A clear understanding of financial data is crucial to make informed decisions and remain competitive. With these features, you can streamline your processes, gain insights into your business, and provide excellent services to your clients.
Learn how MSPbots can help you optimize your financial data with these three tools:
1. Visualize An Automated Chart of Accounts with Account Mapping
As Managed Service Providers (MSPs), being able to display and map your accounts is essential.
A chart of accounts is a list of financial accounts used by a business to record financial transactions. Each account represents a specific financial category such as revenue, expenses, assets, and liabilities.
Accounting Mapping allows you to categorize your chart of accounts into built-in or custom templates for standard comparison between industry peers, seamless calculation, visualization of your company’s financial KPIs for analysis.
By mapping your chart of accounts using MSPbots Account Mapping feature, you acquire a comprehensive overview of your financial data—some of which you’ve likely never seen before!
Traditionally, this task would be time consuming and completed manually, but the MSPbots Account Mapping feature enables the app to create the report and update it for you in real time.
Link your data from your accounting software, select your mapping template, and voilà!
The best part about this feature is that once you’ve set it up, you’re good to go. The less time you’re spending on repetitive and operational tasks, the more time you can dedicate to making the best decisions for your MSP.
2. Connect and Expand Your Network with Peer Group Function
Peer groups are comprised of MSPs who come together to share their best practices, industry insights, and performance benchmarking.
Joining a peer group gives you the opportunity to learn from other MSPs who have similar backgrounds and challenges—and build relationships along the way.
MSPbots Peer Group Function enables you to collaborate and communicate within the MSPbots app. Within the app, you can apply to an existing peer group, create your own, and manage your roles accordingly.
What sets this apart from other team communication platforms? We have a set of benchmarking KPIs that measure your business’ success.
After you’ve mapped your accounts to MSPbots, you can easily compare your KPIs within the group! (Don’t worry, you have full control of what you share 🤝🏻)
Empower your collaboration methods with your peers with MSPbots Peer Group Function.
3. Maximize Your MSP’s Performance with KPI Benchmarking
KPI benchmarking involves comparing an MSP’s KPIs against those of other MSPs in the industry to identify areas of improvement and set achievable targets.
Being able to measure your performance against industry standards is important in identifying strengths and weaknesses. After which, you can adjust so that you’re going in the direction your business needs to go.
MSPbots’ KPI Benchmarking feature allows you to display your metrics, have them visualized alongside your chosen industry standard, and monitor them throughout time—all with ease and in the convenience of one app.
One of the default sets of benchmark values available in MSPbots is the MSPFinance Team Financial Metrics and Benchmarks App. Developed in conjunction with the MSPFinance Team, this application shows your performance alongside the MSP industry’s bottom average performers, median, and the best-in-class average with the following metrics:
- Gross Margin Generated per $1 of Sales
- Blended Gross Margin %
- Service Gross Margin %
- Product Gross Margin %
- Selling, General and Administrative Expense as % of Total Cost
- Sales Cost as % of Total Cost
- General and Admin Expenses as % of Total Cost
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) % of Total Revenue
Stay tuned for announcements and updates as MSPbots offers other benchmarking templates apart from the Finance Team Financial Benchmarking Dashboard.
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When you have the right set of tools, making informed decisions and staying ahead of the competition is no longer difficult.
MSPbots account mapping feature, peer group function, and KPI benchmarking function can take your financial data optimization to greater heights.
Ready to set your financial data up for success? Sign up or book a demo with us for more information!
