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How can I access my accounting practice data in one place?

Are you finding it difficult to access client data in your accounting practice? Well, you're not alone, according to our 2022 survey of over 600 accounting practices in Australia, almost half (45%) can’t easily access their client information, documentation and data in one place.

Posted 03/03/2022

Data management and analytics software

Our survey also found that accounting firms spend an average of 2.2 hours per day collating and curating data across their client management and accounting practice software and that only one in ten believe they are using data analytics to its full potential.

So how do you improve the data workflow of your accounting practice? What benefits can come from centralised client data through data management and analytics software in your firm?

The challenge of multiple data sources

The future of accounting is digital, which means that clients' needs and expectations are changing. In response to these demands, accounting practices must evolve and optimise to enrich both client and team engagement for accountants.

However, a significant challenge preventing many accounting practices from delivering better services is their client data and the software they use to manage it. 

For these practices, their client data is spread across multiple data sources in various types of accounting practice software. Accessing and managing these accounting records can require significant time and effort for accountants. 

Their compliance workflows are not as they could be, and they cannot make data-driven decisions that will provide timely and relevant financial information that their clients expect.

So how can you provide better accounting services to clients? The answer lies with centralised client data, through accounting practice data management and analytics software.

What is data management and data analytics software?

To help collect and consolidate data entry from multiple sources, many accounting practices in Australia are now turning to business intelligence (or BI) tools.

These BI tools are modern accounting data warehouse applications, known as data management and analytics software.

Data management and analytics software usually form part of an integrated accounting system, known as accounting practice management software. 

Data warehouses provide accounting practices with a single source of truth, enabling easy and effective financial data management and collection.

What benefits does an accounting data warehouse provide for practice owners?

Data management and analytics software has numerous benefits for accounting practices:

  • Simplifying complex business data challenges.

  • Automating the collection of bookkeeping data.

  • Using empowering data analytics insights to make more proactive data-driven decisions.

  • Enhancing accounting skills by utilising real-time data to provide valuable advisory services to clients.

  • Share data analytics dashboards and reports with clients using accounting automation.

  • Keep informed to stay abreast of critical events and manage by exception.

How does accounting practice data management and analytics software work?

Data management and analytics software provide accounting professionals with an enhanced view of their entire practice, reducing the effort of time-consuming accounting and bookkeeping tasks such as basic data entry, increasing efficiency of processes and improving productivity.

Data management will consolidate all client data from multiple data warehouses into one centralised solution. Accountants using this specialised software have a full birds-eye view of their client's businesses, and the accounting data analytics to offer relevant insights.

Data management and analytics software provides accounting practices with client data stored within a single data warehouse. Subsequently, this valuable data is sliced and diced to identify trends, address customers' needs, and expand their accounting service offerings.

For instance, by having all your client data consolidated and visible in one place through data management and analytics software, you can easily identify those clients who are growing, and those who aren't, and therefore tailor specific services to each group.

For instance, you or your employees can group clients by industry and compare clients within this group to see what each is doing differently. Armed with data-driven insights into what more successful clients are doing, you can advise those who seem lacking in certain areas.

Greater control of your financial data

Accounting practice data management and analytics software can offer significant efficiency and time-saving benefits for your practice. 

The comprehensive aspects of a data warehouse application include:

  • Centralising your accounting data to standardise and streamline your practice workflows.

  • Use accounting data analytics to deliver a consistently high standard of financial reports when presenting to your clients.

  • Quickly and easily discover data analytics trends about your clients’ businesses to provide timely advice.

  • Stay informed about critical events within your clients’ businesses with automated alerts.

ZAP Data Hub is a centralised data analytics platform, helping accounting practices to save valuable time, manage by exception and create more proactive ways data analytics can be leveraged in your firm.

Download our brochure to find out more about ZAP Data Hub or book a no-obligation demo today.