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Getting the most out of digital data

Source: Other | | 10/11/2020

One of the great benefits of data stored in an electronic format is that it can be sorted in an endless array of reports. This offers business owners who have invested in accounts software a range of options.

Once you have input basic accounts information, transactions, from your:

  • Bank
  • Payroll
  • Suppliers, and
  • Customers

you can use the associated information regarding sales, costs, investments in equipment and so on to create reports that will increase your chances of managing your finances successfully.

Current disruptions have increased the value of these reports. Instead of being caught off-guard – perhaps months after a financial crisis had started to emerge – reports generated at the click of a mouse will instantly inform you of trends that demand action now.

This immediacy to data, reformed in accessible reports is perhaps the greatest benefit of recording your financial data in an electronic format; you gain fast access that informs you of current issues while you still have time to take remedial action.

The old adage, that there is no value to closing the stable door after the horse has bolted, applies equally to your finances.  There is no point in trying to fix your cashflow or any other aspect of your money related issues if the opportunity or time to action changes has passed.

If you use accounts software but need more concise reporting, call now so we can help you decide on the type of reports required and assist you creating reports within your software.

You have achieved the difficult part, recording the data, time now to exploit the options to see how you can best use this data to manage your business.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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