How LiveFlow Has Changed My Business Finances
Section Styles podcast
As a business owner and consultant who helps other businesses scale with data-driven decision-making, the numbers are absolutely crucial to helping a business owner not only understand but be able to use them to their benefit.
What’s LiveFlow?
LiveFlow is a platform that provides a plethora of advanced reporting templates that consolidate live with QuickBooks.
Wait. What?
Yes, LiveFlow integrates with QuickBooks, where you are already entering all of your data and provides you with live reporting on all of your business data. Whether it’s your P&L dashboard, cash flow projections, financial modeling, or more — they have over 100 templates to choose from.
Plus, once you connect your QuickBooks and pull a report once, there’s no need to download it again. LiveFlow will automatically update the report on a monthly (or whatever cadence you choose) with your data from QuickBooks, so you don’t have to manually create reports or update them constantly. You can also have these reports in Google Sheets, so you always have them available, ready and updated without a million iterations of an excel file.
What LiveFlow offers that is really compelling is that it takes something really important: business finances and provides you with real-time data so you can make decisions on the spot. There is no program like this. It allows you to automate data to not only save you time, but also provide you with an easily digestible way for you or your clients to view the data.
I’m not an accountant, and the great thing is that you don’t have to be one to use LiveFlow. It provides you with such an easy way to read and understand your data in the way you need to view it. Need to know your cash flow for next month? Pull the Cash Flow Forecast Template. Need to know budgeting by department? Pull the Department Budgeting & P&L Template. Need to do your taxes and need to know what to enter for your Schedule C? Pull the IRS Tax Form 1040 - Schedule C Template! (Yes, they even have that!)
How LiveFlow Transforms My Business and Clients
In my own business, LiveFlow has automated a lot of my own financial data so I can understand my own P&L, Cash Flow and Budgeting in real-time. At any moment in time, I can generate these reports directly from my QuickBooks entries to see where I stand this month, for example, with working capital.
If you are not familiar with these terms, take a quick look at my blog: Money Matters and learn the business financial terms every small business must know!
That being said, some of my favorite templates for JDP are:
Cash Flow Forecasting Template — I get cash flow goals for business since it’s ever-evolving and dependent on the number of clients I take on at any given time, so it’s great to be able to at a click of a button be able to see how well I am meeting my cash flow goals on a monthly basis and how much cash I have in the business to be able to bring on additional help, or invest in another resource, etc.
Profit & Loss Balance Sheet Template — This is another report I track frequently. Being a service-based business, my ‘profit’ during any given month can fluctuate greatly depending on the number of clients I bring in, so this is an absolutely crucial tool that every business owner should be using!
Live Budget vs. Actuals Template — This one is one of my favorites because it takes the scariness out of budgeting. This template allows you to take a planned budget and shows you where you actually are in that budget at any given week or month.
What I love about LiveFlow is that it is so customizable to allow you to view your financials in a multitude of ways for any given scenario and it’s been an absolute game changer for not only my business, but for my clients’ businesses too!
If you are interested in trying out LiveFlow, shoot me an email at jordyn@jdpconsult.co with the subject line “LIVEFLOW” and I can introduce you to their team to receive $250 off your purchase!
How This Tool Supports YOU When You Partner With JDP
At JDP Consult, where I’m looking at every facet of a business to help them grow, one of the most important factors there is within their business financials. So, while I’m auditing a business across their processes and systems, their people and departments, and their finances, LiveFlow can help me not only look at the three reports listed above, but also filter the reports even further so that I can see expenses by department or vendor, etc.
I use LiveFlow in my work with all of my clients! So, as an added perk, those who want access to the tool without having the up-front costs or set-up time can still utilize these awesome financial reports.
Plus, by partnering with JDP Consult, I also help you to understand these reports and how your finances are affecting the growth of your business! Since I look at your entire business, I can generate and connect these reports (which you then own!) to your QuickBooks so you can continue to receive real-time financials.
What could be better than that?
HI THERE, I’M JORDYN
Serial entrepreneur, strategic integrator and financial aficionado.
My mission is to revolutionize the way businesses grow with strategic clarity and implementation. It goes beyond consultancy—as I want to be a dedicated partner in propelling your success with strategy and impactful execution with zest and honesty.