A Single Source of Truth (SSOT) allows businesses to consolidate all their data within a unified location. Using a cloud-based entity management system ensures that all corporate data remains securely consolidated and readily accessible. This streamlines the workflow for finance professionals, reducing the need for time-consuming searches for specific documents and ultimately resulting in time and cost savings.
What is a Single Source of Truth?
Finance teams often rely on their data and important information, such as client data, billing, financial systems, and document management systems. However, they often face a problem where these different types of data are scattered across various parts of the organization, making it challenging to find what they need.
Imagine a library with unmarked books. Locating the right book or specific page can be a lengthy task.
But if there’s a single source of truth, everyone can access the data easily. This not only saves time and money but also boosts productivity because employees can use the time they save from searching for documents on more valuable tasks for the company.
Why is it Helpful for Your Finance Team to Have a Single Source of Truth?
Here are the 4 advantages of having one reliable source of information for your finance team.
1) Decision-makers can always access the correct data
It’s really frustrating when you can’t find the information you need, especially if you have a deadline. When you spend time on things like maintenance and administrative tasks that you can’t charge clients for, it eats into your profits. So, it’s crucial to find the right data quickly to keep your team productive and profitable.
Cloud-based financial planning software is a great solution because it lets you access the information you need without wasting time on a long and complicated process. This way, you save time and can focus on other tasks instead of searching through a bunch of paperwork for a specific document.
2) Speed Up Data Accuracy Checks
Entity management software allows you to easily edit and correct information when it’s wrong. In an accounting firm, accuracy is crucial. Paper documents can have multiple drafts, making it hard to find the latest and most accurate one. With a cloud-based solution, you can quickly find the newest version, saving you time on research.
3) Increased Productivity
Using SSOT has several advantages. First, it saves time by reducing the need for maintenance and administrative tasks, allowing you to focus more on meeting and assisting clients. This is especially beneficial for finance firms striving to stand out in a competitive industry by emphasizing transparency and standardization.
By automating manual processes and paperwork, you can improve your return on investment and have more time to attract new clients and businesses. Additionally, having a cloud-based SSOT enables finance teams to access it from anywhere, which is useful if your company transitions to a hybrid or remote-first workplace. This can also boost employee morale and productivity.
4) Data Security and Transparency
It’s crucial to store and protect data correctly, especially because companies have higher expectations for client’s data confidentiality. Using a cloud-based system as your SSOT for record-keeping and data management ensures security. Protecting your clients’ data and respecting their privacy is essential for your company’s reputation and trustworthiness. Mishandling data or leaks can harm your company’s reputation and hurt your business.
Being open and honest at work is really important. When people are transparent and accountable, it makes employees feel good and helps the company make more money. To be accountable, we need to talk openly, be truthful, and give feedback. Using cloud-based systems makes information easy to find, which makes the team more reliable and responsible. You can look at, change, and download the information easily, so it’s not hidden.
Making more money and being efficient are both important. With cloud-based software, you can be sure it works well and is easy to use. Everyone can work together on documents, and anyone can get the information because it’s in the cloud.
Building Your Single Source of Truth
It’s a single source of truth that provides you and your team with the necessary information to excel in your work.
Follow these steps to create SSOT for your team:
- Establish a Single Source of Truth (SSOT)
Make a central hub for your team to organize and collaborate on projects and ideas. You can create pages for things like meeting agendas, project plans, and decision trees. Features like commenting, tagging, and integrations with various apps make teamwork even smoother. To avoid confusion, discuss this change with your team and set aside time for them to move all their information to this one place.
- Plan How to Use Your SSOT
Decide on the basics, such as which spaces you’ll create and what documents you need to keep track of. It’s essential to map out your team’s workflows using mind maps and diagrams. This visual representation will help identify bottlenecks and shortcuts in your processes.
- Assign Roles for Updates
Maintain order in your SSOT by indicating who’s responsible for updating or archiving each document. For larger teams or organizations, you can appoint an overall “housekeeper” who ensures that all pages stay up to date.
- Create Templates for Consistency
Simplify your work by making spaces and templates that you can easily access. With just a couple of clicks, you’ll have the right template at your fingertips.
- Automate Information Updates
Use macros to enhance your team’s capabilities and keep your SSOT continuously updated with the latest information. This helps ensure that your single source of truth remains current.
- Spread Your SSOT Across the Organization
If you’re the pioneer in creating an SSOT within your company, others can follow suit by duplicating your method and customizing it to their specific needs. This way, the organization as a whole can benefit from the same structured approach.
An SSOT is an important tool for businesses, especially for finance teams since it consolidates data in a secure place accessible to anyone. It also streamlines the workflow and saves time and money. With this, decision-makers always have the right information at their fingertips. It also enhances data security and transparency, crucial for maintaining trust and reputation. SSOT empowers teams to excel and adapt to evolving work environments.