24 February 2017
One of the added benefits of cloud accounting is the ease with which advisers can access client data and in effect ‘cut to the chase’ without, in many instances, incurring client time and resource until all the data collection and analysis is complete. A good example of this is our collaboration with Inflo, who have developed an innovative suite of cloud software that automates the collection and analysis of financial data. A key benefit has been that both time and cost is reduced at the outset of a project, so that more focus can be spent on interpretation and reporting.
This new way of working in the cloud offers several applications, including due diligence for impending transactions, and also for times when businesses simply need to achieve greater levels of assurance and integrity for their accounts data for both shareholders and other stakeholders. It’s a win-win situation both for us, as we can focus on delivering expert practical advice, and for Inflo, who can in effect massively ‘scale up’ the data collection and testing process that would otherwise require a costlier and slower manual data collection and review process. We have recently taken the decision to promote a campaign that focuses on the benefits of practically no disruption with data analysis and collection, leaving clients’ time intact and with the promise that a wide variety of risks including errors, duplication and fraud can be quickly identified.
By combining our expertise in reporting, compliance and risk analysis with Inflo’s advanced software development, clients can now get more meaningful, easy to understand dashboards that graphically identify issues where present and equally important, a list of actions for implementation.
We are currently offering a free trial of the new service, where three months’ of sample data will be reviewed, free of charge, with no obligation. Implementation is as described; quick and easily done by simply taking a data upload from clients’ accounting systems and this is especially quick where clients are using cloud based accounting software.