18th Aug 2021

Financial Digital Health Checks: What Your Data Can Tell You

As a business owner, it can be tough to understand what the data in your accounting software is actually telling you about the health of your business finances.

Many business owners have made the transition to Xero, but what’s next? Are you really using the platform efficiently? How can you know?

We know there’s not enough hours in the day to ponder over your data, these questions, or just how healthy your accounting platforms are in general. That’s where a financial digital health check can come in handy!

So let’s talk about what’s involved and why it could benefit you and your business.

What is a financial digital health check?

You may think your accounting platforms are running smoothly, that your data is accurate, and your automations are saving you as much time as they ever will. But without taking a closer look every once in a while, that might not be the case.

It’s always good to review processes to judge efficiency, and you can apply this to your accounts too. A health check isn’t just for you, your car or phone’s battery! A financial digital health check allows you or your accountant to delve into your data, evaluate your processes and see how well everything’s working.

What’s involved?

A lot has changed in the world of accounting. Processes that seemed revolutionary a few years ago are the standard now. New technology, software and app updates happen so often, it can be hard to keep up!

So, whoever’s doing your financial digital health check will review the way you’re using various cloud accounting platforms, software, and technology. As well as completing data mining, which will help identify trends, themes, and patterns within your data.

Overall, they’ll work with you to assess and explain what could work better. People like us keep up to date with the latest technology and software developments, so you don’t have to!

Why do a health check?

If your finance processes have been the same for years, they may be due an update as there could be more efficient ways to operate.

Xero is such a huge platform, with countless add-on apps that have launched over the years. We put together a blog on some of our top Xero add-ons so if you’re not sure what we’re referring to, check it out.

For example, add-ons such as Dext Prepare can automatically retrieve invoices for you and send them straight to Xero ready to be reconciled. Streamlining your processes with apps like this can make things much easier and save you time.

There are so many more examples just like this that a financial digital health check can uncover for you.

Getting a better understanding of and knowing that your data is accurate and up to date can help you stay on track with how your business is doing, as well as supporting you in making informed and real-time decisions.

How can Blu Sky help?

We can do a Cloud Accounting Health Check for you to help you understand how to get more out of your software. We’ll review your data and flag any gaps, errors, or inaccurate information.

It will also help you understand the platforms you’re using in more depth, and point out the latest software, technology, and apps you could use in future. We’ll make sure you know how they’ll support your business if you choose to try them out and tell you what the next steps are to get going.

If you’re using Xero, we can run a health check on your platform, grade your efficiency and offer advice on what to do to improve. We can also work with you to prepare board and advisory packs, cashflow forecasts as well as planning for the future.

What’s next?

If you’d like to know more or feel you’d benefit from a health check, don’t hesitate to get in touch!