The quality of a clients bookkeeping records is the bedrock of any good work you will complete for them.  The idea of the Heart Rate tool is to check and then monitor the health of those accounting records.  Whether the work is completed by your internal team or externally by the client.  It will guide training and pricing changes.

Using the Heart Rate report from Hindsight you can monitor and view the score for each client over the last 90 day period to demonstrate the tangible difference your advice is having.

Heart Rate Monitor

Heart Rate monitor looks at the health of the transactions. The higher the score the better the client records. The score has been split into 4 categories to ensure that a high overall score does not mask an area that needs attention.  The score is calculated using the priority that has been assigned to each alert and whether it has triggered.

Hindsight is a live system creating a fresh insight of data each and everyday but we understand there is a need to be able to look at trends over time.

Showing the great work you have been doing and the positive impact on a clients overall Heart Rate we have added a heart rate monitor to the Heart Rate report.  This shows you the most recent 90 days of the overall heart rate and will act as a useful tool for you to show clients when things are going in the right direction and likewise if things are going the wrong way.  Recognition for a job well done and confirmation of when we must and will try harder.

Simply hover over the chart to see the peaks and troughs during the last 90 days.

The monitor is colour coded depending on the overall score.  We are currently pink and in the danger zone as our score is below 50.  Hovering over the chart will display the date and previous overall score by day for the last 90 day period.

From the monitor above we can see this client has been in steady decline.  The star after the clients name indicating we are responsible for the bookkeeping so probably not something to flag up to the client just yet!  Creditors and sales seem to be particular problem areas for this client and warrant further investigation by looking at the breakdown of the Heart Rate report.

The Heart Rate is a useful tool for onboarding, training, client upselling, bookkeeping checks. The lower the heart rate the more work that will need to be completed on the account.

Heart Rate Report

In the example above we have scored one out of four with there being two alerts in the sales category.  This would mean that the invoice reminders has been set with a medium priority and worth one point whereas for this client we have given sales invoices due a critical priority which is worth three points.  Resolving the invoice that is overdue would help our score as would looking at the priority and variable applied to the alert.

In the creditors section we have scored nothing.  There are two alerts which have both triggered.  As an example we can see there is an unapproved supplier bill which has not been updated for some time.  Is it a duplicate, has it been missed and should be posted.  There are many things that need to be considered before taking corrective action which will in turn improve the score.

With the bank items we have included hyperlinks so you can see the items that make up the balance without having to navigate to the bank account.

Heart Rate Report Printing

Once you have run a report you can then download it as a PDF report.  This contains the same information as you see on screen with the client name and date of generation added in a footer for audit trail purposes.  This report could then be distributed to a client via email.  An example of the report is included on the link below.

Heart Report Example

Heart Rate Hovers

It can be difficult to remember what all of the different alerts do so we have included information hovers inside the Heart Rate report to give you pointers.  From the below we can see that despite the average invoice amount alert not triggering we can still get a sense of what is going on.  For this client the invoices have not fallen outside of the 25% variable set so everything is OK.

Heart Rate Calculation

Heart Rate scores are set in line with the priority levels Medium (1point), Urgent(2point) and Critical(3point) so specific to client and practices.  If an alert is turned off for a section then it does not count towards the score.  You may find that if all alerts in a section are turned off then you may see a score of NA.  The example below shows what a cash business may look like with the sales and debtor alerts turned off.

Alerts Turned Off

As mentioned above an alert turned off is not included in the calculation of the score.  It is displayed as button toggled to off to identify those alerts that are not currently switched on as a prompt.  If you wish to amend the settings you can click on the toggle and it will take you to that alert settings item so you can adjust accordingly.