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9:T7134,{"id":"cG9zdDo0NjY4","title":"Step-By-Step Guide to the Month-End Close Process","content":"\n<p>Managing a successful month-end close process is essential for any business aiming to maintain accurate financial records and make informed decisions. Month-end close involves a detailed review and reconciliation of financial activities from the previous month to ensure all data is accurate, compliant, and ready for reporting. In this guide, we’ll walk you through each step of the month-end close process, highlight best practices, and provide tips to streamline your operations.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the Month-End Close Process?</strong></h2>\n\n\n\n<p>The month-end close is a systematic process where finance and accounting teams finalize financial transactions, generate reports, and reconcile accounts at the end of each month. The goal is to ensure that all income and expenses are accurately recorded, financial statements are complete, and the business has a clear picture of its financial health.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why the Month-End Close is Important</strong></h2>\n\n\n\n<p>A well-executed month-end close process provides valuable insights into your company’s financial performance. It helps identify discrepancies, ensures compliance with regulatory requirements, and prepares the business for internal and external audits. Moreover, it enables leadership teams to make strategic decisions based on reliable financial data.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 1: Collect and Organize Financial Data</strong></h2>\n\n\n\n<p>The first step in the month-end close process is gathering all necessary financial data. This includes invoices, bank statements, and expense receipts. Ensure all credit and debit entries are accurately posted and cross-reference these entries with your internal records. Missing or incomplete data can cause delays and lead to inaccurate financial reporting.</p>\n\n\n\n<p><strong>Best Practice</strong>: Use a checklist to ensure all data is collected and accounted for. Designate a point of contact for each type of financial data, such as revenue, expenses, and payroll, to streamline communication and reduce bottlenecks.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 2: Reconcile Accounts Payable and Accounts Receivable</strong></h2>\n\n\n\n<p>Next, review and reconcile your accounts payable and accounts receivable ledgers. Match all vendor invoices to purchase orders and receipts. Verify customer payments against the corresponding ledger entries. If there are discrepancies, investigate and resolve them before moving forward. Proper reconciliation is critical to ensure the accuracy of your financial statements.</p>\n\n\n\n<p><strong>Best Practice</strong>: Communicate regularly with vendors and customers to promptly address outstanding issues. Set deadlines for receiving vendor invoices and resolving customer payment disputes before the month-end close starts.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 3: Conduct Bank and Credit Card Reconciliations</strong></h2>\n\n\n\n<p>Reconcile all bank and credit card transactions with your general ledger. This process involves comparing the balances in your bank statements with the corresponding entries in your accounting system. Adjust for any discrepancies, such as unrecorded transactions or bank errors, by making the necessary journal entries.</p>\n\n\n\n<p><strong>Best Practice</strong>: Schedule weekly or bi-weekly reconciliation sessions during the month. This reduces the workload at month-end and ensures that discrepancies are identified and corrected early on.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 4: Review and Adjust Accrued Expenses and Prepaid Accounts</strong></h2>\n\n\n\n<p>Ensure all accrued expenses, such as payroll, interest, and taxes, are recorded correctly. Similarly, review prepaid expenses like insurance and rent, making adjustments for the portion of these expenses that apply to the current month. Accrual adjustments are essential to match revenues and expenses in the correct reporting period.</p>\n\n\n\n<p><strong>Best Practice</strong>: Set up a review system where senior accountants verify accrual entries to ensure they are accurate and aligned with the company&#8217;s financial strategy.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 5: Perform Inventory and Fixed Asset Reconciliation</strong></h2>\n\n\n\n<p>For businesses with inventory, perform a physical count and reconcile the count with your financial records. Similarly, update the value of fixed assets, including any new purchases, disposals, or depreciation. Accurate inventory and asset tracking ensure your balance sheet reflects the true value of your company’s assets.</p>\n\n\n\n<p><strong>Best Practice</strong>: Implement cycle counting for inventory. This approach involves counting a portion of your inventory regularly rather than performing a full count at the end of each month, reducing discrepancies and improving accuracy.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 6: Review Payroll and Operating Expenses</strong></h2>\n\n\n\n<p>Ensure that all payroll entries, including salaries, benefits, and taxes, are correctly posted. Reconcile payroll accounts with your payroll register and make adjustments as needed. Similarly, review operating expenses, such as utilities and office supplies, to ensure they are correctly allocated and posted to the appropriate accounts.