Trusting your data is just the beginning
At its core, a single source of truth improves data accuracy by removing the need for transferring data from one place to another, cutting down on manual keystroke and data entry mistakes.
But what doors does that open for your organization? Quite a few!
For instance, many want to automate manual processes in their accounting system but don’t know where to start. When your business has a foundation of clean, reliable data, you’re in a much better position to implement accounting technologies like automation and AI—advancements that might otherwise require expensive code and unreliable integrations to piece together.
These improvements lead to several key benefits:
1. Save dozens of hours per week
Manual and duplicate data entry tasks, which your accounting staff often handle just to keep AR and AP running, can consume a significant amount of their time at the cost of doing more valuable work. One survey found that 98% of financial leaders are putting off important strategic work due to low-value tasks like administration, data collection, or reporting; and 54% of finance leaders spend more time on tasks that don’t add strategic value to the organization.
Instead of contributing to financial planning or analysis, CFOs often find themselves fixing data errors or piecing together reports in Excel. This has consequences, as 38% are deprioritizing long-term growth and planning. With a unified platform, your organization not only saves time by reducing bad data, but everything you layer on top—like automations—has the potential to add efficiency and provide your business with valuable insights.
2. Make better, faster decisions
Accurate financial insights are invaluable when your business is trying to discern questions like:
- Which marketing campaigns deliver the highest margins?
- How could you optimize spend across different departments?
- How could a key area of your organization become more profitable?
But currently, 89% of finance leaders admit they’re making monthly decisions based on inaccurate or incomplete data. With that data can be easily surfaced with accounting technology, your business gains better visibility into its finances and can track the numbers in real-time using dashboards and other analytics tools.
3. Act with confidence
An organization looks to its finance leaders for guidance on performance, but what happens when they can’t get the answers they need? Confidence is shakier than you might guess; in fact, 56% of finance leaders have been asked to make decisions and forecast for departments over which they lack visibility. A unified data platform repairs broken data and helps to bridge these gaps.
For CFOs, it means having accurate financial data for every part of the business—finance, sales, marketing, and operations—and going into meetings knowing the numbers they’re reporting are correct.
For accounting teams, it means the ability to locate and update customer data without digging through multiple, often conflicting records. They can trust the numbers in their system without having to double-check against other sources, allowing them to deliver accurate financial information more efficiently.
And with access to real-time financial reports, CEOs and business leaders can stop second-guessing and start acting on the data in front of them. This gives you the insights and support they need to do their job: keeping the business healthy and growing.
Solving your data issues for good
When you can trust your financial data and know your business is providing an accurate picture of performance, it’s amazing what can happen as a result.
Take Gordon James Realty, a full-service property management company in Washington, D.C., Virginia, and Maryland. When co-founders Tom and Matthew Carcone first entered the property management industry, they quickly saw the potential for automation to enhance client satisfaction and simplify property management’s complex workflows. They started out using separate platforms—QuickBooks for accounting and Propertyware for client activities—but faced continual data accuracy issues and inefficiencies. The disconnected systems required constant manual data entry. After moving to Accounting Seed on Salesforce, they created a unified, automated workflow resulting in 99% data accuracy and a 99% client retention rate.
And that’s just one of the hundreds of companies Accounting Seed has helped make this type of shift successfully. If you’re tired of dealing with constant data issues, we’d love to talk about how we can help you fix the root cause of the problem and start trusting your data again. Book a demo with us anytime and get started on your path to better data accuracy.
