Shouldn’t we be really knuckling down to figure this stuff out...ASAP?
Nope. No business processes change overnight. There is always lag. Accept this and use it to your advantage.
Before the late 00’s and all the way back to the beginning of, well, accounting and bookkeeping - there’s always been a struggle with data transfer. Data transfer costs money, time and ultimately human resources. It’s tedious. It’s fragile. The stakes are high and the compensation is comparatively low. Data transfer kept pace with the pace of business.
The cloud system has brought about a new standard of rapid and (mostly) error-proof data transfer - I think we can all agree on that. However, we’ve missed the point. Or rather, we’re just starting to get to the point.
The point of rapid and accurate data transfer within the cloud ecosystem is not to do more data transfer.
Blaine Bertsch, Dryrun
- You shouldn’t take on more clients if you don’t want to. More data transfer on their behalf does not equal a better life. In fact, it probably leads to a race to the bottom for cheapest pricing.
- For specialty services in your practice like cash flow advisory, just because you can import lots of data doesn’t mean that you should.
More data often muddies the waters, making it tough for you or your client to comprehend, tough to model operational next steps, hellish to action and a nightmare to measure as the results are unclear due to too broad of a scope.
The point of rapid and accurate data transfer is to quickly and easily bring across just enough data to clarify a business’ next steps.
A thin(ish) data set brought from your accounting platform allows for all stakeholders to understand the data set easily and without wasting precious time decoding.
Thin data sets allow users to:
- easily change what’s necessary
- model next steps
- take action based on the ad hoc plan you've just put together
- discuss results
- measure data with authority, rather than relying on assumptions
The concept of 'failing fast' and the ‘thin data set’ approach work well together. With thin data sets, you can be proactive instead of reactive, and you'll know almost immediately what was a failure and what worked.
Businesses need data and planning that looks like this - it's the gold standard in the boardroom and in their advisory sessions.
For more information on how to insert <fast and easy> into your business or your client's business, contact Dryrun today.