Technology trends are constantly changing. Just when you think you are ahead something new comes to the table. There have been whispers of the “cloud” for quite some time, but the accounting and finance industry has been slow to take advantage of this valuable resource. Well, times are changing. Benefits such as being able to customize software platforms with little compromise on the things you need and secure data backup have been deciding factors in many companies making the jump to the cloud. In addition, the web based applications developed for it have brought on the ability to have instant access to the latest software, updates, and information anywhere you go with little or no interruption in productivity. The cost savings and flexibility this new infrastructure is providing, proves the transition trend to the cloud is here to stay.
Cloud software has also made real-time analytics more widely accessible. Similar to checking the news, or looking at the latest stock prices, you now have the ability to view your company’s performance at a glance. Access to this information allows CFOs to identify problems more quickly and provide solutions to correct the issue sooner. Real-time analytics give the ability to identify growth markets, products, and other business priorities instantly. Valuable insight into relationships in the everyday operations of the company can be identified with a few clicks of a button. With these types of tools decisions can be made with the most up-to-date information available, keeping you more informed on what is going on in your business, and allowing you to make critical decisions that will give you an edge above your competitors.
Enthusiasm is growing among CFOs who now view data analytics as a way to boost the bottom line. Initial forays by CFOs into data analytics have tended to look backwards. Today’s CFO requires tools that are not limited to what is visible in historical data, or are restricted to quarterly and annual financial reporting. Real-time analytics are becoming an approach for CFOs to focus beyond transactional activities and provide valuable insight for boardroom-level strategy discussions.
Contact your MKS&H advisor today for more information on how we can help prepare your business to optimize real-time analytics to meet your objectives.
Article Provided By Brian Patrick, CPA, MKS&H In-Charge Accountant
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by advising them regarding their financial, technology and human capital management needs. Please visit www.MKSH.com for more information.