BPM’s Data Analytics team successfully transformed a time-intensive quarterly financial review process into an interactive, visual dashboard solution for a key Family Office client. Learn how this innovative approach reduced preparation time by 75% while dramatically improving client engagement and understanding. 

Challenge 

Every quarter, Kris Marney, Director of Family Office, meets with her long-term client to review the financial performance of the client’s investments and personal financials, real estate properties, yacht business, and spending on travel and entertainment. Before these meetings, material in PDF format was sent in advance for review and discussed at length during the calls. During these meetings, Kris often spent time explaining the trends to the client and needed to flip between the PDF report and QuickBooks to find the detail required to answer the client’s questions in real-time. 

To generate the meeting material for each meeting, the engagement team took a combined 10 – 15 hours per quarter to perform the following steps: 

1. Receive supporting documentation from two external sources and a data dump from QuickBooks Online. 
2. Mapping activity to financial statement groupings the client was used to seeing. 
3. Using vlookup and sumifs formulas to populate the personal income statement and tables for travel and entertainment and real estate spending. 
4. Review and finalization of the report to present to the client. 

Solution 

Kathy Wong, Partner in PCS, reached out to BPM’s Data Analytics team to develop a comprehensive PowerBI dashboard solution, automating the process of pulling in the data and formatting it. The development process included evaluating data source connections and determining optimal flat file integration. The final dashboard took about 18 hours to build. It contained not only traditional financial statements but also visualizations such as graphs, trend lines and pie charts. The visualizations helped with understanding key metrics like travel and entertainment spending, investment property performance and yacht business operations. The team also implemented an internal-use tab with general ledger details for rapid response to client queries. 

Results 

The dashboard implementation delivered significant measurable benefits: 

• Reduced quarterly preparation time from 10-15 hours to 3-4 hours. 
• Generated annual cost savings of $8,000 from the reduced cost of report production. 
• Freed up client engagement teams to focus on strategic analysis and high-value offerings. 
• Improved client engagement through visual presentation, with continuous access to performance data between quarterly reviews. 

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