QuickBooks Data Analysis – Why It Is Important

Last issue addressed "Where to Begin" as it relates to Data Analysis.

This week we will continue this concept by looking at why it is important, both for you and for your clients. How often does your client call with a "quick question" but the answer is not so quick, and the solution takes even more time? Or you begin working with a new client's file only to find that everything you touch feels like peeling back layers of an onion, while you are investing more and more time, and your client is getting more and more frustrated? What is a better process?
My answer is, Data Analysis. What are the benefits? The list is extensive but here are a few to begin your thought process.
  • Eliminate the free hour or more to scope the project. Data Analysis is "Phase 1" of the project. It is billable, a win for you, and the client has a clear understanding of what it will take to do the job, a win for them. If you are transitioning to value billing, so you are able to give them a fixed fee, that is an even bigger win for them. And, it is actually a bigger win for you too, since you have reduced your risk for the project.
  • You (and the client) can better understand the big picture and make decisions about what part of the project should be handled first. This also supports the value conversation, but, even more importantly, it allows you and the client to develop a plan based on the time and budget. Maybe it is bigger project than you had originally thought, so getting it done quickly will mean shifting your schedule, at a premium; Maybe the project is bigger than the client thought, so they can do some of the work to manage the budget of the project; Maybe there are aspects of the project which must be done first (like addressing data integrity) before it makes sense to even begin on other parts of the project; etc.

Now that you have determined that there is value to the process, the next step to why it is important is how it can differentiate you from others. I believe that each advisor is unique, and the more you can move from a commodity mindset of "I am a QuickBooks Advisor" or "I am Accountant" to the perceived value of a Professional with a specific approach, a deliverable product of the report of their unique situation, a clear explanation of the project in terms of timing, requirements, pricing, etc. the better the experience will be for you and the client. This perspective is critical to profitable engagements for you. It provides a level of control over the process for you and for your client.

The next step is to determine exactly how you will do the analysis.

3 years ago by in QuickBooks Tips and Tricks | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.

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