Drowning in data? The challenge of multiple data sources

Brought to you by Silverfin

Over half of EU businesses use cloud-based software applications for their financial and accounting tasks and other business applications. The use of all these apps means there are a number of sources your accounting firm must process and collate in your reports. So how do you integrate with these multiple sources? 

The problem of complex data

The increased use of technology (with an average of 13 different cloud apps used per business), multiple sources of data and even  legacy paper-based data sources that still make locating paper documents a big issue can create a significant problem when it comes to organising the data.

Accounting firms need a core platform that can merge all these multiple data sources in one solution.

Centralised data with instant access and reporting

One of the advantages of cloud systems is that it enables you to upload and store data online for easy access and analysis. The answer to the problem of complex data is to merge all these multiple data sources into one centralised database. Once the data sources are aggregated you will no longer drown in data and you will save hours of manual data entry, as all your client data will be automatically connected to your system.

Besides, you will reduce the time spent searching for information, which means that your systems will be more organised, your firm will be more efficient and, ultimately, you will be able to deliver a better experience for your clients.

Silverfin: your solution to complex data

Our open platform is a centralised data hub designed specifically for finance professionals. We help you connect multiple data sources and implement workflow processes to enable you to offer good financial data and added value for your clients. 

Most British small businesses now use cloud applications to fulfil some aspects of their finance management. This shift is happening because cloud accounting is a secure system that is becoming more cost effective than locally installed software packages, it is ease of use and can be used from everywhere.

If cloud accounting is the answer, what is the question?

Do you make an informed decision to choose the cloud as your accounting platform going forward based on industry trends and future proofing your firm?

According to the famous psychologist Gary Klein, experts never totally trust their gut when making decisions. Instead, they “take their gut as an important data point”. However, he told McKinsey Quarterly in 2010, “you have to consciously and deliberately evaluate it, to see if it makes sense in this context. You need strategies that help rule things out”. Accountants have the ability to move far beyond just intuition. Professional insight is vital, but it’s not the only pillar of connected accounting.

The move to the cloud isn’t just a fad. It is actually the most potentially lucrative opportunity you’ve had in years, at it enables you supply financial data and advice to your clients.

So what’s the next step?

Explore your options and consider all the advantages of the cloud. With a cloud system means you won’t have to beg tardy clients for their papers and no more unkempt records. If you empower yourself with seamless access to that data, you can become a trusted advisor. 

When it comes to cloud systems, there are many offerings, which allow clients to choose between many options, offering flexibility to you as an accountant. It’s crucial that any software you use integrates seamlessly with your clients’ diverse offerings so you can connect to your client.

Otherwise, the promise of cloud accounting for accountants won’t live up to its potential.