Creating a Data Culture

How do CPAs move from being historians to being advisors and consultants?



How do CPAs move from being historians to being advisors and consultants? One of the crucial ways to make that shift is by leveraging data.

CPA firms possess an incredible amount of data, and the tools allowing them to use that data are increasingly available. However, firms need a plan for using those tools to provide value to clients and create value for themselves. Part of creating that plan is to build a data culture.

What is a data culture?

For firms with a strong data culture, it’s normal, even automatic, for employees to use data in their decision-making processes. They have a consistent and repeatable approach for basing decisions and client recommendations on data rather than gut instinct.

Here are five ways you can work on guiding your firm into a more data-centric culture.

Set the tone from the top

As with any aspect of firm culture, you need to set the right tone at the top. Lead from example. Encourage your teams to provide data to back up decisions and recommendations. This helps promote the use of data and provides opportunities for your team to develop their data skills and capabilities.

Communication is key, so share data-driven insights on performance in emails and meetings and recognize employees who find new ways to leverage data with their clients.

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Source: CPA Practice Advisor

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