There’s a staggering volume of data in the cloud. IBM estimates it’s growing at a rate of 2.5 quintillion bytes every 24 hours.
Big Data offers big opportunities, but unless it’s properly processed and presented in ways users can understand, it’s value is kept locked away.
The benefits of BI
This is where an integration between Xero and Spotlight Reporting can help. Spotlight Reporting lets you turn all the data stored in Xero into business intelligence.
Business intelligence (BI) is the analysis and use of data for better decision making. BI tools make large volumes of raw data easy to interpret. This gives the companies that use it a competitive advantage as they can use their data to see new opportunities and insights.
A game changer for accountants
Using BI, accountants and advisors can help their clients make better decisions and lift performance. This also moves accountants and bookkeepers out of compliance only roles and positions them as trusted advisors. Common uses would be in a board report monitoring performance, a KPI dashboard or a company forecast that outlines possible future scenarios.
The accounting industry is changing fast and business intelligence tools allow accountants to have more valuable conversations with their clients. It also lets them extend their service offering beyond compliance into new areas like budgeting, mentoring, strategy and performance monitoring.
The benefits flow both ways. Clients receive clarity, insight and advice and the accountant can earn additional revenue and deepen their relationship with their client base.
Business intelligence in action
Xero’s UK National Practice of the Year, Valued, has used business intelligence to gain a competitive advantage.
“Using Xero and Spotlight Reporting has helped us turn low fee clients into high fee relationships. We have happier customers as well,” says Stephen Paul, Valued’s Managing Director. “We offer a fresh perspective with forecasts. We find that the regular interaction with dashboards and reports generates all sorts of new projects and opportunities for both us and our clients.”
Greg Sheehan, CEO of RightWay (Xero’s NZ Practice of the Year), agrees. “Our accountants in the field can now exceed client expectations because the quality of conversations is higher, the access to actionable data easier. Cloud reporting and forecasting is becoming a standard offering for RightWay business customers. We think it adds tremendous value when our advisors are in the mix too.”
Learn more how you can put the power of business intelligence into your client relationships with Spotlight Reporting and Xero.
Richard Francis is CEO of Spotlight Reporting, Xero’s Add-On of the Year (2015). Richard is also a Chartered Accountant and founded a pioneer Xero Gold Partner firm that specialized in business intelligence and advisory services.