5 advantages of customizable reporting software

August 4, 2022 12:10 PM

Adopting new technology is not always easy for companies to do. New software may be expensive or come with a steep learning curve, and people are often most comfortable with what they know best.

However, many firms are jumping at the opportunity to incorporate new technology into their practice. There are many options available to CPAs looking to adopt new technology, but choosing the right one is not a decision that can be taken lightly. Implementing new software can be immensely beneficial for CPA firms, and making the best choice will maximize the positive impact. From saving time to providing a more valuable product, here are five ways incorporating new technology can benefit CPAs.

Save time with automation

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CPAs have plenty of work to do at any given time, and adding to that workload is a big ask. Of course, clients always need more from their trusted CPA to help them and their businesses. One area in which businesses are seeing more value from their CPAs is advisory services. In a 2020 survey by CPA.com, 29% of clients said they wanted their CPA to offer advisory and consulting services.

The automation that customizable software can provide is a major boon for CPAs hoping to provide these services to their clients. According to The Practice of Now 2020 report, 43% of accounting firms felt using new technology had made their company more productive. Automated reporting software can automatically import client data and build reports, saving CPAs critical time. By delegating manual processes — such as inputting and compiling data — to automation, CPAs have more flexibility to provide skilled advisory and consulting services.

Deliver custom reports for every client

All clients have a wealth of data for their CPAs to sort through, analyze and decipher for them. However, not all clients need to know the same things about their data. One of the most beneficial aspects of customizable software is the ability for CPAs to create individualized, custom financial reports for each one of their clients. For example, some clients may value some KPIs over others, such as customer acquisition cost or customer satisfaction, while others may prefer to know sales per square foot or average transaction value. Clients will also surely need to understand different metrics at different times.

Customizable software allows CPAs to make adjustments and create templates and reports for clients in a matter of minutes. Changes can be made so easily that a CPA could immediately show new custom KPIs to a client at their request during a meeting rather than getting back to them at a later time. Dashboards can be tailored to every client's needs with ease, showing the information they need the most to drive their business forward.

Make data work for you

With customized reporting software, data is no longer a static number showing only what has happened in the past. Instead, data is a living, dynamic, continuously evolving asset that can be put to work.

As new data is input and analyzed, it allows for a more accurate look at a client's finances. CPAs can use data for the benefit of their clients, playing with the numbers and dashboards to show results in a more meaningful way. Powerful automated reporting gives CPAs and their clients control over the data as they have the ability to assess vast amounts of data with a few clicks.

Advise clients with a clearer picture

Collecting and analyzing valuable data doesn't do your client much good if you aren't able to clearly communicate the results. The right reporting tools allow CPAs to create customized dashboards and reports to help explain analysis and forecasts to clients.

CPAs can use software to create stunning and easy-to-understand visualizations that show clients their business' financial health and paint a broader picture of what it can achieve over time. Quarterly forecasts can become a thing of the past as on-demand forecasts are possible. CPAs can pull in higher-quality data for more accurate forecasts, allowing clients to make better decisions for their business. Not only can CPAs inform clients more accurately with this data, but tech-forward clients have live access to their financials between meetings with their CPAs.

Keep track of progress in real time

When a client needs answers or help with financial planning, they want to get results as quickly as possible. Of course, financial analysis has never been instantaneous, and good results are worth waiting for.

However, with new technology, the wait doesn't have to be so long anymore. Customizable software can help CPAs give their clients answers faster or, in some cases, right away. With cloud-based software and volumes of continuous data coming in, CPAs have the tools to provide real-time information for clients. CPAs can create custom KPIs instantly without support from developers or IT specialists. Clients can understand their business' successes and problems in real time and make needed adjustments to reach their goals.

Understanding and analyzing data is critical for the financial success of a company. CPAs using customizable reporting software will have valuable tools at their disposal to provide expert advice in real time to their clients.