Q: How do I get started with Corelytics?
A: Start by signing up for a subscription (you have a month-to-month option) so you can set yourself up and see your dash board right away. If your accountant or advisor is already using Corelytics with their clients, they can get you started using their version of the dashboard made just for advisors.
Q: If I have QuickBooks how do I setup and update data?
A: Go to Start for detailed instructions. at a high level, here is how it works:
Download QuickBooks Web Connector (QBWC) file and navigate to it from within QuickBooks
Open and run the Web Connector
Add the file downloaded to the WC, check mark, and update selected
Wait a minute, then log out, log back in
Q: If I don’t have QuickBooks how do I setup and update data?
A: If you don’t have QuickBooks, we have Excel templates that allow you to manually load your data to Corelytics. Once you get your Excel spreadsheet set up, just update it once a month and reload it on your dashboard. Go to Getting Started for the template and detailed instructions.
Q: I’ve uploaded my data, now what?
A: Your account is auto-mapped and you are ready to see your results. After your upload, log out and log back in to let the DEFAULT mapping process complete.
Q: Once I have an account what do I need to do?
A: You should have received and email with a link to get your account set up. Once your account is setup, the first step is to set up your company information. Choose the industry type that best fits your company. Once your company is initially set up, the next step is to set up the data. Go to our getting started page for detail instructions https://www.corelytics.com/start; the link sent to you in welcome emails; or Getting Started under Support in your Dashboard.
Q: What is “Data Mapping” and how do I do it?
A: Data mapping is what enables standardized comparisons with others in your industry. Corelytics starts with a default data mapping process, but you can refine your mapping to give you better drill-down results. You only need to map your data once and Corelytics will remember your settings. You can adjust your data map at any time.
Q: What is the difference between Fixed and Dynamic Allocation?
A: In the Standard version, the Data Map screen enables you to allocate the balances of your accounts to the standard set of accounts in Corelytics across multiple lines of business in a couple of different modes.
Fixed – This is the default setting for account mapping on the Data Map screen and allows you to choose the percentage allocation across each line of business using a ‘fixed’ percentage for each line of business. Use this allocation method for your Sales and COGS income statement accounts. You can also use fixed allocation for your balance sheet accounts if you want to analyze these account by LOB.
Dynamic – When you choose this setting for accounts on the Data Map screen, Corelytics will automatically allocate the totals of the selected accounts by the percentage of revenue brought in by each line of business for each month. The percentage of revenue distribution across lines of business changes each month and the accounts you select to use this mode will dynamically adjust their percentage allocation across each line of business based on the percentage of revenue contribution of that line of business for a given month. Use Dynamic allocation for your overhead expense accounts.
Dynamic Allocation is great to use when you have an expense account that is not fixed and allocation is difficult to attribute to a specific line of business each month. Dynamic allocation assumes that this expense is closely tied to the performance of your primary lines of business. In other words, this expense account grows / shrinks in direct correlation to revenues.
Q: When will Corelytics one-click connection be available for Quickbooks online?
A: This feature is now available through the Intuit Marketplace.
Q: How does Benchmarking work?
A:. Your financial data is compared to the industry benchmarks for top performing companies within an industry segment. Benchmarks are provided by top industry benchmark providers.
Although we have many industries benchmarked, we don’t have them all yet. Our research teams at a growing number of major universities in the US provide us with invaluable Benchmark Ecosystem intelligence no other “dashboard” software has access to. This provides Corelytics with a connection to new and emerging technologies and processes around information science that is critical to our mission. They are continually building our lists of industries. If you don’t currently see your industry, please email your interest to firstname.lastname@example.org.
Q: I want to reports of the information I am seeing on the dashboard, how do I do that?
A: There are several report available in the Resources menu. If you need a picture of the graphs, in the short term you can use the Snipping tool (Windows Accessory) to take a snapshot of your screen.
Q: I have QuickBooks but I may not have set up the data in a standard manner (or my QuickBooks data is a mess…) can I still use Corelytics?
A: Yes! By uploading and mapping your data to the dashboard you will quickly understand where your data setup may differ from the standard. Update QuickBooks as you better understand your data and upload it again to Corelytics.
Q: Are my settings and preferences changes I make on the dashboard saved?
A: Yes, your changes are saved as you go.
Q: How do I change my dashboard to a new industry, I picked the wrong one.
A: The choice of industry determines the lines of business. Changing the industry may require remapping of data. Therefore, we only change the industry by request to ensure a smooth transition. If you send the request to email@example.com we will be happy to assist you.
Q: I already have a dashboard but now I want to add an advisor, how do I do this?
A: As a Corelytics business customer you are given the option to affiliate to a qualified business advisor resources.
Navigate to the Configurations menu / Company Profile
Select Add New Affiliate link
Select from a list of available business advisor resources
Selecting an advisor (Affiliate) does not obligate you to pay for any service, but does give the advisor resource access to your financial information. Only select advisors you trust.