At bookskeep, we believe in defining our goals and values as a team to better serve our clients. We have previously discussed gratitude and learning as key values in helping our business grow, but are now venturing into the importance of being data driven.
Value #3: DATA DRIVEN
The way data is analyzed is important in day-to-day life, but especially within a business. We asked some of our booksPeeps how this technique of interpreting verifiable data can show room for improvement within a company.
"I feel like the accounting profession revolves around being data driven, especially for me," bookskeep controller Ashley said. "With every job that I have held in the accounting field, whether that has been in accounts receivable to auditing and now just monthly bookkeeping, the numbers tell me a story and that story leads me to a conclusion."
Ashley's first accounting job involved working solely in accounts receivable for an advertising company. Through an analysis of the accounts receivable numbers, she realized the company was not fully utilizing the budgeted dollars for marketing. This discovery led to the business taking a step in the right direction.
"In a completely different aspect, when auditing financials or doing monthly bookkeeping for clients, the final product, whether that be the audited financial statements or the monthly reconciled financials, produces a clear picture for me as to how the company is operating," Ashley said. "That clear picture then leads to what steps need to be taken by the company in order to retain the results they are striving for. The data per the financials might also tell me that some proper procedures are missing and this may need to be evaluated by management such as inventory and cost of goods sold valuations. Data drives the end result of a company and I don't believe that anything tells that more clear than a clean set of financials."
Denise, customer account specialist and bookkeeper, said "within bookskeep, the core value data driven basically means that the financials we prepare for our clients are backed up by verifiable data."
"Our team also constantly checks for new software, procedures and source documents to stay up to date with the best data. We want to provide our clients with good numbers so they can make the best decision possible in their business and not just rely on their gut feelings. Without using data in their decision making, they are just flying blind."
"A client may think their business is profitable because they have numerous sales." Denise warns that this may not always be the case. "In reality, if they do not take into account everything that goes into their cost of goods sold and their expenses it takes to run their business, they may only be breaking even or may have a negative net income."
Bookkeeper Jessica uses data in her personal and professional lives. "Personally, I’m data driven because the boys are on such a schedule. Meals, naps, snacks, bedtime. Everything I plan is around the clock to match their schedule," she said. "For work I love everything data because you can get a clear number. Using formulas, specific numbers. It’s not opinions, the numbers are what they are."
How do you use data analyzation to make your life easier?