The software is used by accountants to monitor small businesses financial and non-financial KPIs in real time.
The software consolidates data from SME accounting solutions and monitors eight key indices to alert the accountant to material changes in the business.
Speaking to AccountantsDaily, Rob Nixon, chief executive of PALANTIX, described the software as a business advisory solution for accounting firms saying it is a practical solution that can help firms to increase their advisory revenue.
“At a higher level, it’s a marketing tool to enable the accountant to go back to the client and say, 'Look, here is what we have spotted, here is the issue, here is the opportunity; we can help you fix this',” he said.
According to Mr Nixon, the PANALITIX software is different from other reporting tools in the market as its primary objective is to facilitate the accountants' monitoring of a client’s financials.
“There are a lot of reporting tools out there that get data and write a report for the client but we have specifically gone away from that. We have some reports that we can send, of course, but we want the accountant to actually engage with the client, not through a piece of software but through a process.”
“We don't necessarily believe that when an accountant sends a report to a client that that is going to help fix the problem. If an accountant sits down with a client and says, 'Here is the analytical data that we have got, here are the trend lines and this is how we can help you', then that is how problems are solved,” Mr Nixon said.
The Proactive Accountants Network will officially rebrand as PANALITIX tomorrow.