It’s all about the data

Darren Root, chief executive of Rootworks and Liscio, asks whether companies are making the most of the vast amount of data that passes through their systems – not in terms of monetising it by selling it onto third parties, but by enhancing the client’s overall experience. “Data is the bridge to advisory services inside an accounting firm, and data is the key to unlocking proactive advisory services for our clients,” he says. Questions he recommends asking, based on the information a firm might carry, include whether the client has a retirement plan or a buy/sell agreement, whether they use QuickBooks Online, Zoom, Slack, or other enabling technologies, and whether they have payroll services at any level. “The paradigm shift is moving from reactive to proactive and to an active data collection model,” he concludes. “With this in mind, I think the more appropriate question is, ‘How can you not find time to collect the data?’”

View Article