Despite its recent rise to fame, data has always been in accounting. It was only around 10 years ago, however, that cloud-based systems seemed to really ramp up and accounting systems were no longer ordinary accounting systems.
Today, accountants can leverage data to point their clients in the direction they need to take. That means being more than tech-savvy and knowing your numbers. It means being able to communicate and connect with your clients, both on a professional and personal level.
Now, we really do have data at our fingertips. I find the best use of real-time data is actually being able to identify issues for your clients before they occur. The data you can obtain through accounting systems, job management systems, sales and marketing systems can quite quickly give you an indicator of whether your client is on track for growth or if they need some help to do so.
This is where the Dext Precision product is so useful. It’s error-free accounting which means you can spot mistakes and fix them before they materialise. You can also cost and price services more effectively with a clear view of the health of your client’s data. It’s as simple as this: the more accurate and accessible our data is, the better service we can provide our clients.
Getting the most out of your data
Accountants must make the most of the data in front of them. There’s a tonne of possibility, both in the way your firm performs and the quality insight you provide clients with. But that’s not to say that some firms aren’t missing out.
To avoid this, it’s really important you identify and act upon opportunities arising in your existing client base. You could be leaving money on the table by not going back to your existing clients as they grow. Cloud-based accounting can open up new doors and provide you with a number of additional services like cash flow forecasting, internal process automation and software implementation. Existing clients may not know about these, so it’s up to you to tell them.
You also have the ability to identify service offerings that your business may not even have but could potentially offer – it’s not all just about accounting.
Outside of this though, insights are great for identifying clients that need your help – before it’s too late. As an accountant, when you act early you can actually guide a business back to being viable as opposed to falling behind. If a business is struggling, that doesn’t mean it’s destined to fail. Some might just need a nudge in the right direction which, thanks to data insights, you can now easily identify.
With better insights we can do much more for our clients. We can also use it to optimise our own firms and how we go about our work. And when we’re more effective, our clients are too.
For us, data has enabled Growthwise to add business advisory to our service offerings and attract clients we want to work with. We’ve also transformed the way we manage internal workloads, and this only benefits clients later down the line.
Ultimately, the insight you get from Dext gives us the confidence to make data-driven decisions. It connects you with your clients. And when everything is connected, your potential is limitless.
About Beau Gaudron
Having started his career as a manager at a coffee shop, Beau Gaudron is an entrepreneur used to the grind. It was here that Beau got his first insight into how a successful business ticks. With this experience, and a new drive for business efficiency, he started designing cloud solutions for small businesses. Alongside Steph Hinds and Alan Spicer, Beau then joined cloud-based accountancy firm, Growthwise.
For the past six years, Beau has worked with the team at Growthwise to improve internal efficiencies as well as client efficiencies. His goal of simple efficiency has remained at Growthwise’s core – a feature that’s been further enhanced by the application of cloud-based technology.