Q&A
Interview
Unlocking the Door to Business Success with Live Data
From internal business processes to customer experience, access to actionable and relevant data can be the difference between winning and losing for accountancy firms. However, making the change to ensure real-time data is available and utilised effectively can feel like a big leap for many businesses. We spoke to Will Farnell, founder of accountancy firm Farnell Clarke and Simon Chapman, Head of Solution Engineering at business management software provider Scoro, to find out more about the need for real-time data, the challenges facing accountancy firms in implementing it, and the future-proofing value it brings.
XU:
What challenges do accountancy firms face in getting access to real-time data?
WF:
Most accountancy firms don’t yet have systems and processes designed to deliver real-time data, which is often down to mindset. Accountants’ established working practices are largely backward looking, with records often collected six months after year end meaning the information within them is up to 18 months old and useless for informing business decisions. Accountancy firms must realise we can now access data to help businesses make decisions with some degree of certainty. They must shift not only their own mindset but that of their clients, encouraging them to provide information in a timely manner to turn it into meaningful insight. They also need the right technology in place to support this.
SC: 64 / Issue 25
One challenge accountancy firms
face is achieving a single source of truth as most struggle with data held in multiple systems and spreadsheets. As well as using tools that deliver better quality data they must also rationalise systems and integrate tools to bring together multiple data points and look for trends. While it’s important for data to be timely this isn’t the only consideration. Data also needs to be actionable, especially in these challenging times.
XU:
How does real-time data reflect the quality of data accountants should have access to?
WF:
In reality, genuine real-time financial data is overly ambitious. We can’t present information when money is spent, but we can present it the next day. This is as close as it gets to real time and we call it ‘live’ data. Live data allows accountants and clients to make decisions based on insight rather than gut instinct, and to validate decisions with powerful, factual information. Objectives such as ‘value-add’ and ‘trusted
@ScoroSoftware
Simon Chapman, Head Of Solution Engineering, Scoro Simon Chapman has over 20 years experience working at KPMG, Salesforce, SugarCRM, and Acquia with international organisations specialising in CRM, digital transformation, and business process management. He leads the Solution Engineering team at Scoro delivering highvalue solutions across many verticals, specialising in creative agencies, education, government, and accountancy.
@farnellclarke
Will Farnell, Founder and Director, Farnell Clarke Ltd Will Farnell is the founder and a director of Farnell Clarke Ltd, an innovative and pioneering accounting firm based in East Anglia and London, UK offering a fresh approach to SME accountancy and business advisory services. Farnell Clarke was one of the first firms globally to fully adopt cloud accounting technology back in 2009 and remains one of the most innovative firms in the UK.
advisor’ are achievable through access to quality, timely data. And, to qualify as quality and timely data that can make a real difference to businesses, the data needs to be less than seven days old.
SC:
Timely data can be represented in dashboards that enable businesses to see what they couldn’t previously see and produce reports that allow users to identify patterns of behaviour and take action. This live data enables businesses to synchronise with productivity solutions from the likes of Google and Microsoft. As a result they can integrate with tools they are already familiar with and truly understand what’s happening with their business.
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