Data first strategy: Getting the right financial data to enable growth

1st Oct 2021
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Without the right data to guide senior management team, how do you ensure the business has complete control over its finances? How do you deliver the best possible financial data to inform and back up strategic decision-making?

Ambitious chief financial officers (CFOs) now have the potential to be the driving force behind their company's strategy and growth. Leading a data-first finance team capable of providing evidence and insight to your CEO.

With the right infrastructure, your team can produce tailored financial reports and track key metrics. Their expert forecasting skills will inform decision-making. And they’ll be trusted to identify and communicate meaningful insights from your company data. In short, they’ll be a hugely valuable resource to your executive team.

Financial Management Software (FMS) puts data at the heart of your business

Transforming your team into a data-first function is an exciting prospect. But every innovator needs a solid infrastructure behind them. Data is the fuel in your finance system, but you need an FMS with the power to maximise that flow of data and deliver the most powerful outcomes.

With your finance function built around a scalable FMS, you can:

  • Automate the key transactional finance tasks
  • Capture robust financial and non-financial data
  • Code and tag your data inputs to create custom reporting and dashboards
  • Reconcile, consolidate and filter this data to provide meaningful outputs
  • Analyse discrete data for separate products, branches, departments or businesses
  • Quickly track performance against KPIs, sales targets and budgets.
  • Simplifying your choice of accounting software

A mid-market FMS can help you get the financial clarity you need

There’s a huge choice of accounting systems on the market. Starter cloud platforms, such as Xero and QuickBooks, can meet the straightforward finance needs of freelancers and startups. Corporate level systems, such as NetSuite, are hugely powerful but come with a price tag and project complexity to match that excludes most ambitious and growing SMEs.

If your business falls between these two extremes, or you’re looking to move away from a legacy Sage 200, Exchequer, Sun, Agresso or Access system, AccountsIQ’s cloud accounting system financials address the gap.

AccountsIQ offers an integrated, cloud-based accounting platform that enables mid-market companies to:

  • Automate all data capture – using our Accounts Payable automation and brand new (AP inbox), you can automate your data entry to digitise the bookkeeping process and scan your receipts and documents.
  • Automate all reconciliation – with live bank feeds built in, you can automate and reconcile bank transactions every day, keeping your numbers up-to-date.
  • Consolidate your accounts – our consolidation feature removes the need for tedious workarounds and spreadsheets and offers consolidation and reporting with a few clicks.
  • Collaborate more easily – our cloud platform and mobile app make it easier to share numbers, review budgets and grant approvals – all through one collaborative accounting system.  
  • Integrate with a host of other systems – our application programming interface (API for accounting) takes the hassle out of sharing data, allowing instant integrations with other solutions.
  • Provide tailored reporting – our reporting features enable advanced analytics, consolidated reporting, custom dashboard and drilled down business intelligence (BI).

See how AccountsIQ’s scalable cloud accounting software gives forward-thinking finance teams the systems and data to inform evidence-based decisions across their organisation.

Book your AccountsIQ demo today or call us for a friendly, exploratory chat on +44 (0) 203 598 7350.

Read our blog 'How BI codes can improve Financial Reporting'.