Using Digits

This help document guides you on effectively utilizing the Financials Tab to enhance your financial analysis and reporting processes.

How to Use the Financials Tab

The Financials Tab provides a comprehensive overview of your business's financial status with three default reports: Profit & Loss, Balance Sheet, and Cash Flow. Here's how you can navigate and utilize this tab effectively:

1. Access Financial Statements and Custom Reports: 
   • Within the Financials Tab, view the Financial Statement reports that offer a snapshot of key financial metrics.
   • Easily create and/or access any custom reports, allowing for personalized insights all in one place.
2. Explore the Timeline Overview:
   • At the top of the Financials Tab, utilize the timeline feature to gain a quick view of financial data based on the selected report.
   • This timeline shows monthly changes—both increases and decreases—so you can track financial performance at a glance.
   • Additionally, find the button in this section to create new reports for further analysis.
3. Adjust Reporting Periods:
   • Customize the reporting view by selecting 3, 6, or 12-month periods, helping you focus on specific time frames that meet your analysis needs.

Understanding Your Financial Statements

The Financials Tab includes three default reports—Profit & Loss, Balance Sheet, and Cash Flow—each providing crucial insights into your business’s financial state. Here's a breakdown of what each report offers:

Profit & Loss

This report displays a detailed month-over-month analysis of profits and losses, allowing you to view the total amount for each category. By hovering over a category, you can access additional details, including:

• Overview: A summary of key metrics and trends.
• Year to Date (YTD): Cumulative figures for the current year.
• Top Customers: Insights into your most valuable customers.
• Top Transactions: Highlights significant transactions within the category.

Important: These details will vary based on the category you are viewing. 

Additionally, you can filter the report using the following options:

• Totals: View overall totals for selected periods.
• Monthly Deltas: Examine monthly fluctuations in financial performance.

Balance Sheet

The Balance Sheet report provides month-over-month details on assets, liabilities, and equity. Hovering over a category allows you to see:

• Overview: A snapshot of account balances and changes.
• Top Transactions: Key transactions impacting the category.

Note: The information displayed may change depending on the category. 

You can click "View Details" in the hover window to access all transactions related to that category. The Balance Sheet also includes filters for Average Deltas, Totals, and Monthly Deltas for in-depth analysis.

Cash Flow

This report offers detailed insights into cash flow from each category. Hovering over a category reveals:

• Overview: A concise look at cash flow specifics.
• Top Transactions: Key transactions affecting cash flow.

Keep in mind that details might differ depending on the category. You can click "View Details" to explore all transactions for a particular category.

How to Create a New Report

Creating custom reports in Digits allows you to tailor financial insights to your specific needs. Follow these steps to generate a new report:

1. From your home dashboard, go to the Financials tab using the left toolbar.
2. Click on New Report located in the top right corner of the Financials tab.
3. Choose the time period for which you want the report to cover.
4. Select the type of report you wish to create from the following options:
   1. Executive Summary
   2. Profit & Loss
   3. Balance Sheet
   4. Cash Flow
5. If desired, you can include an attachment in your report by uploading or dragging and dropping the file into the designated area.
6. You also have the option to generate a new report based on a previous report, allowing you to maintain consistency and save time.
7. Click Run to generate your report. You will then be presented with a draft report that you can customize further to suit your specific requirements.

Report Customizations

Customizing your reports in Digits allows you to tailor the presentation and detail to best serve your needs. Here’s how you can personalize each aspect of your report.

Report Cover

Customize the cover of your report with the following options:

• Edit Title: Personalize the report title to accurately reflect its contents.
• Prepared By: Indicate who prepared the report for added context.
  Custom Footer: Add a footer with relevant information or branding.
• Show Account Number(s): Optionally include your account number(s) for reference.
• Add Cover Image: Enhance the report's presentation by adding a cover image.

Additional Information

Within all report sections, you can enhance the content by adding:

• Charts: Visualize data for clearer insights.
• Statements: Provide detailed financial accounts.
• Lists: Organize data points or key items clearly.
• Custom Text & KPI: Insert tailored text or key performance indicators to highlight important data.

Executive Summary Section

In the Executive Summary, you can:

• Edit Section Title
• Edit and Add Tiles: Modify existing tiles and add new ones for more detailed insights.
• Adjust Time Period: Tailor the timeline specifically for this section.

Profit & Loss, Balance Sheet, and Cash Flow Pages

For these critical financial pages, you can:

• Edit Title
• Adjust Time Period
• Modify Number Format: Choose between rounded numbers or decimals.
• Additional Options:
  • Show a trendline for visual data analysis.
  • Add a monthly breakdown for more granular insight.
  • Compare month-over-month and year-over-year data.
  • Delete unnecessary pages to streamline the report.
• Profit & Loss Additional Customizations
  Specific to the Profit & Loss page, further options include:
  • Show Percentage of Income: Indicate each item's contribution to total income.
  • Show Percentage of Total: Display each item’s percentage of total.
  • Year to Date (YTD): Include YTD figures for comprehensive analysis.

Once all customizations are complete, you will have the option to publish your report, making it ready for distribution or internal use.

How to Export Your Report

Exporting your reports allows you to share and archive important financial information easily. Follow these steps to export a report from Digits:

1. From your home dashboard, go to the Financials tab using the left toolbar.
2. Within the Financials tab, click on the report you wish to export. Ensure that you have set all the necessary parameters for the report to reflect the desired data.
3. In the left corner of the report, locate the Export button and click on it.
4. Select how you would like to export the report:
   1. PDF: For a polished, easily shareable document.
   2. CSV: For data manipulation and deeper analysis in spreadsheet software.

If you require additional support or have any questions, please don't hesitate to reach out to us through our contact form. Our team is here to assist you with any concerns or further guidance you may need.

Additional Resources:

• Investor Reporting: Best Practices for More Effective Investor Updates