Syft Analytics is designed to help business owners make informed decisions. It takes the data output produced by QuickBooks and creates graphical representations that are easy to read, as well as create projections for the future. Keep reading if you’re interested in seeing if Syft can help you.
This is a review of the FREE version only. The paid version offers more capabilities, but those won’t be covered in this review.
- It’s very easy to install. I’ve included a link to a video tutorial on how to install apps for QuickBooks Online, so can click this link if you need a refresher: https://youtu.be/J8ssg9Qu3bw
- There are two big advantages to using the free version of Syft that QuickBooks Online doesn’t offer you.
- First, easy to read graphical representation of reports. QuickBooks reports are a list of numbers running down a page. Syft has taken that data and created bar-graphs that can help people who are more visual understand how their company is doing. Below is an example of the Profit & Loss report from QuickBooks data, represented graphically in Syft.
- Forecasting the future is the second most useful capability the free version of Syft offers. As you can see in the second graph below, Jan 22, Feb 22, and March 22 have all been projected (I’m writing this review at the end of January and the numbers aren’t all in for the month yet).
- Some other graphical reports available in the free version of Syft are:
- Balance sheet
- Sales by account
- COGS
- Other income
- Expenses by account
- Top customers by sales
- New and active customers
- Purchases
- Cash in vs. cash out
- Cash balance
- Top Items by Sales
- Top Items by Categories
- The Following graphical reports have the 3-month projection feature:
- Cash Balance
- Cash Flow (My favorite report by Syft!)
- Income vs. Expense (Profit & Loss in QuickBooks Online)
If you are an Admin user on an Advanced Subscription of QuickBooks, it does have a “Performance Center” under the Reports tab. I was able to create a graph of the expenses, a graph of the income, and a graph of the net income, but there was no way to create a graph of the actual Profit & Loss report combining the three elements as Syft has.
QuickBooks is constantly upgrading their products, but as of now, Syft does have an edge on QuickBooks in both graphical representation of reports, as well as the projection of the reports into the future.
The free version of the Syft app is limited, and they show all the options available, but when you click on them, it requires you to upgrade your plan, so it’s a little bit of a tease.
I would say if you are a visual person, or interested in seeing your financial projections for the next 3 months, it could be worth connecting the free version and trying it out. They also have a free 14-day trial period for the full version, and I’ve included the link here if you want to check out their paid features: https://www.syftanalytics.com/sign-up