Introducing AI Financial Reporting: Your Virtual Financial Analyst
Reach Reporting has been supercharged with AI and is now available to all users.
Imagine having a virtual advisor that highlights trends like depreciation’s impact on asset value, groups related accounts (such as discounts or reimbursements) to show value leakage, or combines multiple revenue streams to reveal their collective impact. That’s exactly what Reach Reporting’s AI delivers.
How It Works
- Data Processing: The AI connects seamlessly with your bookkeeping software, pulling in financial data and analyzing it to pinpoint the most relevant insights.
- Smart Visualization: Based on the data, the AI selects the best chart type for each insight—whether it’s a graph for quick trends or a table for detailed breakdowns (e.g., when four or more accounts contribute to a metric).
- Tailored Reports: The AI generates a customized report or dashboard specific to your business. Don’t like something? You can edit and tweak it to fit your needs.
The result? A polished, professional report that saves time and provides clarity—no hunting for the right template required.
Who Benefits from AI Reporting?
Advisors: Engage Clients with Deeper Insights
For financial advisors, the AI-powered reports are the perfect starting point for demos. Unlike traditional templates that offer high-level overviews, AI-generated insights dive into sub-accounts and key business drivers, creating a more engaging experience for clients. Advisors can showcase trends and relationships that resonate, fostering stronger connections and proving their value.
Business Owners: A Virtual Advisor at Your Fingertips
For business owners without access to a dedicated financial expert, the AI acts as a virtual advisor. It identifies critical patterns—like how write-offs affect profitability or how multiple revenue streams work together—empowering owners to make informed decisions without external help.
Niche Businesses: Assess Your Needs
Not every business needs a deep dive. If you rely on standardized financial packages or track specific KPIs (e.g., dental practices focusing on particular ratios), AI reports might not be the primary tool for you. Reach Reporting’s flexibility ensures you can still use structured templates when needed—just assess your priorities first.
Note: Currently, the AI report and dashboard builder doesn’t support classes, locations, annual reports, or budget variance analysis. If these are critical for your business, the AI will play a supporting role rather than the lead.
Why Using AI Is Forward Thinking
This isn’t just about automation—it’s about differentiation. Intuit QuickBooks points out that more and more accounting related firms and practices are running toward AI and many worry about missing out. Reach Reporting’s AI tool shifts the focus from static, generic reports to dynamic, tailored insights.
Here’s what sets our tool apart:
- Consistency with Flexibility: Run the AI twice, and while the insights might vary slightly, the core findings remain reliable. Clean, well-structured data (think clear account names) ensures the best results.
- Beyond High-Level Metrics: Traditional tools stop at totals. Our AI analyzes sub-accounts, groups related items, and provides descriptive text to explain each metric’s significance.
- Time-Saving Design: The AI handles report structure—titles, tables of contents, chart selections—leaving you with a polished product you can customize on the fly.
For example, the AI might group discounts and reimbursements to highlight cash outflows or analyze depreciation trends to show their long-term impact. In industries like restaurants, it could even pair similar income and COGS items for a clearer picture.
Enhancing the Experience with Core Reach Features
The AI doesn’t stand alone—it’s amplified by Reach Reporting’s robust customization options:
- Theme Customization: Match report colors to your branding for a professional touch.
- Flexible Presentation: Don’t love a table? Switch it to a graph. Hide rows or tweak layouts to suit your story.
- Scratch Pad: Save AI-generated insights for reuse in future reports, complete with an executive summary page to tie it all together.
- Auto-Roll Forward: Reuse AI reports month after month—no rebuilding required.
Unlike competitors like Fathom or Syft, which lock you into fixed formats, Reach Reporting lets you adapt reports live, making it a more powerful, user-friendly option.
See It in Action
The best way to understand the AI’s impact is to see it analyze your financials. In a personalized demo, we will run an AI report with your data rather than generic QuickBooks samples. Our tool will instantly point out impressive insights—like a revenue trend or a hidden expense driver—and tweak the report live to show its flexibility. Seeing your financials through the AI’s lens is unmatched.
The Future of Financial Reporting
Ready to go beyond surface-level insights? Read more on our AI Financial Reporting to learn how to transform your financial story with AI.