Every company does some form of accounting to track their progress, but not all of them are utilizing that data to its full potential. Accounting data, when used well, can be a superpower for transforming your organization and propelling you to the next level.
What is Accounting Data?
Accounting data refers to the financial information collected on a business that supports the financial statements. Typically, it is used to analyze the performance of a business, to support various regulatory compliance, and to provide an objective foundation for which business strategy can be developed.
In recent years, this field has seen tremendous innovation, especially with the introduction of advanced data analytics within accounting. Using algorithms to evaluate large datasets and draw out insights that might not be obvious to managers and stakeholders is a fast-growing segment of this field and is at the heart of any forward-thinking company’s long-term strategy.
How Can Accounting Data Help to Improve Your Business
Once you have run analytics and you have that accounting data, there are three main ways that it can be used to improve your business:
- Easier and Faster Decision Making. Having the right data at your fingertips allows you to make much better decisions that are based in objective reality. By leveraging your data, you can be decisive and quick to action because your insights are not impacted by emotion, the status quo, or the preconceptions of any particular manager or decision-maker.
- Easier Strategic Planning Process. Strategy risks being detached from reality if you aren’t using real accounting data as your foundation. However, when these two are aligned, the entire strategic planning process is much more efficient and ultimately more valuable.
- Identification of Friction and Growth Opportunities. Accounting data doesn’t lie and it will help you to identify both the bottlenecks that are slowing down your progress as well as the potential opportunities for rapid growth. When you identify these, you can act to fix the problems and capitalize on those opportunities that have presented themselves.
As you can see, accounting data is extremely useful for any business – helping to fine-tune decision-making and align operations with the company’s long-term strategy. Without this data, you are relying on guesswork and you risk being completely disconnected from what is actually happening on the ground. In today’s highly-competitive ecosystem, this is a part of business that you cannot afford to ignore.
Accounting Data and Expenses in One Place
To close the loop on this, it will be even more powerful if you can pull your accounting data and your expense management into one place so that you have a fully holistic view of what’s happening in your business. Jenji provides an intuitive platform for exactly that, collating and processing all your accounting and expense data so that you can focus on the higher-level interpretations that can move your company forward.
In addition, the tool also performs a range of automated financial analyses so that you can maximize the value of your accounting data and identify opportunities for optimizations and improvements that you need to get to the next level. If this sounds of interest, get in touch today, and let’s see how Jenji can work for you.