Introducing Daxcel Financial, an accounting firm based in Brisbane, Australia. We spoke to their founder, Rakesh Nairn, to find out how the practice integrated with Syft Analytics.
Daxcel Financial was founded in 2019 and their focus is on building lifelong relationships with clients so they can grow with them. From a predominantly manual and excel based framework they are now automating a lot of the periodic reporting for clients by supporting, among other, Xero accounting Software and Syft Analytics, which frees up their time for analysis and interpretation of the reports. Their clients greatly value the time they spend going through and explaining the report findings.
The Coronavirus has affected companies all over the world and Daxcel Financial has decided to use this opportunity to become more proactive and provide clients with better information so they can make the right decisions for their business. They are hosting webinars and online workshops as a part of their support to their clients.
A lot of their clients have seen a reduced turnover due to the Corona virus and the uncertain times have made forecasting less predictable than before. Cashflow planning has been vital and it has guided their decisions especially where pivots were required in their clients' business models.
We asked Rakesh a host of questions to see how his on-boarding with Syft progressed and why he chose Syft as the solution for Daxcel Financial's reporting requirements:
How many months/years have you been using Syft?
"About 8 months now."
How long did it take you to get it set up and familiar with the feature set?
"Set up was a breeze and Swantje was super helpful. We were up and running in no time. She went away and put together some templates for us within a few hours."
What was your reporting process before Syft?
"We would manually export data out of Xero then manipulate in excel to present reports/graphs. We’d then use management reports in Xero and have to add in commentary manually. Quite a time consuming process."
What problem or pain point were you trying to solve with Syft?
"Getting meaningful reports to our clients in a timely manner. Especially when they were looking to get financial backing from banks and did not previously have management reports."
Which features do you like the most and why?
"Automated management reports - because of the time savings. New features are also always being released and the team takes feedback onboard then makes improvements off the back of the feedback. They really listen."
Which feature do you believe your clients get the most value from?
"Seeing where most of their revenue and expenditure lies - key customers or suppliers and seeing how long invoices have been outstanding for. The standard financial statements they look at don’t provide too much insights but the soft reports give them a greater understanding of their business."
How do you use Syft and what benefits have you seen for your clients and your practice?
"Management reporting, basic cash flow forecasting, comprehensive reporting for financiers; these have all led to major time savings so our team can focus more on client interactions and delivering value that strengthens the relationships we have with them."
Do you charge your clients for Syft's report pack?
"Yes, we charge."
How much do you charge on the low and high end?
"Pricing varied but we average between $150 and $450 per month."
Did you look at other apps? Which ones and why did you choose Syft?
"Yes, Spotlight Reporting, Futrli, Float, - stand alone solutions, pricing wasn’t suited to us because of our size and set up in some cases was too complicated or time consuming. We use Power BI to get deeper analysis for larger clients."
Anything else about Syft you would like to share?
"The team are always looking for ways to improve and we did initially think it wasn’t worth going ahead with Syft. However, once we started playing with the reporting it gave us the confidence to go ahead."
Thanks for taking the time to talk with us, Rakesh. We look forward to seeing how Daxcel Financial continues to grow.