Accounting firms work with massive amounts of data on a daily basis. Without proper data management and analytic systems in place, it’s difficult for firms to accurately track the most important data. A solid understanding of key information drives firms towards better performance, effectiveness, and efficiency from the inside out. Some of the most critical data points for accountants and CPAs to monitor and manage include: 


One of the most essential pieces of data available to an accounting firm is the amount of time spent on specific projects and/or with individual clients. Profits are based on these numbers, and without accurate tracking and analysis, you may be charging too little (or too much) for a task or job.

Accountants and CPAs should monitor these hours carefully to ensure their firms are being paid fairly for time spent on a project, but effective analysis of this data goes further than just profits. How long will a particular project take? Can the workload be divided among multiple employees to make the most efficient use of time? By crunching these numbers, accounting firms can best determine how to employ their resources for the most effective performance possible. 


Another critical data point for accounting professionals is the revenue per service item. How much your firm charges for a specific service plays a primary role in all decisions, Alongside accurate tracking of hours, the revenue earned per project or service item must be monitored and managed to ensure your firm is making the best profits available. 


Directly related to both the hours spent per project or client and the revenue per service item, accountants and CPAs should monitor and analyze billable amounts per staff member for all work. Some projects require the time of multiple staff members in a variety of applications. As such, the billable amount of each project should reflect the amount of time it takes for a project’s completion per staff member assigned to a particular aspect of the project. 

Accurate internal data management and analysis of billable amounts per staff member will provide the most profitable revenues for an accounting firm. By tracking and understanding this data, accounting professionals will be better equipped to make the most of their firm’s resources in order to drive performance and generate the best revenue. 


Accountants and CPAs should actively monitor their firms’ internal systems and pay special attention to data regarding new clients. This information is crucial because it allows staff to engage with new clients efficiently and effectively, but it also allows the firm to analyze its marketing, advertising, and lead generation tactics. 

Accurate analysis of new client data includes information regarding how the client found your firm. If you employ a marketing or advertising strategy that is more effective than others, steps can be taken within your firm to focus on that strategy, or work to improve others, maximizing efforts and making the most of your new client acquisition tactics. 

Monitoring and managing new client data early on also plays an important role in further data analysis and use. By paying close attention to this information from the start of a relationship with a new client, an accountant or CPA may ensure data generated later is organized and properly managed in the future. Disorganized or mismanaged data can create a plethora of issues in later data analysis, so it’s important for accounting professionals to effectively understand and use new client data. 

Helios Accountant Analytics helps accounting professionals analyze their firms’ various pieces of data to ensure the firm is as profitable and effective as possible. Accountant Analytics allows accountants and CPAs to connect cloud-based financial applications, such as QuickBooks, Microsoft Dynamics, Sage Cloud Accounting, and more, to gather data in a single location for simple and efficient visualization and analysis. “Our mission is to help companies drive success through better decisions,” said Helios CEO Nick Christou. “Accountant Analytics gives accounting professionals the power to help companies pull data from key systems into one, central location, analyze that information, create compelling visualizations and drive better business decisions.”



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