Learn how your firm can develop key performance metrics, improve staff productivity and creativity, and automate processes when you break your data out of jail. But fair warning, we’re guilty of including several corny puns in this post and, therefore, plead the fifth.
CPA firms have a strategic imperative to access data and drive their firm’s growth. Obtaining your accounting firm’s data should be easy, right?
Wrong - for most firms, the high quality data is locked in “jail” within their Practice Management systems and are unable to integrate with other systems.
Without access to data, firms can't analyze projects and pricing, which is needed in order to grow margins and better allocate resources.
Is your data doing time in jail?
What do we mean when we say “break your data out of jail”? For many firms, lack of access to data means the lack of interoperability when it comes to integrating and using data in a meaningful way. It means a lack of ability to safely pipe data into systems that can be used for reporting, automation, and enhanced functionality.
In our recent webinar, 77% of participants reported they are still working on gaining access to high quality interpretable data from their PM systems needed to make firm decisions. With this large majority of firms lacking access to their data, many firms are missing out on opportunities to automate processes and could be at risk of not effectively utilizing precious staff time and resources.
If you can’t get your data out of your Practice Management system, it’s doing time in jail. Don’t let your data become a “lifer!”
Why should you become a jail break accomplice?
Luckily, it is not a crime to break your data out of jail. If you conspire to break your data out of jail, your firm will be free to unlock the untapped potential for automation, staff effectiveness, and creativity. Data is the lifeblood of the firm, it drives insights and breaks down silos. Unlocked data makes it easier to answer questions the firm might not even think to ask yet. A greater access to data can help a firm look at new markets to break into for future growth.
With open access to data, firms can begin to enhance their (and their clients’) experience by automating various business management processes. By incorporating automation tools powered by unrestrained data, firms increase staff productivity and capacity in newer and more efficient methods.
Moreover, staff with access to unlocked data will find creative ways to answer questions they hadn’t even thought to ask. Once you can access the data, you can gain additional perspectives and enhance the staff’s ability to be creative and come up with new ideas. As silos are broken down and there is greater access to data, firms with unlocked data find they begin to ask questions they hadn’t ever asked before and they begin to come up with creative solutions that solve current problems as well as new ways at looking at data that drive future growth.
Your data is a jailbird no more - now watch it fly
With unlocked data comes unlocked potential and a world of possibilities! Data freed from the constraints of an isolated Practice Management system can then be used to create an accurate, ongoing, and secure stream of firm wide performance data that supports reporting, automation, and integration. Ongoing access to more and better data supports your firm’s ability to analyze projects and pricing, helping you to find more ways to grow margins. This level of data access enables you to coach partners on improving productivity and allocate resources with a data driven approach. Lastly, unlocked data can easily flow into third party applications, many of which support business practice automation, providing better tools for staff to operate in the most productive and efficient way possible.
Want to learn more? Join us on December 1st at 2:00pm ET for a webinar with Rainmaker as Pat Morrell and Solon Angel talk about more ways that you can unlock data! Register now.