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Cloud tools for businesses and law firms – Part 3: Are you a data-driven business? What automation and cloud accounting can do for you!

What does it mean to be a data-driven business?

Data-driven decision making is not just another buzz phrase – it is a strategy that every company must adopt to be successful, regardless of its size. To be a data-driven business means to collect data and use it to gain insight about the business processes and to make better financial and strategic decisions. Data is a very broad term, however, it can mean different things depending on your company’s context. Most often it refers to financial data such as sales, expenses, cash flow, profit margins and other financial indicators. Another category is customer related data, such as number of customers, their demographics, satisfaction levels, and much more.

Collecting and analyzing sales, expense and customer data can be used in determining relevant key performance indicators, or KPIs, that are the tell-tales of a business’ health and performance. The key here is “relevant KPIs”. Sometimes business owners fall into a different trap – collecting too much data and not really prioritizing one or two KPIs that really matter. Besides tracking KPIs and business performance, another benefit of being a data-driven business is being able to use financial information to create accurate sales forecasts, cash flow projections and budget. These projections can greatly improve operational efficiency and help avoid unpleasant surprises, such as not being able to make a payroll or be faced with needing to raise capital last minute to keep your company afloat.

Timely and accurate data can be a powerful tool in tracking financial performance, testing out new marketing tactics, creating forecasting models to predict sales and recurring expenses. Engaging in data-driven decision making reduces uncertainty and helps carve a clear strategy for long term success.

How cloud accounting software can be a powerful tool for automation

To reap the benefits of being a data-driven business, the first step is to accumulate accurate and timely data in a central place. Using traditional accounting software, it can be hard to avoid manual and time consuming data entry. Through the use of cloud accounting software, much of this process can be automated. Cloud accounting software, such as Xero, can be an excellent tool for businesses to streamline and automate data flow.  By connecting the software to the company’s bank and credit card accounts, it is able to capture transactions on a daily basis, simplify reconciliations and provide real time view of the company’s cash flow. Additionally, third party add-ons such as Receipt Bank and Hubdoc enable businesses to eliminate paper receipts and invoices and categorize transactions on the go.

Moving accounting to the cloud enables businesses to access their financials from multiple devices and improve collaboration among management and third party service providers. Since multiple users can be granted access, it is easy for the business owners and the accounting professionals to work together. By continuously analyzing the data gathered in the cloud accounting software, an accountant can provide valuable feedback so that the business owners can respond quicker and make better decisions. Cloud accounting software like Xero also provides access to many third party applications to help with documentation, project management, scheduling, debt collection, and other data collection and decision making capabilities. These powerful tools make it easier than ever for entrepreneurs to gain a deeper understanding of the business’ operations and finances, and make decisions that will ensure focused business growth.

Data collection isn’t just about looking into the rear-view mirror

While a big part of data analysis is understanding the effectiveness of current strategies being implemented, it is also a powerful tool to make realistic financial models and projections of the future. Having accurate projections about the business can stave off trouble long before it happens. For example, cash flow projections make it easy to predict whether the business is on a path to meet its financial obligations or when more capital needs to be raised.

Your accountant should first and foremost be your business partner

Collecting the right data about a business and utilizing cloud accounting for automation and collaboration are integral parts of being a data-driven business. The last ingredient in the recipe for success is to enlist the help of a qualified accounting advisor to assist with data analysis and projections. With cloud accounting solutions coming into play, traditional bookkeeping and accounting professionals are also experiencing a change. Business owners can now expect more from their accountant than just ensuring accurate books or preparing annual tax returns and financial statements. Accounting professionals are becoming business partners and advisors that guide business owners in decisions such as what data to collect, what tools to use and ultimately provide detailed analyses and projections on an ongoing basis. Traditionally, only more established companies with deep pockets could justify such level of involvement. Cloud accounting solutions and online collaboration result in time and resource savings on the bookkeeping front, enabling accounting professionals to focus more on consulting and analysis and less time on reconciling and organizing data. This means that businesses can get more value out of their accounting professionals without substantial costs.

About the author:

Andrejus Civilis is a Chartered Professional Accountant, Certified Management Accountant and founded AC Cloud Accounting in 2014.   

About AC Cloud Accounting

AC Cloud takes the pain of bookkeeping away, helps businesses get the most of their data and make better strategic decisions.

AC Cloud makes the transition to the cloud easy with these steps:

  •  Oversee initial setup with cloud accounting software such as Xero or QBO
  • Migrate books to the cloud and take care of day-to-day bookkeeping needs
  • Assist with selection and integration of add-ons as appropriate for the business
  • Analyze data and provide financial insight into the business processes on ongoing basis
  • Provide financial projections and KPIs

To find out more, please visit www.accloud.ca/services or email info@accloud.ca.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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Welcome to the cloud, Toronto

Links from this article:
StartupHere Toronto

Clausehound’s partner organization, StartupHere Toronto, has shared a blog on a Toronto-based DevOps firm and the unique strategy the firm employed to become a leading player in space. The founders of VM Farms share their unique approach to providing DevOps services, how they perceive the Toronto startup community, and their experience growing a tech business in the City. By offering a wider array of services to its customers, maintaining the best talent within the firm, and offering higher quality service than the competition, VM Farms has been able to achieve immense success in the past 8 years providing cloud-based technology solutions to companies both in Toronto and globally.


