Peerview Data Insights

Peerview Data would like to recognize and thank our new customer, J.D. Frost & Company, headquartered in Chattanooga, Tennessee, for selecting us as their comparative analytics application for their audit, tax, and consulting practices.

Many CPAs have been in the business for a long time. They helped found the firms they're still working in today and, after many years of serving their clients, many are considering retirement or taking a step back to explore other avenues in life with their families. Additionally, an abundance of graduates enter the work force each spring, bright-eyed and ready to embrace the industry.

How is your company measuring up to others when it comes to potential employees searching for places to start their careers?

When you went to school you graduated after earning your degree in the profession you wanted to go into and have been in for some years now: accounting. Your clients are happy, business has been steady, and you're living the dream one busy season at a time.

But as CPA services continually evolve with the development of AI to become more consulting-based practices, it’s important that you and your firm evolve too.

What's more important, today or tomorrow? For most companies, one big struggle is not just balancing short-term needs with long-term goals and priorities, but figuring out a good, simple way to track how well that's going. 

Companies are generating more data than ever before, but most of it just sits there. Getting good insights from it is often too hard, too costly or just takes too much time.

It's a well-known fact that data analytics can boost your company's productivity and efficiency across the board. We, at Peerview Data, stand firm in that. 

A recent Inc. article shed some light on seven specific areas that have the potential to benefit greatly from utilizing data analytics. From improving service performance to reducing costs and getting the most out of the value of your customers, the article's creator, 

Are you a bank? Or a credit card company?

For too many small businesses, the answer is a lot closer to “yes” than “no.” Why? Accounts Receivable — the longer you finance your clients or customers, the worse it is for your business. This quote neatly sums up the problem:

“…profitability and cash flow are two very different things. I was, and remain, amazed at how many profitable companies are strangled by negative cash flow.”

What’s “normal” for Accounts Receivable?

From Inc.:

If you knew with absolute certainty that you could put one dollar into investment and get two in return, what would you do? Chances are, you would pour as much money as you could into that investment as quickly as possible and smile all the way to the bank. This simple scenario is an example of an arbitrage opportunity, in which you can buy something at a low price and sell it again at a higher price with minimal risk.

Arbitrage opportunities are essentially precursors to growth, especially in a startup. They signal when and where you should spend your money in order to produce the largest return on an investment. The challenge is knowing definitively that every product you sell and dollar you spend is going to contribute to a positive bottom line.

How do you decide where to put your money?

Oakland A’s GM Billy Beane changed the way MLB teams analyzed players by replacing traditional metrics with metrics that – in his view — more accurately evaluated and ranked players. The result was an improved record and a best-selling novel.

According to this article in Inc., however, he may be abandoning the principles:

Like Iggy Azalea’s “Fancy?”

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