheets, or manage multiple clients</strong>, this playbook is for you.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">How to Grow Profitability in Professional Services</h2>\n\n\n\n<p>Professional services firms often face profitability challenges because margins are tied to <strong>capacity, efficiency, and client mix</strong>. Here’s where the right planning approach makes a difference:</p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Plan by Project (Not Just Company-Level)</h3>\n\n\n\n<p>Each project has its own revenue, costs, and resources. Without project-level visibility, it’s impossible to know which work is actually profitable.</p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Track Actuals vs. Plan</h3>\n\n\n\n<p>It’s not enough to create a yearly budget. Monthly actuals vs. plan reporting helps you quickly see where projects are off track and adjust before problems snowball.</p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Build Scenarios</h3>\n\n\n\n<p>What happens if a big client leaves? Or if you add two more consultants next quarter? Scenario planning gives you the confidence to make tough decisions with numbers to back them up.</p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Monitor Utilization &amp; Capacity</h3>\n\n\n\n<p>Employee utilization is the heartbeat of a services firm. By linking financial forecasts to <strong>billable hours, staffing, and client demand</strong>, you can identify bottlenecks and prevent costly underutilization.</p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">How Modeliks Helps</h2>\n\n\n\n<p>At Modeliks, we’ve built a platform that turns these best practices into a structured, repeatable process.</p>\n\n\n\n<p>With <strong>Modeliks</strong>, you can:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Plan by Project, Department, or Client</strong><br>Build forecasts by any dimension of your business — project, geography, store, or team.</li>\n\n\n\n<li><strong>Automate Actual vs. Plan Reporting</strong><br>Sync with QuickBooks or upload trial balances from Excel. No more rebuilding reports every month.</li>\n\n\n\n<li><strong>Get Dashboards &amp; KPIs That Matter</strong><br>Variance analysis, profitability by client/project, utilization, and other insights are ready in minutes.</li>\n\n\n\n<li><strong>Run What-If Scenarios</strong><br>Test different client acquisition strategies, pricing models, or staffing plans.</li>\n\n\n\n<li><strong>Scale Without Adding Headcount</strong><br>Accountants and consultants can serve more clients in less time, while founders and finance leaders gain clarity without extra hires.</li>\n</ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">Why This Matters Now</h2>\n\n\n\n<p>Most firms wait until they have 100+ employees to rethink planning. But the truth is, <strong>dimensional planning and reporting matters at 20 employees, as much as at 200.</strong></p>\n\n\n\n<p>The earlier you set up a scalable framework, the faster you can:</p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increase profitability per client</li>\n\n\n\n<li>Retain clients longer by delivering insight, not just compliance</li>\n\n\n\n<li>Attract investors, lenders, or partners with investor-ready plans</li>\n\n\n\n<li>Free up time to focus on strategic growth instead of fixing spreadsheets</li>\n</ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaway</h2>\n\n\n\n<p>Growing a professional services business isn’t just about winning more clients — it’s about <strong>building a system that lets you manage projects, measure performance, and grow profitably.</strong></p>\n\n\n\n<p>That’s what this playbook is about — and why we built <strong>Modeliks</strong>.</p>\n\n\n\n<p>👉 If you want to see how Modeliks can help you manage and grow your services firm, <a href=\"https://www.youtube.com/watch?v=E87pBDPZzPc&amp;utm_source=chatgpt.com\">watch the full video walkthrough here</a>.</p>\n\n\n\n<p>📩 Or <a href=\"https://www.modeliks.com/?utm_source=chatgpt.com\">reach out to us directly</a> to explore how Modeliks can be tailored for your firm.</p>\n\n\n\n<p>Enjoy <a href=\"https://modeliks.com/\">Modeliks</a>! We know we are!</p>\n\n\n\n<p>Author: <br><a href=\"https://www.modeliks.com/about-us\">Modeliks Team</a></p>\n","slug":"financial-planning-for-professional-services","date":"2025-09-01T11:47:08","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxNA==","name":"Financial Forecast"},{"id":"dGVybTozNQ==","name":"News"},{"id":"dGVybTozNA==","name":"Partners"},{"id":"dGVybToxMg==","name":"Pitch Decks"},{"id":"dGVybToxMw==","name":"Reports & Dashboards"}]},"mainCategory":{"mainCategory":["financial-forecast"],"videoHeader":"https://www.youtube.com/watch?v=E87pBDPZzPc"},"tags":{"nodes":[{"name":"accounting advisory services growth"},{"name":"budgeting and forecasting"},{"name":"business planning"},{"name":"consulting firm profitability strategies"},{"name":"Financial analysis"},{"name":"financial forecasting"},{"name":"financial modeling"},{"name":"financial planning"},{"name":"financial planning for professional services firms"},{"name":"financial reporting"}]},"featuredImage":{"node":{"id":"cG9zdDoxMTQ4NA==","sourceUrl":"/images/cms/Screenshot-2025-09-01-at-13.39.02.png","altText":"Financial planning for professional services"}},"seo":{"metaDesc":"Discover how to manage and grow your professional services firm with project-based financial planning, reporting, and forecasting strategies."