Senta, the cloud-based practice management software firm, is supporting accountants and bookkeepers to step up and take on the advisor role with their clients.
The new feature integrates with QuickBooks and Xero to provide information about clients’ financial performance. Each day Senta will query QBO/Xero, and analyse data for the prior 12 months to update the information.
Senta will show you quick/current ratios, debtor/creditor days, the bank balance, turnover and profit for your clients.
Advisor is turned on at a practice level, whilst key-metric notification settings are set at client-level, for specific metrics, and can be configured at bespoke levels for each metric (rise/fall over a set time period).
This data could be particularly useful for triggering conversations about funding options or monitoring the VAT threshold.
Of course it will be important to know that the data is up to date and accurate, and that’s where the Xavier integration is useful. The Xavier integration in Senta allows you to pull the Xavier health score onto the Xero tab on a client’s page.
To find out more about how to use this feature, click here.
Insight from Senta
James Kilford CEO comments
“We know how hard accountants work at keeping on top of compliance work. But during the pandemic we know lots of clients have turned to their accountants for advice and guidance. The Senta advisory feature will help accountants build the advisory relationship — and differentiate themselves from their competitors.”
The development of Senta Advisory is a timely response to the demands of a profession. The recent Senta industry survey highlighted that accountants are looking to diversify their service offering in response to challenges their clients are facing.
Cheryl Sharp, founder of Pink Pig Financials, is one such accountant who is stepping up into the advisor role for their clients.
“Until a year ago we were just compliance, but we’ve been working to make advisory services more of a focus. Clients are rarely proactively looking for value-add work, but with the right conversations and the processes we have in place, we can begin to add those advisory services when they need them.”
Currently, the feature draws in quick and current ratios, plus info around turnover, profits, debtor days and bank balances. With this information, accountants are able to provide useful insight and guidance to their clients, strengthening their role as trusted advisors.
Ian Phillips, Head of Partner Sales, Xero, comments: “The pandemic has brought digitisation to the forefront of the accounting industry, bringing a decade’s worth of change in less than a year. Xero’s integration with businesses like Senta, will provide even more ways for accountants and bookkeepers to better serve their customers as they recover and rebuild.”
Senta plans to extend this service to integrate with FreeAgent and Sage in 2021. As with all new features developed by Senta, it’s available to all clients as part of their monthly package at no extra cost.