A Beginner’s Guide to NumberCruncher

by James Antonio

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Having a hard time grasping what the term NumberCruncher means? If yes, you have just landed on the right platform for clearing all your queries concerning this cruncher concept.

If your mind is stuck on the word cruncher and you keep thinking about crushing or breaking stuff, well, you are partially correct but with software accounting, NumberCruncher is a type of objective analysis in which quantitative data is used to draw unambiguous conclusions. In a much broader perspective, it is the go-to solution for estate, business, and financial planners seeking “instant answers”.

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Now the question arises, what does this NumberCruncher denote in the business sector? Or we can say, what does crunching the numbers mean in a business sector, its pros, and cons, all can be easily known with the help of this blog. Stick to the same for a detailed insight into what a NumberCruncher is.

What Exactly is Number Crunching?

The term Number crunching refers to the act of processing numerical data. It is the process of organizing large amounts of related numerical data into a more usable format. This organizing frequently entails performing arithmetic operations and deployment and management in charts, graphs, as well as other visual representations.

Number crunching can indeed be defined as the calculation and organization of existing data. For a better understanding of a layman’s language, a broader definition might include the steps taken to collect the data or numbers that will be processed.

It is genuinely considered to be the type of objective analysis in which quantitative data is used to draw unambiguous conclusions.

This could include calculating the total cost of a new R&D project or figuring out how to maximize the sales and profits of a new marketing campaign.

Now it gets very important to strike a balance between subjective and objective evaluations of the utility of number crunching. Let us proceed to further understand this statement with the help of an example. To know more, read the follow this blog:

For Example:

Let’s say a sales manager may suspect Alia is a better salesperson than Juan. Thereafter, the manager may conclude that Juan sells more products and generates more revenue and profit for the company than Alia after comparing sales volumes and crunching the numbers. Based on data analysis, this is an unbiased comparison.

Now Statistics, not always, on the other hand, do not always provide accurate information. Other factors, such as customer service and collaborative effort with other company employees, contribute to the manager’s subjective belief that Alia is a better overall salesperson. Juan may also work harder and for a longer period than Alia, or on a shift with more likely buyers. Nuances in numbers that should be investigated are common.

Who can Successfully use NumberCruncher to its Optimum Potential?

NumberCruncher is expressly designed for the following:

  1. Attorneys
  2. Financial Planners
  3. Life settlement Professionals
  4. CPAs
  5. Life Insurance agents
  6. Trust officers
  7. Life settlement brokers

The above-mentioned use of Number Crunching to its full potential.

What was NumberCruncher Designed for?

The purpose behind creating NumberCruncher that, was created to run the “HOLD or FOLD” figures – so that professionals can quantify the economic viability of a sale – in conjunction with looking more closely at the client’s and the client’s family’s and/or business’s other long-term needs, objectives, and circumstances.

Furthermore, NumberCruncher assists the client who is considering selling their policies in being more comfortable with – and understanding the context and implications of – a sale.

Some Advantages of NumberCruncher

A NumberCruncher presents a lot of benefits, in particular when you are handling a small business. A few benefits are mentioned below; take a look for a much better understanding:

A. The most significant advantage is, when making internal proposals, independent employees and managers can gain from number-crunching as well. This could include a business case presentation for hiring a new team member or launching a new product line.

B. Crunching numbers is a technique for converting seemingly insurmountable amounts of data into useful information, this count as another advantage.

C. Crunching numbers is a great way to analyze and comprehend objective data. When making data-driven business decisions, it is required. Companies will not be able to determine the profitability of specific products or services until they collect the necessary data and crunch the numbers.

Now that we have seen some advantages of a NumberCruncher, let’s move to the negative side aka, the disadvantages of a NumberCruncher. To know more, stick to the blog.

Disadvantages of a NumberCruncher

As NumberCruncher shares several advantages, it also comes with certain negatives i.e, a few disadvantages, to know what these disadvantages are, take a look below:

A. The capacity to crunch numbers is dependent on having accurate and easily accessible data. Using that data could help to determine how so much money needs to be spent on R&D in order to remain competitive. However, this competitive information is not readily available because companies do not want their competitors to know that much about their operations and plans. This can constitute a common disadvantage.