},"modified":"2025-09-01T11:47:11","related":null},{"id":"cG9zdDoxMDQyMA==","title":"Modeliks 2.0 is Live!","content":"\n<p>Today we released a massive new update of Modeliks.  A multidimensional Modeliks 2.0. I am both happy and sad to see Modeliks grow up. I liked baby Modeliks. He was cute and a little clumsy. Now, we created a beast.  </p>\n\n\n\n<p>We listened to your feedback and made Modeliks by far the best financial planning and reporting tool for SMEs. Alright, I might be a bit subjective, but here is what’s new:</p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Multi dimensional planning and reporting</strong>. This means that you can plan and track performance by organizational unit, whether that is business units, departments, geography, stores, projects. However your company is structured, you can have clear targets and track performance across your whole organization.</li>\n\n\n\n<li><strong>Consolidation</strong>: if you plan on a business unit level, Modeliks will consolidate your financial plans upwords.</li>\n\n\n\n<li><strong>Allocations</strong>: allocate costs from the head office down to the operating units. Why? Some costs are incurred in the head office, or regional offices, but should be allocated down to the operating units, in order to get a correct picture of profitability across the organization.</li>\n\n\n\n<li><strong>Quickbooks integration</strong>. Connect Modeliks to your Quickbooks and have your planning and monthly reporting automated, error free and done in minutes.</li>\n\n\n\n<li><strong>Account grouping</strong>. Group several accounts into one group account. For example, you can create a Utilities group account and make your Energy, heating, phone, internet, water accounts part of the utilities group. Why? Because when you plan, you don’t want to plan on every single small account that you have in your accounting system. It is too tedious and messy. So, group them logically, plan on groups, and make planning and reporting easy and useful.</li>\n\n\n\n<li><strong>Initiative planning and evaluation</strong>. You have a new initiative in mind for your business? Create a business case and see how it will impact your business. If the numbers say it’s good, keep it. If not, drop it.  </li>\n\n\n\n<li><strong>Monthly forecasting</strong>. Now you can forecast up to 3 years on monthly basis.</li>\n\n\n\n<li>Lastly. <strong>Speed</strong>. Modeliks is now 10 times faster than before.   </li>\n</ol>\n\n\n\n<p>And there is a lot more to come in the next few months. Stay tuned for new features, and in the mean-time, plan, manage and grow your business with Modeliks 2.0.</p>\n\n\n\n<p>Let’s recap. Now you can:</p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Build driver based financial models for any business</li>\n\n\n\n<li>Do it by department, business unit, geography, stores, projects</li>\n\n\n\n<li>Run scenarios and evaluate new initiatives</li>\n\n\n\n<li>Track actual performance vs budget, on every level in your organization. Especially easy with the Quickbooks integration</li>\n\n\n\n<li>Automate monthly investor and management reporting</li>\n\n\n\n<li>And write professional and detailed business plans with the help of our AI assistant.</li>\n</ol>\n\n\n\n<p>Enjoy <a href=\"https://modeliks.com/\">Modeliks</a> 2.0! We know we are!</p>\n\n\n\n<p>Author: <br><a href=\"https://www.modeliks.com/about-us\">Modeliks Team</a></p>\n","slug":"modeliks-2-0-a-live","date":"2025-04-01T08:59:31","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxNA==","name":"Financial Forecast"},{"id":"dGVybTozNQ==","name":"News"},{"id":"dGVybTozNA==","name":"Partners"},{"id":"dGVybToxMg==","name":"Pitch Decks"},{"id":"dGVybToxMw==","name":"Reports & Dashboards"}]},"mainCategory":{"mainCategory":["financial-forecast"],"videoHeader":"https://www.youtube.com/watch?v=-61deO4BkFg"},"tags":{"nodes":[{"name":"budgeting and forecasting"},{"name":"business planning"},{"name":"Financial analysis"},{"name":"financial forecasting"},{"name":"financial modeling"},{"name":"financial planning"},{"name":"financial reporting"},{"name":"market analysis"},{"name":"modeliks"},{"name":"quickbooks"}]},"featuredImage":{"node":{"id":"cG9zdDoxMDQyMg==","sourceUrl":"/images/cms/Modeliks-2.0-Post-image.png","altText":"Modeliks 2.0."}},"seo":{"metaDesc":"A massive new update of Modeliks is here. A multidimensional, Quickbooks integrated, faster than ever Modeliks 2.0. GROW your business, NOW!"},"modified":"2025-04-01T09:20:31","related":null}]}2:["$","$L8",null,{"post":"$9"}]
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