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Tax & AccountingJuly 12, 2021

Using Business Intelligence Tools to Mitigate Risk with Data-Driven Insights

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Once upon a time, the only tools tax professionals had at their disposal were a calculator, pencil, and paper. Today, with so much technology at your fingertips, there’s no reason for firms to be working in the past—and that includes relying on outdated data to make decisions.

Static reports are past their prime as soon as they’re printed, and they don’t give future-focused firms the data they need to make intelligent decisions.

Dynamic dashboards and other business intelligence tools that integrate seamlessly with existing tax, accounting, and audit software present internal and external data in a way that informs and supports firm leadership as they make strategic decisions and act upon them.

Our eBook, “3 Ways Peak Performing Firms Overcome Challenges with Business Intelligence Tools,” highlights how business intelligence tools can help mitigate risk with data-driven insights.

Data Helps Firms Take a Proactive Approach to Problems

Think about your car’s dashboard. Without it and the data it supplies, you’d run the risk of running out of gas, overheating, or ignoring a major malfunction. Real-time accounting dashboards, like CCH Axcess™ Data Axcess dashboards, act in much the same way.

Access to on-demand, easy-to-use information displayed in highly visual dashboards gives your firm the power to respond proactively to internal problems and changing market conditions, rather than react to out-of-date information when it’s too late to make a real difference.

Plus, armed with real-time dashboards you get real-time results. For example, if you find inconsistencies in your data and instantly identifying and fixing the problem in a matter of minutes—not after the errors have been wreaking havoc for a month.

Insights and Answers

Wolters Kluwer’s Business Intelligence solutions feature data visualizations of KPIs that focus on firm issues, including partner performance, staff metrics, accounts receivable, profitability, project status and resourcing, and marketing.

Those insights give your firm the information it needs to answer questions about:

  • Revenue stream strengths and weaknesses
  • Areas for strategic growth
  • Inefficient internal processes
  • Data entry inconsistencies

Investing in Business Intelligence Tools Is Good Business

Business intelligence solutions take the guesswork out of decision-making. The data-driven, actionable insights and customizable reports they provide help firms solve business challenges and identify opportunities for growth. Data allows your firm to operate more intelligently, whether that’s identifying budget concerns, tweaking an internal process, or supporting a new strategy.

Interested in More Data Insights?

Download the full eBook to learn more about how Wolters Kluwer’s business intelligence tools can also create capacity, reduce productivity constraints, and increase visibility at all levels of your firm.