LivePlan, the cloud-based business planning and small business management tool created by Palo Alto Software, launched an update Wednesday that includes a design facelift and new key performance indicator tracking features.
The product’s scoreboard feature, a dashboard that visualizes a business’s finances at any given moment, has been redesigned with new colors, fonts and charts to modernize the look and make key numbers easier to find.
“It is proven that business owners who plan and track their financials daily grow thirty percent faster,” stated Sabrina Parsons, CEO of Palo Alto Software. “But, sometimes it can be difficult to understand key insights into your business when you’re searching through endless spreadsheets from your accounting system. The scoreboard highlights the most important information you need in the form of a simple, visual presentation.”
Integrated with QuickBooks (Desktop and Online) and Xero, the update is now available to all LivePlan users, who can now use the scoreboard to track eighteen key numbers critical to understanding their business’s health. The scoreboard, which crunches accounting data and tracks metrics like revenue, expenses, net profit and cash on hand, now also breaks down KPIs on a more granular level.
“While it is important to track crucial data points like revenue and expenses, digging deeper into your business’ financial health can make or break your future,” stated Parsons. “Tracking all data points possible is the best way to ensure that your business is on track and allows you to spot problem areas before they arise.”
Additionally, the tool’s more than 250,000 users worldwide can now customize the charts and period of time through which they view data.
These updates reflect what Parsons described in June as LivePlan’s fundamental offering to accountants in "an era of data."
“Accountants can arm themselves with the knowledge and tools to be a strategic advisor,” she said. “Small business owners think they’re already doing that.”
More details on the update are available here.