Why stop at IFRS as a universal reporting language?

As an accountant, you will have encountered a huge amount of change over the past few years as businesses, financial institutions and countries look to learn lessons from the financial crisis. All parties are looking at ways to improve reporting standards and operate in a unified way that crosses borders and industries. The new president of the ICAEW, Mark Spofforth certainly has some interesting thoughts when examining the role of IFRS as a universal accounting language, suggesting that having a single language that translates across borders is of considerable use.

However, you should not stop at IFRS when looking to provide a single source of the truth for the business. If you are working in a larger firm keeping a single and unified record of work and data that allows the whole company to read from one source of information is equally important as universal reporting standards.

With this single source of data, you and your business are able to operate with a greater agility and track workloads, new business opportunities and profitability with ease and efficiency.

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As the saying goes, knowledge equals power. But knowledge can also equal profit, as informed decision making and real time business insights give Accounting firm Partners the ability and empowerment to shape their business success. In this blog series Chris Duddridge, Business Director at Deltek, a global software company with a track record of helping Accounting firms improve their bottom line, shares his experiences of guiding clients to improve visibility of their operations, reduce administrative costs and ultimately, run a more profitable business.

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