</p>\n\n\n\n<p><strong>Best Practice</strong>: Reconcile payroll and operating expenses separately to avoid confusion. Set deadlines for each process and ensure the person responsible for each category knows these timelines.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 7: Analyze Variances and Perform Adjustments</strong></h2>\n\n\n\n<p>Conduct a variance analysis to compare actual results against budgeted figures. This analysis helps identify any anomalies that require further investigation. Make any necessary adjustments to correct errors or reflect new information that wasn’t previously available.</p>\n\n\n\n<p><strong>Best Practice</strong>: Hold monthly variance meetings with department heads to review significant deviations from the budget. This fosters accountability and enables proactive measures to address issues before they escalate.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 8: Compile and Review Financial Statements</strong></h2>\n\n\n\n<p>After reconciling accounts and making adjustments, generate preliminary financial statements, including the balance sheet, income statement, and cash flow statement. Review these statements for accuracy and consistency. Cross-check all figures and ensure that all adjustments have been accounted for.</p>\n\n\n\n<p><strong>Best Practice</strong>: Create a standardized template for reviewing financial statements to ensure all aspects are covered and nothing is overlooked. This can include a list of common errors or a guide on how to validate the accuracy of entries.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Step 9: Finalize Reports and Distribute them to Stakeholders</strong></h2>\n\n\n\n<p>Once the financial statements have been reviewed and verified, finalize the month-end close by locking the accounting period in your financial system. Distribute the final reports to relevant stakeholders, such as department heads and senior management, for their review and analysis.</p>\n\n\n\n<p><strong>Best Practice</strong>: Implement a secure, cloud-based platform to distribute financial reports, ensuring that stakeholders can access up-to-date information from anywhere.</p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Common Month-End Close Challenges and How to Overcome Them</strong></h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Data Inaccuracies</strong>: Inaccurate or incomplete data can cause delays and lead to incorrect financial statements. To avoid this, implement data validation checks throughout the month and address discrepancies as they arise.</li>\n\n\n\n<li><strong>Time Constraints</strong>: The month-end close process can be time-consuming, especially for businesses with a high volume of transactions. Use automation tools to reduce manual work and streamline the reconciliation process.</li>\n\n\n\n<li><strong>Lack of Standardization</strong>: Without standardized procedures, the month-end close can become chaotic and inconsistent. Establish a month-end close checklist and ensure that all team members follow the same processes each month.</li>\n</ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Streamlining the Month-End Close Process</strong></h2>\n\n\n\n<p>To optimize your month-end close, consider leveraging technology solutions that automate routine tasks, such as bank reconciliations and variance analysis. Tools that provide real-time financial insights and automate data entry can significantly reduce the time spent on manual work, allowing your team to focus on strategic financial analysis and decision-making.</p>\n\n\n\n<p>A streamlined month-end close process is crucial for maintaining accurate financial records, ensuring compliance, and supporting business growth. By following these step-by-step instructions and implementing best practices, you can transform your month-end close into an efficient and manageable task.</p>\n\n\n\n<p><strong>Want to improve your month-end close process?</strong> Contact us today to learn how <a href=\"https://www.modeliks.com/features/\" target=\"_blank\" rel=\"noreferrer noopener\">Modeliks</a> can help you streamline your financial operations and ensure accurate, timely reporting every month. <a href=\"https://app.modeliks.com/register/ACBD5AB2-6994-40EE-A43A-B4370C09EDA1?_gl=1*1xoogg0*_gcl_au*MTQwMzQ3MzIxNS4xNzI0MDUyNDY1*_ga*ODIxMzA3NDc2LjE3MDY3ODQwNTg.*_ga_PW8DRDZG7M*MTcyODI4NjU1Ny4xOS4xLjE3MjgyODkzNjguMC4wLjA.\">Start your free trial today!</a></p>\n\n\n\n<p></p>\n","slug":"month-end-close","date":"2024-10-10T06:59:10","categories":{"nodes":[{"id":"dGVybToxMw==","name":"Reports & Dashboards"}]},"mainCategory":{"mainCategory":["reports-and-dashboards"],"videoHeader":null},"tags":{"nodes":[{"name":"financial reporting"}]},"featuredImage":{"node":{"id":"cG9zdDo0Njcw","sourceUrl":"/images/cms/month-end.jpg","altText":"Overview of month-end close process, steps, and best practices for maintaining accurate financial records and ensuring compliance in business accounting."}},"seo":{"metaDesc":"Discover the steps and best practices for an efficient month-end close process. Learn how to streamline operations with Modeliks."},"modified":"2024-10-10T06:59:11","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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