How to use insights
Insights (also known as Core Data) is an additional module within the Silverfin package which allows you to apply search queries and triggers to all existing accounts.
Insights consists of two main sections: “Clients” and “Triggers”.
In this tab you can apply filters to all clients (i.e. all client files you have synced/loaded into Silverfin), providing you have appropriate access permissions. The following filters are available:
This is data you would have filled in when first setting up the client file (and data which can be accessed/amended in the 'Edit Client' screen of a client file.
What can you filter on?
Aren't you now glad that you filled in this information!
A formula is built using the chart of accounts nominal codes. Want to client with revenue over £1,000,000? No problem! Want to see clients with a negative GP? Go for it!
All you'll need to do this is have access to the chart of account used by your firm (please ask one of your Admin users for this).
"But how on earth am I meant to do this?" you may be thinking...
Here are a few trips and tricks to help you out:
- Use a # before typing in the account number
- if wanting to set up a filter based on revenue, profit or liabilities then use a minus sign (-) before the #
- BODMAS! (brackets, orders, division, multiplication, addition, subtraction)
- If you wanted to look a group of similar accounts that all begin with the same nominal code, you simply need to key in the first part of the number. For example, if you want to filter on revenue then your 'Formula' would begin with #4. Let's say you wanted to filter on all tangible fixed assets, your 'Formula' would begin with #11 (not for tangible fixed assets, you wouldn't just use '1' as this would mean the filter is looking at ALL assets, however tangible fixed assets start with 11)
- If you want to create an equation based on a range of accounts, use 2 underscores to denote a range (__) - so let's say you wanted to create a filter showing the value of losses, you don't need to sum up and type in every P&L nominal code, you would simply stipulate account range 4-9. In the 'Formula' box this would be #4__9
Please note: Formulas are sometimes reliant on liquid code (i.e. when wanting to incorporate more complex formulas). Please contact your CSM if you're struggling to set up your desired formula.
Clients followed by User:
This filter allows you to have visibility of which file each user is following in Silverfin. This may not be relevant in isolation, however will prove powerful when wanting to look at data relative to you/another specific user.
For example, if you only follow client files that you prepare/review then you can use this filter to analyse data within those client files. Think of this as an overlying filter to apply to existing filters, so that the outcome is user-relevant.
End of bookyear:
As the name suggests, you can set up filters based on the end of the bookyear of client files.
You can filter based on data input on any reconciliation in Silverfin. This is where the custom Insights/Core Data template comes into play! What is this? Basically, you can create a custom template detailing data that your firm would find useful to interrogate across all client files! Examples include industry type, bookkeeping system, the preparer/manager or perhaps you have certain tiers of clients (Gold, Silver, Bronze). The world is your oyster!
This allows you to set up filters based on the percentage completion of a specific workflow (which are obviously all 100%, right?)
These filters can be used in isolation or teamed up with other filters to create insight that is multi-layered.
If there are specific things you want to look at regularly, then it may be worth setting up a 'Segment' which is a set of filters that has been saved for ease of access. This is an Admin function, so we'd recommend created these for filters that would be relevant/beneficial to all users. Read this article for details on setting up a segment, as well as segments we think you may like to use (all ready for you to copy paste)
BUT WAIT! What is this 'Period selection' that is stopping me from seeing the filters I set up!?
Well, as you would have completed more than 1 period's worth of work for most client files, the system wants you to choose which period you want to apply the search to:
Last period: The most recent period you have worked in.
Last period of the most recently ended bookyear: e.g. if a client file has a March year and are currently working in February 2020, the filter will be applied to March 2019
Period that contains a specific date: You can filter on a specific date