Financials

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What You Can Do

• View Standard Reports: Access Profit & Loss (P&L), Balance Sheet, and Cash Flow statements.
• Build Custom Reports: Use the Reports Builder to create tailored financial views with metrics, tables, and charts.
• Consolidate Data: Roll up financials for specific units, brands, or the entire organization.
• Integrate Data Sources: Combine accounting (e.g., QuickBooks), banking (e.g., Plaid), and POS data.
• Share Insights: Export reports as spreadsheets or share secure, view-only links with stakeholders.

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Data sources

Coverpanda integrates multiple data sources to provide comprehensive financial insights.

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Accounting (QuickBooks)

• Imports period-based statements (P&L, Balance Sheet).
• Standardizes chart of accounts for consistent cross-unit comparisons.
• Supports unit-level connections and organization-wide rollups.

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Banking (Plaid)

• Securely links bank accounts per unit.
• Syncs transactions and balances to validate cash positions and inflows/outflows.
• Enables cash trend tracking and reconciliation alongside accounting data.

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Point of Sale (POS)

• Integrates sales and operational data into financial reports.
• Compares sales trends with bank deposits and accounting revenue.
• Currently supports Square, with more POS systems planned.

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Financial statements

View standard financial reports to monitor performance.

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Profit & Loss (P&L)

• Tracks Revenue, Cost of Goods Sold (COGS), Gross Profit, Operating Expenses, and Net Income.
• Filter by unit, brand, or organization and select a period (e.g., month, quarter, year).

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Balance sheet

• Displays Assets, Liabilities, and Equity at a specific point in time.
• Aligns with P&L period selection for consistent analysis.

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Cash flow (optional)

• Summarizes cash movements derived from accounting data, if enabled.

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Reports builder

Use the Reports builder to create custom reports with metrics, tables, and charts. For a deeper overview, see the Reports page: Reports. For editor blocks and formatting, see Doc Editor.

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Consolidations and rollups

Aggregate financial data across units for unified insights. Features:

• Scope: Select one unit, multiple units, or all units in the organization.
• Standardized metrics: Use consistent naming and matching rules to align categories across units.
• Data accuracy: Exclude units without data for the selected period to avoid skewed averages.
• Time comparisons: View current period, prior month, or year-over-year data.

Tip: Brand workspaces emphasize cross-operator rollups, while Operator workspaces focus on portfolio performance.

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Benchmarking and comparisons

Compare performance across units or against benchmarks.

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Side-by-side comparisons

• Display multiple units in one view with consistent metrics and statement sections.
• Toggle between absolute values (e.g., Revenue) and percentages (e.g., Gross Margin %).
• Apply filters (e.g., brand, region) and sort by KPIs to identify outliers.

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Financial benchmarking

• Set benchmarks (e.g., top quartile Gross Margin %, labor % targets).
• Compare units against benchmarks, highlighting deltas and trends.
• Exclude units without data to ensure accurate aggregations.

Example: Compare a store’s Gross Margin % (45%) against the top quartile benchmark (50%) to identify underperformance.

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Balance monitoring

Track cash and key balances with integrated data. Features:

• Cash position: Compare accounting cash balances with real-time bank balances (Plaid).
• Movement signals: Detect unusual inflows/outflows or missing deposits.
• Connection health: Monitor bank sync status and last sync dates.

Use Case: Validate a unit’s cash balance in QuickBooks against Plaid data to spot reconciliation issues.

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Debt schedules (coming soon)

Track loans and obligations within financial reports. Planned features:

• Record principal, interest, maturity, and payment schedules.
• Display upcoming payments and covenant metrics in reports.
• Include debt balances and amortization in consolidated views.

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Expense tracking (coming soon)

Gain deeper visibility into spending patterns. Planned features:

• View category-level trends with alerts for unusual spikes.
• Summarize vendor-level spending across units.
• Link POS categories, accounting lines, and bank transactions for accuracy.

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Metrics

Metrics standardize key numbers for consistent tracking across units and periods. Types:

• QuickBooks-sourced: Metrics like Revenue, COGS, or Payroll from standard reports.
• Formula metrics: Calculated values (e.g., Gross margin = Gross profit / Revenue).
• Future sources: POS and bank-derived metrics (e.g., deposit coverage ratio, same-store sales).

Configuration: Features:

• Ensure accurate rollups by excluding units without data for the period.
• Use metrics in Reports Builder for dashboards and comparisons.

Example: Define a “Revenue” metric to track monthly sales across all units.

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Banking and POS overlays

Enhance financial reports with banking and POS data.

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Banking (Plaid)

• Display bank balances and transaction summaries alongside accounting KPIs.
• Identify timing differences (e.g., deposits vs. recognized revenue).
• Monitor connection health to resolve sync issues.

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POS

• Compare POS sales and refunds with accounting revenue and bank deposits.
• Detect mapping gaps or timing issues (e.g., batched deposits, processor delays).

Use Case: Spot a discrepancy between POS sales ($10k) and bank deposits ($9k) due to processing delays.

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Access and permissions

Control who sees financial data.

• Organization-Level: Restrict access to authorized users for specific units or reports.
• Unit-Level: Limit sensitive financials to permitted team members.
• Exports: Downloaded reports respect the user’s access level.

How to manage:

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Exports and sharing

Share financial insights with stakeholders.

• Spreadsheet Exports: Download P&L or Balance Sheet for a selected period.
• Secure Links: Share reports with specific units and date ranges as view-only links.

How to share:

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Troubleshooting

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Next steps

• Connect data sources in Settings > Integrations.
• Build a report with Reports.
• Define KPIs in Settings > Metrics.