By Richard Woolgar, management information and systems manager
For some, sharing access to their business’s accounting data feels like opening a financial vault, which is an understandable concern.
But instead of fearing change, you should see it as the key to unlocking your data’s true potential.
Shared access, coupled with the expertise of your accountant, transforms your historical data from a dusty archive into a vibrant tapestry, woven with accuracy and into UK accounting standards. By sharing the complete picture, you will receive proactive support for your business.
Don’t be alarmed if your accountant requests shared access to your accounting software – this will help them to help you.
Shared accounting data benefits
Enhanced historical clarity
Shared access transcends static year-end snapshots. A meticulous review of your data, ensuring it is compliant with UK accounting standards, highlights discrepancies, and will provide you with accurate insightful data ready to inform future strategies.
Solidifying the financial bedrock
Your business will flourish on a foundation of robust historical data.
Shared access will allow an assessment of your data’s integrity, identify any inconsistencies and reinforce it with established UK accounting principles. This will strengthen your financial base, providing a stable platform for sustainable growth and success.
Enabling meaningful comparisons
Inconsistent data skews comparisons. Shared access and UK accounting standardisation will harmonise your financial history, and provide accurate comparisons, insightful trend analysis, and valuable cross-period insights.
Navigating a clear future path
Inaccurate financials are like a faulty compass and can lead a business astray. By aligning your data with UK standards, you will have a clear and reliable roadmap for your future journey to help you anticipate challenges, focus on your core strengths and make informed decisions.
Change for the better
Embracing change can be daunting but you will ultimately decide the level of access granted and can tailor permissions to ensure your data remains secure and confidential.
Sharing access gives you additional peace of mind, knowing your year-end accounts are finalised and compliant with UK regulations.
Not only that, but open communication with your accountant fosters trust and understanding throughout the process.
The long-term advantages of accurate, standardised data far outweigh any initial apprehension.
Shared access unlocks your financial data’s full potential, increasing accuracy, creating stronger financial foundations and providing a clearer path to future success with real-time insights and proactive guidance along the way.
For more information and support please 01768 222030 or email help@armstrongwatson.co.uk
