Make the most of your data – Proven strategies to boost your finance function

Tracking categories

Let’s start with tracking categories, the building blocks of high-quality reports and insights. Think big. If you had a magic 8-ball, what would you ask? Here’s an example:

“How can I improve my average customer value?”

Which items are flying off the shelves? Are any promotions or add-on products excelling? The right combination of accounting and reporting packages makes this achievable and automatable.

Adding relevant tracking categories allows you to splice the data whichever way you need. When selecting an accounting system or reporting package, consider the number of tracking categories needed. This can help you save a bit of money by only buying what you need, but if you don’t have enough tracking categories, you’ll be in the market for a new package.

Let the money do the talking

Integrated data doesn't lie. If statistics show people grab flapjacks at the counter, arranging the store appropriately will increase sales. Is there a popular upsell for a specific type of customer? Your stats will reflect this. The out-of-the-box thinking is now a reality - if the figures are accurate.

Data accuracy

Minimising the risk of error is paramount, otherwise there’s no point tracking anything. Human error is a contributing factor, and eliminating manual processes drastically reduces the likelihood of errors. Integration potential should play a large role in your system selection process; if you can’t integrate your systems, you should reconsider.

Inputs to outputs

Once the system architecture is succinct, all the data is flowing automatically, the tracking categories are assigned, and a quality check has taken place, the inputs are fixed. Now, onto the outputs…

Data-wise, this should be sorted. When the correct data goes into a report (the input), the correct insights will be displayed (the outputs). Let’s revisit the previous wish:

“How can I improve my average customer value?”

The resolution was to track sales, promotions, and time of income. With modern reporting and analytics tools, you can create a dashboard to answer this very question. You could use a bar graph to track average revenue per hour, a pie chart to show the items purchased across the day, and a separate table for the promotional items. Once it’s all set up, this will be updated in real-time to give you an up-to-date view of your performance.