The power of business intelligence for business owners is just now being fully realised
There’s a massive quantity of data in various systems, financial and non-financial, that’s now available via cloud software.
Tools for accountants exist to harness that data, process it, capture it in a visual and useful way and present that in a report, dashboard or forecast to you so you can make better decisions.
If your accountant also acts as a Virtual Chief Financial Officer (VCFO) they will be across this and able to offer this type of information to business owners now.
When you’re running a business, you don’t want to be operating in the dark – you need to be grabbing the expertise and insight your accountant can offer you. The accounting firms and their clients who harness the data are the ones flourishing and succeeding.
It’s also a gateway to hitting your business, personal and financial goals.
You set 3-5 key performance indicator (KPI) metrics that really matter to you – they may be time saved or qualitative things like less stress. They’ll certainly be things like increased revenue and increased profit and indications of things being done more smartly in the business, so it might be a profit percentage or a revenue per FTE person going up. It might be a cash metric – cash is king – which is so important as well.
Monitor these things regularly in real time with your accountant and you’ll harness the power of business intelligence, you’ll make better decisions and ultimately have a much better chance of succeeding if you bring together business intelligence with a great guide from your trusted adviser.