“The reason I started Modeliks is because it took me three weeks to create a proper financial model in Excel for every new client. With our predefined financial model template, you have that handed to you on a plate.” – Blagoja HamamdjievThe finer details of this episode:<ul><li>Discussion about business planning and financial reporting software for startups and small businesses</li><li>Main features of Modeliks software, including financial planning, budgeting, and advisory services</li><li>Importance of driver-based financial planning and its impact on business results</li><li>Cost-effectiveness and pre-defined financial model templates by industry within the software</li><li>Integration of financial tables and charts with pitch decks and business plans</li><li>Efficiency and time-saving benefits of using the software for financial modeling and planning</li><li>Dashboard functionality, including tracking financial progress and accessing various charts</li><li>User experience and flexibility of the software, including multi-user collaboration and planned AI integration</li><li>Levels of support provided by Modeliks, including customer support and live sessions with screen sharing</li></ul> Episode resources:<ul><li>Summit Virtual CFO by Anders website: <a href="https://www.summitcpa.net/">https://www.summitcpa.net/</a></li><li>If you have questions or would like to be a guest on the show, email us at <a href="mailto:mcpasuccessshow@anderscpa.com">mcpasuccessshow@anderscpa.com</a></li><li>Check out the Virtual CFO Playbook Course: <a href="https://vcfoplaybook.summitcpa.net/">https://vcfoplaybook.summitcpa.net/</a></li><li>Check out Modeliks, here: <a href="http://www.modeliks.com/" target="_blank">www.modeliks.com</a></li></ul> Timestamps:The introduction (00:00:00)The hosts introduce the podcast and its mission, setting the stage for the upcoming episode. Guest Introduction and Background (00:01:48)The hosts introduce Blagoja Hamamdjiev, CEO and founder of Modeliks, and discuss his personal and professional background. Global Nature of Modeliks (00:04:22)Blagoja discusses the global footprint of Modeliks, including the location of their team and their incorporation in Ireland. Using Modeliks for Financial Planning and Advisory Services (00:07:51)Blagoja explains how Modeliks can be used for creating financial plans, pitch decks, and business plans, including its applications for advisory services. Driver-Based Financial Planning (00:11:32)Blagoja delves into the concept of driver-based financial planning and its importance in managing and improving businesses. Integration of Financials with Pitch Deck and Business Plan (00:16:29)Discussion on how Modeliks integrates financials with pitch decks and business plans, providing a unique and efficient solution for businesses. Cost and Industry-Specific Financial Model Templates (00:19:31)Blagoja highlights the cost-effectiveness of Modeliks compared to other software and the availability of industry-specific financial model templates within the software. Creating Financial Models (00:20:26)Blagoja explains the time-consuming process of creating financial models in Excel and the efficiency of using Modeliks templates. Flexibility and Data Integration (00:22:31)Discussion on the flexibility and data integration capabilities of Modeliks, including the current and planned data input methods and integrations. Dashboard and Reporting Functionality (00:28:12)Blagoja details the dashboard and reporting functionalities of Modeliks, including variance analysis, charts, ratios, and custom KPIs. Future AI Integration (00:32:01)The planned integration of AI features in Modeliks, such as generative writing and AI analysis of financial numbers, is discussed. Challenges in Financial Planning (00:34:29)The challenges CPAs face in creating financial models and the barriers to providing advisory services are explored. Excel vs. Other Tools (00:36:26)The use of Excel in financial planning and the challenges and benefits of using other software tools are discussed. Collaboration and Pricing (00:38:53)The flexibility and real-time collaboration capabilities of Modeliks, as well as the pricing structure and value proposition, are explained. Support and Training (00:40:22)The support and training options available for users of Modeliks, including live support and demo calls, are discussed. Live Support and Niche Industry Models (00:40:54)Discussion about live support, niche industry financial models, and personalized assistance for clients. Help Center and Training Videos (00:42:00)Explanation of the extensive help center with training videos and the value of personalized onboarding and training sessions. Consolidation Feature and Multi-Dimensional Planning (00:43:52)Upcoming features in the software, including a consolidation feature and multi-dimensional planning for more complex businesses. Future Software Updates (00:45:29)Anticipation for upcoming software updates, including QuickBooks integration, multi-dimensional planning, and localization in different languages. Advisory Services and Financial Planning (00:45:55)The importance of advisory services and the value of creating a useful financial plan based on drivers. Passion for Driver-Based Financial Planning (00:47:01)The speaker's passion for creating logical and impactful financial plans based on drivers, and the importance of setting targets. Role of Advisors in Business Management (00:48:08)The role of advisors in helping entrepreneurs with the analytical part of running a business and the value of collaboration. Conclusion and Podcast Promotion (00:48:27)Closing remarks and promotion of the podcast website for more resources on modern CPA firm success.

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Redefining Financial Planning and Reporting for Small Businesses and Startups with Blagoja Hamamdjiev

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