In today’s data-rich business environment, you can leverage accounting business intelligence software to surface insights that have a considerable effect on your client’s bottom line. This is especially true for accounting advisory services, which need the most up-to-date data—and an accounting dashboard to report it—to maintain an edge over the competition.
The Power of Real-Time Reports
With real-time reports, you can make quick decisions that enable you to take advantage of time-sensitive business opportunities. For accounting advisory services, real-time reports are a particularly effective tool because they give you the answers your client needs when they need them.
For instance, suppose a client is considering switching from one supplier to another because the old supplier’s rates are significantly higher than those of the new one. On the other hand, the new supplier is farther away, so the fulfillment costs associated with this account will be higher. They have a meeting with the new supplier in half an hour, and they want to check if the costs of fulfillment would offset any potential savings.
With real-time financial data, you can discover information regarding:
- The average cost of using the client’s current supplier
- When those costs went up or down, according to different time periods
- How higher costs of fulfillment working with the new supplier will impact your overall cost of goods sold (COGS)
Armed with this information, your client can go into that meeting confidently, with their numbers in hand and in a stronger position to negotiate a better deal.
The Central Role of an Accounting Dashboard
An accounting dashboard streamlines the process of providing insights for clients, especially if you’re engaged in accounting advisory services. You can customize each accounting dashboard you use according to what best helps you serve each client.
To illustrate, you may be using accounting business intelligence software to advise a car manufacturer and a restaurant chain. The auto manufacturer is concerned about their overhead expenditures, specifically how parts and labor are affecting their bottom line. The restaurant chain is also worried about its bottom line. But it is more concerned about the costs associated with its long-term debt obligations and is considering refinancing to cut costs.
You can customize each client’s accounting dashboard, honing in on parts and labor, loan payments, or any other metric that can boost your client’s individual profitability.
Real-Time Financial Data Enables Transparency
You can use real-time data to keep all metrics front and center, ensuring your accounting business intelligence software reveals all relevant data points. In this way, you attain transparency because you break down the data silos that often limit crucial visibility.
For example, it can be easy for an organization to overlook important factors that should be considered when calculating COGS. These may include meetings, conferences, meals, entertainment, vehicle rentals, and more. With real-time financial data, you can see exactly how these expenses are adding up and how they’re fluctuating by the month, week, day, or hour. Then you can make adjustments as necessary.
All of these benefits—and more—are in the palm of your hand with PathQuest BI. You can leverage real-time reports, dashboards, and analytical tools to give you both better control in your accounting advisory business and enhanced transparency for the clients you serve. In this way, you can reap the gamut of rewards from your accounting data analytics software and performance dashboards. To see how PathQuest can give you a unique edge, connect with us today!