A key advantage of integrated financial data is the ability for a business to quickly review it’s financial performance and obligations. Combining advanced project and job management software such as Workflow Max with an accounting package such as Xero provides significant time savings, providing detailed and systematic task development and review through all stages of the business (WorkflowMAX). The capacity to ‘drill down’ through all stages of a job or project through to invoicing, cash-flow management, payments, and reports from a single platform affords significant benefits to both understanding and managing the finances and resource allocation of a business.

For other businesses, the flow of information between systems can drastically simplify the day-to-day monitoring of different areas of the business. Rather than data being handled as separate ‘silos’ of information that must subsequently reviewed, reconciled, and assessed, it may rather be integrated from the outset thereby reducing double-handling. For example, the integration of point of sale data (POS) and banking transaction data (EFTPOS) with an accounting package (EFTPOS for Vend POS) can greatly reduce manual reconciliation requirements.

Combining the data from separate databases has long been the purview of relatively complex spreadsheets (pivot tables, multiple worksheets, etc.) and long-suffering business managers (or their administration assistants) to compile disparate information sources into trends, KPIs, and business performance summaries. Such value added information is now relatively easy to generate with integrated data. This may range from simple and easy to review performance dashboard to advanced budgeting, forecasting, and reporting features with real-time data streaming. Such tools transform data into truly accessible and business specific information that, when properly setup, can provide significant benefits.

It is important for every business to maintain a database of both their suppliers and customers, simply for communication and invoicing if nothing else. Traditional paper records may consist of a Rolodex of business card or a stack of filing cabinets for different contact groups. While most businesses will also utilise a database or email contact list, this is rarely associated with sales or expense information. However, such integration of data can allow a business to more effectively market to their clients and manage project expenses and supplier accounts. Once again, this may range from simple review, collaboration, and contact grouping features or extend to advanced data mining and customer feedback, surveys and polls to improve sales and service delivery (data mining, Customer Sure).