If you’re interested in learning about VM Farm’s story and what it takes to be a leader in the software development space, read this article by StartupHere Toronto.  

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

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Futurpreneur’s Women Entrepreneur Series: Living Life to its Fullest with CircoFit

Links from this article:
Futurpreneur Canada

Clausehound’s partner organization, Futurpreneur, offers female entrepreneurs throughout Canada a fantastic opportunity for both membership and mentorship. Futurpreneur profiled one of its up-and-coming entrepreneurs based out of Edmonton, Alberta. Meghan Schech, a former aerial circus performer and medical laboratory assistant, shares her experience as a female in the entrepreneurial grind and the unique obstacles she’s had to overcome. Meghan discusses the strategies she’s employed to successfully launch her business, CircoFit, including taking care of herself, hiring professionals, ‘faking it until you make it’, and creating the best possible experience for her customers.

Visit Futurpreneur’s website to connect with their experts and read the full article here.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

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Join MyShop Makerspace on April 25th for an introduction to 3D modelling and printing workshop led by Paul Sohi!

Links from this article:
MyShop Makerspace

Interested in learning how to use one of the newest and coolest technology tools? Clausehound’s partner organization, MyShop Makerspace, is hosting an introduction to 3D printing workshop for all members of the Kitchener community interested in learning the foundations of utilizing 3D printing technologies. This workshop, in conjunction with Fusion 360, will provide attendees with an introduction to 3D modelling and printing, led by Fusion 360 evangelist and product designer, Paul Sohi.

 

If you are an entrepreneur looking for new and innovative ways to create or market products, this is the workshop for you! It takes place on April 25, from 7:00pm – 9:30pm.

 

For more information on attending MyShop Makerspace’s 3D printing event, please see the event page.

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

Sign up now and receive an email when we publish new content.

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Toronto – A City That Makes Makers!

Links from this article:
StartUp HERE Toronto

Clausehound’s partner organization, StartUp HERE, has written a blog about Toronto’s rich entrepreneurial environment and factors that make the city stand out as a place for ‘makers’ to thrive. This blog illustrates the resources available to startups in Toronto, including makerspaces, academic programs and other entrepreneurs with which to collaborate. This is a great read for members of Clausehound’s entrepreneurial community that are looking for more resources to turn their ideas into viable businesses!

 

To read more about some of the many factors that make Toronto an ideal place to launch a startup, click here!

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

Sign up now and receive an email when we publish new content.

We will never give away, trade or sell your email address. You can unsubscribe at any time.

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Experts provide branding advice to BC-based startup GentStone

Links from this article:
Futurpreneur Canada

Clausehound’s partner organization, Futurpreneur, has provided an insightful article about branding strategies for a startup business. Futurepreneur provides the advice of multiple branding experts on how they believe a startup like GentStone can stand out in a competitive space, like the jewellery industry. The advice provided in this blog can help members of Clausehound’s entrepreneurial community understand how to conduct market research to understand what customers value in a brand and use that knowledge to develop a branding strategy for their business.

 

To read all of the advice provided to GentStone, click here to read Futurpreneur’s full article.

 

–  –  –

This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

Sign up now and receive an email when we publish new content.

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Collage evaluates the Ministry of Labour’s results from recent ‘inspection blitzes’ conducted on Ontario employers with a history of non-compliance

Links from this article:
Collage Human Resources

Clausehound’s partner organization, Collage, has written an eye-opening blog on the most common labour infractions in Ontario, as determined by the Ministry of Labour’s ‘Workplace Blitz’ report. A shocking 74% of employers inspected were found to be in violation of Ontario’s labour laws. Collage provides simple advice on how to proactively address these concerns so that your company remains in good standing with the Ministry of Labour. This is a must read for all employers, as non-compliance with Ontario labour laws can be both time consuming, expensive, and have a detrimental effect on employee productivity and morale.


Read Collage’s blog post here!

 

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This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

Sign up now and receive an email when we publish new content.

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INFINITI partners with Multiplicity to create INFINITI LAB, a technology accelerator designed to grow companies focused on Internet of Things (IoT) and smart city initiatives

With the help of Multiplicity, a Toronto-based nonprofit that provides education and mentorship to startups (and co-founded by Clausehound.com CEO Rajah Lehal), INFINITI has launched its first North American-based INFINITI LAB. The INFINITI LAB aims to grow companies focused on Internet of Things (IoT) and smart city initiatives.

Applications for INFINITI LAB Toronto are already open, and the program is open to pre-seed startups who work in IoT and smart city innovation. The program launches May 29th, and the group of selected startups will work closely with corporate and industry partners including Techstars, OMERS Ventures, TELUS Ventures and the City of Toronto (among others), who will provide the participants with access to technology, mentorship and education throughout the month-long program.

For more information on the newly launched INFINITI LAB and how your company can apply for this great opportunity, please see this link.

 

–  –  –

This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

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