Syft Analytics

TL;DR

• What it is: An AI-powered platform for financial reporting, data consolidation, and business analytics.
• Primary benefit: Automates the creation of detailed, customizable financial reports with AI-generated insights, saving time and improving decision-making.
• Ideal user: Accountants, bookkeepers, and finance teams who manage and report on financial data from multiple sources.

What is Syft Analytics

Syft Analytics is an AI-first financial reporting platform designed to help accountants, bookkeepers, and businesses automate and enhance their financial analysis. The core problem it solves is the manual, time-consuming process of gathering data from disparate sources, creating reports, and deriving meaningful insights. By integrating with leading accounting, e-commerce, and payroll software, Syft consolidates data into a single-pane-of-glass view, allowing users to generate interactive dashboards, bespoke reports, and AI-driven commentary, thereby transforming raw financial data into actionable business intelligence.

Key Features

• AI-Enhanced Reporting: Syft uses artificial intelligence to automatically generate written commentary and explanations for financial reports, highlighting key trends and variances to speed up analysis.
• Data Consolidation: The platform can combine financial data from multiple entities, subsidiaries, or clients, even with different currencies, into a single, unified report.
• Broad Integrations: Syft connects directly with a wide range of software, including Xero, QuickBooks, Shopify, Stripe, Sage, and more, centralizing data from accounting, payroll, and e-commerce systems.
• Customizable Visualizations: Users can build custom dashboards, charts, and KPI scorecards to monitor business performance in real-time, tailored to specific business needs.
• Spreadsheet Link: This feature allows users to connect Syft directly with Google Sheets and Microsoft Excel, enabling a two-way data flow for more flexible analysis and reporting.
• Data Integrity and Review: The platform includes tools to review financial data for errors, anomalies, and potential fraud, ensuring the accuracy of reports.

Who is Syft Analytics for?

• Accountants and Accounting Firms: For automating client reporting, providing advisory services, and managing multiple client accounts efficiently.
• Corporate Finance Teams: For internal financial reporting, performance analysis, and consolidating data from different departments or subsidiaries.
• Bookkeepers: To streamline the process of creating financial statements and reports for clients.
• Franchise Owners: To consolidate and compare financial performance across multiple franchise locations.
• Non-Profit Organizations: For tracking grants, funds, and generating reports for boards and donors with specialized reporting needs.
• E-commerce Businesses: To integrate sales data from platforms like Shopify with financial data from accounting software for a complete performance overview.

Key Use Cases & Applications

• Automated Client Reporting: Accountants can create and schedule branded, professional financial report packs to be sent to clients automatically.
• Multi-Entity Consolidation: A parent company can consolidate financial statements from multiple international subsidiaries, with automated foreign exchange conversions.
• Business Performance Dashboards: A small business owner can create a real-time dashboard tracking sales from Shopify, expenses from Xero, and payroll from Gusto.
• Financial Health Audits: Users can leverage the 'Review' feature to perform a quick audit of their financial data to spot inconsistencies or errors before finalizing reports.
• Enhanced Advisory Services: Financial advisors can use AI-generated insights to provide deeper, data-driven strategic advice to their clients.

Pros

• Extensive library of integrations with popular accounting and business software.
• Powerful AI commentary feature that automates report analysis.
• Advanced consolidation capabilities for multi-entity and multi-currency businesses.
• Offers 24/7 live chat support and a comprehensive knowledge center.
• Highly customizable reports and dashboards.

Cons

• Pricing is structured on a per-entity basis, which can become costly for firms with a large number of clients or subsidiaries.
• The wide range of features may present a learning curve for users new to advanced analytics platforms.
• While strong in financial data, it may be less suited for analyzing purely operational metrics without custom spreadsheet connections.

Pricing Info

Syft Analytics offers several paid plans and includes a free trial.

• Standard – $19/month
  Visualize financial performance, create beautiful reports quickly & effortlessly.

• Plus – $39/month
  Deeper insights, more report customization, multi-currency support.

• Advanced – $79/month
  Merge financial and operational insights, advanced consolidations, tailored onboarding assistance.