When you hear the word accounting, what immediately comes to mind?
Is there a picture in your head that might look something like this?
In this technologically advanced generation, that is the furthest image from the truth. Financial data is being mined from sources and transmitted electronically, allowing accountants to focus on tasks other than simply adding up the debits and credits. According to Pamela Wasley, CEO of Cerius Interim Executive Solutions, "Savvy and experienced CFOs and CAOs will be the keys to successful companies weathering the economy and maintaining or growing market share." Accountants are working to develop deeper skills in data analysis even positioning themselves in the emerging field of Data Scientist. Bringing the expertise of accounting with them, Data Analysts are able to quickly immerse themselves within the company and provide a bigger financial picture that is not always vivid to those conducting business on a daily basis. Understanding your financial position leverages your business and allows you the flexibility to respond to changing market trends.
Taking your business to the clouds, allows access to financial data on a real time basis. No longer constrained by walls, executives can review high level reports and make decisions on the fly. Managing customer expectations and monitoring trends while positioning your company on the right financial road are keys to success.
The National Restaurant Association's Restaurant Performance Index (RPI) continued to hover above 100 for the eighth consecutive month in June. What does this mean to your business? How does it fit with your corporate strategy? Has your accountant or analyst utilized this in benchmarking? We are also seeing reports on the Gen Y love of restaurants. What will this do for your social media? How will you tailor your reward offerings? As we are seeing, data behind decision making is becoming more accessible. The analysis of this data will provide insights that can bring your accounting data to life. No longer do accountants need to be pigeon holed into a genre of "bean counters". The possibilities for data analysis are endless. As Albert Einstein said "Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the world, and all there ever will be to know and understand." Imagine all that your accounting data can tell you!