Business intelligence is just as important in the mid-market
October 24, 2014

Accounting associations need to use every tool at their disposal to increase their clientele and build their reputation. Mid-market firms in particular have to tackle the problems faced by both their larger and smaller counterparts, but they can also see the benefits of such a size with closer relationships to customers and ventures into new markets.

Business intelligence can help accountants make sense of the troves of data they've collected over the course of a partnership to reveal new insights and even continue their expansion. When at the mid-market level, associations are at a delicate place on the scale where a major setback or mistake can possibly send them back, adversely affecting years of hard work. Taking advantage of business intelligence positions firms to make best use of their accounting resources as well as fortify any bonds developed with clients.

What business intelligence can bring to the mid-market
Mid-market accounting groups must use all the information they have at their disposal to improve their performance. When firms harness business intelligence, they can reduce lengthy processes to save time and use the spare moments on other important matters.

Closing entries are essential for accountants to transfer any updates from a client into the permanent records. However, the procedure takes time and could cause errors from rushing. With business intelligence, firms can expedite their budget analysis, decrease the amount of time spent preparing for a closing entry and instead focus on completing it, stated Accounting Today.

An analytical review could be completed at a much quicker pace when information gathered from various sources are already entered to produce a much more accurate prediction.

A shuffle of the business hierarchy
When companies come to an accounting firm, they are generally looking to reaffirm their numbers and guarantee that budgets are correct. Many accountants act as the protector for companies' finances, but with business intelligence, associations can become even more valuable to leaders, asserted CGMA Magazine.

Predictive analytics for accountants enable them to point out opportunities for growth and areas of organizations that might be negatively affecting their bottom line. These new insights allow mid-market accountants to work with company owners as partners who look out for the best interests of their clients, bringing to attention possibilities for expansion and boosted profits.

Nexus: G-WEBCD1