KAIROS – Bringing Analytics to Accountants
How are you preparing for KAIROS?
KAIROS is the brainchild of CA-ANZ CEO Lee White and designed to help your practice move from analogue to digital.
Let’s cover the detail of KAIROS and what it means for you.
After reading an interesting article we thought we would share our learnings.
KAIROS can be broken into four elements:
The Connected Practice
Accelerator or Incubator Hub
The first element covered is Data Analytics – creating and enabling the Predictive Accountant.
This element is based around and utilises the power of Microsoft Power BI (Business Intelligence)
CA-ANZ have partnered with data scientists and other vendors, some of which are our partners, to take data public practitioners have and build connectors to Power BI.
CA-ANZ will build systems to connect YOUR data from products like XERO, MYOB, Sage, QuickBooks and other systems through a custom API.
Additionally, if there is a need, CA-ANZ could bring in additional data from an infinite number of providers. This could even include data like weather or weather patterns and their effect to your client’s business.
Power BI is the tool to crunch the numbers and deliver the results in a way that is easy to understand and interpret for the benefit of your clients and effectively your business.
The strengths that Power BI bring to the client include the ability to dump your own data into the mix and add even greater value to the data you have, use and deserve the benefit of.
Just think, all that manual labour you’re already doing with spreadsheets, manipulating data, struggling with pivot tables and trying to understand, will all be done for you, live and in real-time.
Even things like measuring your own business and services to help grow in those specific areas where you perform best will be available in instantly viewable dashboards.
The second element is The Connected Practice. This element is about using all your tools together to create a single unified analytical view.
For example, linking your CRM to your emails or your tax software with your clients accounting software.
The third element is an Accelerator or Incubator Hub. This is the way CA-ANZ will help to ensure that practitioners are supported and understand how to use and benefit from analytics, The Connected Practice, social media and many other things.
Ultimately, the incubator will become a place to work through algorithms or templates that all members can benefit from.
The fourth element is of course Education.
CA will be offering an analytics curriculum as part of the CA program. There is also talk of adding a masters of Data Analytics to help accountants upskill in Data Analytics.
One major consideration to have is that Power BI is extremely powerful.
Accountants should not be concerned if they are not using new fancy, progressive, cloud based systems like Xero. Power BI will allow for almost any data from anywhere to be used to benefit the practice. Any CSV, excel or any readable data source should have a way to be used within Power BI
We, at Enspire will be your partner ensuring all the systems work all the time.
We know accountants are the perfect recipient for this power or data and the best to understand and extrapolate their meaning.
This will be the biggest change in Accounting since computing itself.
Accountants are and should always be the most trusted advisor and now with Power BI, CA and us at Enspire we can make sure we bring the greatest benefit to the people, your clients.
Give us a call or send us an email if we can help in any way 1300 366 394 or firstname.lastname@example.org