Drowning in data? The challenge of multiple data sources

51 % of EU businesses use cloud-based software applications for their financial and accounting tasks, customer relationship management and other business applications. And this figure is steadily increasing as cloud is adopted more widely across the business world.

With your business clients using an increasing number of online solutions and cloud apps, this results in a multitude of different data sources that your accounting firm must connect to, process and collate in order to pull the right numbers into your clients' accounts and reporting.

So how do integrate with these multiple sources and make sense of their numbers?

The problem of complex data

Good quality business data is what drives your firm’s ability to produce accurate accounts, insightful reporting and key strategic analysis for your valued clients.

But there are a number of areas that making the collection of this business and financial data into a complex challenges for many practices:

1. Increased use of technology – the average business uses 13 different cloud apps, with widescale adoption of a range of different business solutions.
2. Multiple sources of data – with customer information, business data and financial numbers spread across these varied apps, there are multiple data sources to collate.
3. Legacy paper-based data sources – Paper-based businesses spend up to 35-50% of their time searching for information, so locating paper documents is still a big issue.

When combined, these challenges creates a significant problem when it comes to accessing and organising the data needed to get client's accounting work completed.

What's needed is one core platform that has the connectivity, tools and functionality to pool these multiple data sources in one central solution.

Centralised data with instant access and reporting

A fundamental advantage of cloud is the ability to quickly upload data and store it online for easy access and analysis. The answer to the problem of complex data is pull these multiple data sources into one centralised database, with access to the best possible workflow tools.

When these data sources can be aggregated and controlled effectively, you have better control over bookkeeping, day-to-day accounting and reporting for all the firm's clients.

Using a centralised solution to collate client’s data sources means your firm is:

• No longer drowning in data – with all the information you need held in one central database that can then be pulled through into your relevant accounting software tools.
• Saving hours of manual data entry – with all client data automatically connected to the your central system, and no need for hours of keying-in and mundane financial admin.
• Reducing time spent searching for information – as all the relevant data and documentation needed to complete tax returns and year-end accounts is freely available.

Time is saved, your systems are more organised, your people can be more efficient and (most importantly) you can deliver a better experience for your business clients.

Silverfin: your solution to complex data

Our open, vendor agnostic platform is a centralised data hub designed specifically for finance professionals. We help you connect to multiple data sources and implement truly proactive workflow processes that lead to good financial data, and added value for your clients.

Find out more about Silverfin at getsilverfin.com