The Olympics might seem a long way from Accounting, but there’s a lot accountants can learn from their data and competitors about going for gold…
The Olympics are dramatic. You’d expect as much, named after the home of the Gods in the country that invented Tragedy. As the Summer Olympics draws near, we can look forward to watching this epic play out on screens all over the world. Competition brings out the best in athletes, and for accountants, it’s no different. Just as the best athletes are always training to stay ahead of their competition, top accountants are always re ning their processes, and looking for tools to help them get the edge.
Competing on Data
Being a world-class athlete doesn’t just mean practicing every day. Teams
and their trainers spend countless hours recording their activity and stats so they can find areas to improve. In fact, the modern Olympics runs on data, just as much as it does dreams. Everyone, from the German sailors to British rowers, is using analytics to perfect their performance, and when IBM’s Watson isn’t busy winning game shows, it’s crunching numbers to create training guides for runners. And numbers are an accountant’s specialty. At Receipt Bank, we help accountants and bookkeepers build scalable, efficient businesses, by giving them tools and data they need, from data extraction to practice metrics. And it works – the most common indicator for a successful and competitive firm is how they use the stats we provide. Having started by building a data extraction system that has since set the industry standard for accuracy, we realised that real value for an ambitious firm is visibility over the bookkeeping process. Now we can show our accounting partners everything, from how fast their bookkeeping team is working through items, to the average delay between a client receiving an invoice and submitting it. And this is the kind of data our partners are using to build an Olympic standard service.