Data – Deluge and Decisions | Episode 3 | The Power of Patterns

Vast data sets can sometimes seem like a deluge of information But it’s what’s hidden in them that can be so important Data sets form patterns that enable us to see trends or problems faster than ever before JUSTACCOUNTS has harnessed the power of data to provide bespoke analytical tools That can set accountants free from tedious book work and become even more valuable to their clients ask Nick Thatcher reports When you’re an accountant working with different clients it can sometimes feel that there’s a never-ending pile of paperwork But a cloud race business can help strip away the folders and files and free you from your desk and the office JUSTACCOUNTS is a company that offers Bespoke computer software to contractor accountants with a mobile platform that can transform their brand and Business as well as the way in which they interact with their clients. The brilliant think about JUSTACCOUNTS is that everything can be done online So it’s all real tag data the client can put their invoices on to the system straight away They can take photos of their receipts and send them straight to you They send their bank statements straight to us So everything is real-time what is on the system the client can access straightaway And they know exactly where they’re up to in their business. They can access it from the mobile phone, From the laptop and from their iPad. They can see how much cooperation tax is due to be paid, when the next VAT return is Everything’s there for us and as an accountant we can also see that information so we can then advise them from there The software enables accountants not only to interact in real time with their contractors on a set of accounts But also gives them greater mobility and more efficient processing Traditionally many accountants have only seen clients within a 30-mile radius or so of where they are but with cloud-based software They can service clients anywhere from Land’s End to John O’Groats It’s technology that has the potential to Revolutionize accountancy in a similar way in which internet banking has changed the way in which we bank JUSTACCOUNTS allows the accountant to work in a different way to maybe how they did 10 or 15 years ago If you think of a fitting accountant 10 years ago It’s very much on ceremony He went into a dark room with a mahogany desk and lever and you sort of sat there and talked to at Rather than talking with Now it’s very much coffee shop meetings, iPads, more vowels and having a conversation around data and making better-informed decisions for the business So if we just click there that I’ll run that return JUSTACCOUNTS is white labeled so the system can be Customized for different accountancy practices in a way that promotes their brand and business as well as client loyalty and retention It can also be tailored for bespoke groups of clients And it’s cross-company functionality means payment runs or VAT submissions can all be done in one go Quickly and efficiently Giving the accountant the capacity to increase their client base But it’s the collection of data Especially when it relates to specific groups of clients which can offer Accountants real analytical insight into how their clients’ different businesses can grow and succeed The advantage of big data that having all of your client’s data in one place is that you can Spot patterns that are Comparative, historical, and relative so that means that a client can find out How they do in this year compared to last year? How they’re doing on specific jobs compared to other jobs? And also how they’re doing compared to other small businesses in the sector? And you can see unusual patterns so things that you might not link But the next step is to add the semantics so We might know that a particular plumber is paying twice as much for hardware in that area But they might be doing a better job and buy better hardware so therefore it’s actually a better business decision to do that Now those are the things that the accountants can do at the minute, they can add that context and semantics to the data But we’re also working on adding that as machine learning in the background and you know the more Information the machine has, the better answers it’ll get Gone are the days of the end of year cozy meeting with the accountant. This kind of technology is transforming the relationship between Accountants and their clients into an ongoing partnership One where cloud-based software and good data analytics can transform the way they both do business

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