You can save countless hours having to compile and analyze the data, and make recommendations as BizBench does all of that for you. All you need are Income Statement data from the latest 12 month period and the current Balance Sheet.
The first time you go in, you won’t see the businesses in there, but as you run reports for your clients your list will grow. The Wiz also gives you the option to upload data in .xml format. But with just the few minutes it takes for the Wiz to help you create a report, it may be quicker to just enter some information. As your client list grows, you can simply select the company you want to run another report for and go from there.
Simply select an existing business, or create a new one. Next, choose Financial Type by selecting whether the report you will use actual data (Financial) to run the report or projected data (Scenario). Then select whether you will be using an existing data set to run the report or if you will be adding a new data set. Then continue.
You can choose to include the preparer information, preparer special comments, which logo you want to display for the report, header and footer text, and the report date. Then continue.
BAM! The Wiz has instantly prepared our report.
You are good to go! From this page of the Wizard, you can export multiple versions and formats.
If you are creating a new company to run reports for, or you are running a financial or scenario report for an existing company, or editing an existing report that you have previously run, it’s still a piece of cake. When you get to Step Two of the Wizard (above) and set your basic report parameters, it will look like this: If you are:
You will need to click the green “Add/Modify Financial Data” button.
This will bring up the first tab of the Business Assessment data form. Just complete the basic business information:
If you need help determining the NAICS code, we’ve got a Wizard for that too. Just select the NAICS search tool, and the Wizard comes up allowing you to search for the best NAICS Code for your company or your client.
It is sometimes advantageous, even necessary to run reports for alternate or multiple NAICS codes, particularly if the business is in a unique niche. You may want to experiment with closely related NAICS codes and/or NAICS codes one level higher. There are some businesses where there is NOT an official NAICS code – alligator farm, for example, is one we’ve experienced, where you will have to think it through and experiment a little. We found NAICS Code 112210 – Hog and Pig Farming to be the closest business model to alligator farming. Though it wasn’t an exact match, the report was still quite instructive and eerily similar.
Benchmarking is not always an exact science. Especially with NAICS codes, it’s often an art. We’re here to help if you need us. But don’t worry. You can run unlimited reports. With a flat annual subscription rate, 1000 reports will cost you the same as 10. The key is to run the reports! Get creative!
There is one more tab of general information, including Total Assets and Annual Net Sales. These are the benchmarks for normalizing the data. The Balance Sheet data will all be benchmarked as a percentage of Total Assets. The Income Statement data will all be benchmarked as a percentage of Net Sales. Make sure to fill in these two required fields here!
Once the Balance Sheet and Income Statement data tabs are complete, you’re brought back to Step Five above, selecting the report version and formats:
It has taken you much longer to read through these instructions than it will take you to fill out the data, once you’ve done it a time or two. Remember you can always import XML files as well. This is a great activity for clerical staff, though you’ll want to do it yourself a time or two to understand the process.
The more reports you run, the quicker the process will become, the lower the cost per report will be, the more profitable your subscription will be, and the better you will become as a consultant and adviser to your clients, making a huge impact on your own business and the improvement of their business performance!