Company update:
CPE and Sync

Thanks again for being a part of the ProfitSee family. We are glad to have you here and we are grateful to be part of the growth and development of your business or financial practice.

With so many interesting developments in our space we thought we’d use this post to give you some updates, both on ProfitSee and the industry as a whole.

Continuing Education

As we have worked with many Intuit ProAdvisors and large and mid-sized CPA firms, there is a universal acknowledgment that the industry is relentlessly moving toward value added services in financial management of client companies.  What has been more important is the limited experience most firms have in this emerging disciple.

My own professional background is made up of over 30 years of transitions and turnarounds of companies ranging from Fortune 100 Multi-nationals to small and mid-sized businesses.  ProfitSee itself is a result of how I did the financial modeling in those turnarounds, albeit in excessively large spreadsheets!

Based on this, we surveyed a number of you asking if you would find it valuable to attend a half-day workshop on not only how to make this type of consultancy part of your own business practice, but also how to sell and manage these services.

Your response was strongly positive.  As we moved towards holding this workshop we also investigated whether it would qualify for CPE Credits.  Gratefully, this workshop (and others to follow) DO!

We are in the process of finalizing national accreditation and following this up with state-by-state approval.  Until then, we have structured these trainings, both by webinar and by live workshops, to pass requirements for “non-certified” CPE, which professionals are eligible for in certain states.

For those of you in Minneapolis, we hope you can join us at one of our workshops at the end of October or beginning of November. Not in the area but interested? Let us know. We are working hard to expand our educational opportunities to other cities. But until then, keep checking our calendar for updates on future webinars.

Technology and Sync:
Many of you are aware of the challenges ProfitSee Pro has been facing.  Let me give a brief recap:

1.    ProfitSee Pro is unable to leverage the Intuit Sync tool for ProAdvisors, as the Intuit Workplace is not designed to simply support many companies through one subscriber
2.    Our Sync tool has faced a number of challenges due to (a) multiple file and data types from QuickBooks files and (b) challenges in resolving certain “logic” problems when files that we parse are missing certain data set elements. We currently have counted 14, (that’s right, fourteen) possible variations on QuickBooks files we have to parse… (Ouch)
3.    Managing how potential future syncing failures are dealt with by ProfitSee

In short, sync is hard. Doing it on a budget is harder. I am getting daily updates on our sync tool status, and will keep updating you all (roughly weekly) on our status.

This week, I’m watching balance sheets with embedded classes get properly parsed, which is exciting. Next on the list is testing edge-cases with account parsing. (What if we see a new account name that comes with an old account ID and the company name has been changed? You get the idea.)

Questions? Let us know by posting a comment below or by connecting with us on Twitter, Facebook, and LinkedIn.

Best,
Peter M. Vessenes, CEO
ProfitSee Inc.