B. One disadvantage of number crunching is that it is limited in what it can tell a business.

C. Number crunching, cannot quantify the impact of negative publicity on a company or the current state of employee morale. Companies might unjustifiably rely on them when making business decisions.

Let us now move toward understanding Number Crunching more broadly.

Explanation of Number Crunching

Businesses use number crunching to help them understand the current state of affairs and to guide new decisions. Businesses frequently have a general understanding of how their operations work but lack specific, actionable data. Even worse, businesses may have a general idea of how their business works that does not correspond to the actual state of affairs. They won’t know the cold hard facts until the numbers are crunched.

An example will be the best way to tune in this entire information, here’s one.

For Example:

If a company that wants to reconsider how it markets certain goods might consider its profit margins on sales of various quantities offered per sale. Assume it sells products in quantities of 100, 10, and single units, with per-unit discounts for 100 and 10-unit purchases. Assume that the company ships all sales to customers across the country through its warehouse.

Now, This fictitious company has information on how much it costs to ship a one-unit, ten-unit, and hundred-unit package on average, as well as how much revenue it generates from selling each of those quantities. The company may have an educated guess about the relative profitability of its product’s single-, ten-, and hundred-unit packages, but it appears to lack a tangible comparison without conducting studies.

Assume that a company analyst is assigned the task of crunching the numbers on all these numerous unit sizes. The analyst notices that whether the finished products are packaged and sold as a single, 10-unit, or 100-unit package, the cost of goods sold (COGS) per unit is the same. Customers pay the highest per-unit price for a single unit and the lowest per-unit price for a 100-unit package. The cost of goods sold, advertising, and dispersion (i.e., shipping) for those products, on the other hand, is considerably higher for individual units than for a 10-unit package, which is higher than for a 100-unit package. In fact, after crunching the numbers, the analyst discovers that the company loses money on single-unit packages of its product.

Making Use of Number Crunching Software

The process of converting complex data into useful values that can be used to guide business decisions is referred to as number crunching. Although number crunching is an important part of the analysis, it isn’t always enough on its own.

Number crunching is limited by the availability of accurate data to paint a broad enough picture to be useful. Companies and their employees crunch numbers using advanced data processing software tools and applications. Many are highly specialized for specific business functions or industries.

Businesses and individual analysts, except for basic computations, do not crunch numbers in their heads; instead, they use a range of tools. Even simple addition and multiplication are done best with a calculator to ensure accuracy and save time.

In reality, rather than simple calculators, highly developed computers and software are used for number crunching. Depending on the complexity of the analysis, specialized applications made especially for crunching numbers in particular spaces such as inventory management; accounting, finance, marketing, and payroll are frequently available.

The above-mentioned information is laid out to provide clarity about the concept of what a NumberCruncher means. The article contains all the necessary and detailed outlooks about the uses and advantages it brings. Despite its progress, all the other disadvantages are also listed above for a more detailed perspective and knowledge about the same. If you are still facing any issues or have any doubts concerning the above-listed information you can connect with our customer helpdesk 💁.

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From Where did this Crunching Term Emerge?

The phrase “crunching numbers” dates back to the early days of computing in the second half of the twentieth century. And hence, been adapted from the past to the present. By today’s standards, massive mainframe computers would be used to process and compute massive amounts of numerical data.

What is the Cost of a NumberCruncher?

The cost of a NumberCruncher ranges from $1,800 to $6,100. It particularly has three cost editions to offer, along with a free trial of a NumberCruncher.

What can this Term “NumberCruncher” Imply?

Working with numbers is a broad term that encompasses a wide range of activities. Accountants, salespeople, engineers, mathematicians, and bankers all work with numbers because their jobs require them to collect, record, track, calculate, and present numerical data.

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Item Receipt
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Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

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Employee Payroll
Wage Items

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Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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