Data management trends for innovative firms

Ever feel like you’re being buried under mountains of data? Government regulations, client information, reports, and returns. Data is coming from everywhere, and you know it’s valuable. But how do you tame the tiger? Whether you’re the firm’s dedicated IT expert or just a partner playing the role, you can be a hero by leveraging one of these data management solutions to manage the deluge of data at your firm.

Hop on the Hybrid Bandwagon

Not every firm is ready to completely commit to the cloud, even though its multiple backups and complex multi-factor authentication steps provide security peace of mind. That’s what makes newer hybrid cloud options so appealing. You get to set the pace for going from on-premise to cloud software for your data storage. If your firm is currently using a mix of the two, hybrid cloud software solutions allow you to store some data in the cloud and some on your server. That gives you options like storing large files locally where they’re easy to upload and download. It also helps you adapt processes for multiple locations with different technology needs and preferences.

Streamline with APIs

Does coding make you break out in a cold sweat? We know that not all people playing the IT role in tax firms are created equal. If you’re on the techy side, you can leverage APIs to get more out of your cloud-based data. APIs enable data to be shared securely between applications and business intelligence programs. Choose software solutions with APIs that make this process seamless. For those with less advanced programming skills, look for technology tools and vendors that have pre-built API integrations with your preferred technology platforms. For example, CCH Axcess Data Insights is a set of Power BI dashboards that integrate with CCH Axcess, for an out-of-the-box business intelligence solution. And if the solution you need doesn’t exist, you may be able to find a third party technology partner to build the tool you need to your exact specifications.

Harness the Power of Predictive Intelligence

Keeping tabs on the hundreds of tax regulation changes each year, including which clients they might affect and exactly how takes seemingly magical powers. What if you could get a glimpse of the domino effect caused by each of those regulation changes? You can, and you don’t need a crystal ball. Instead, arm your firm with analytics software that uses predictive intelligence to compare the tax law changes with your client data to see how they match up. Tools like CCH Axcess™ iQ link your client database with a tax research engine to search and sort. This ensures you’re helping clients avoid liability challenges and take advantage of any planning opportunities.

Visualize Your Data

It’s one thing to store and manage data. The real value comes when you’re able to analyze and leverage it to get even more information. Integrated data management and data analytics tools help you get to the granular level with client data. Plus, they pull pertinent data from various sources to get a good grasp of overall firm health. Even better, these tools can turn the final analysis into an easy-to-understand visual dashboard so you can see everything in a snapshot.

Leverage your firm’s data for exponential growth with the latest data management solutions. Learn more about game-changing technology tools by downloading our new e-book, Embracing the Future of Firm Management.


Jennifer Woolson

All stories by: Jennifer Woolson