END-OF-YEAR DATA MANAGEMENT PLAN

It’s never too early to gear up for your end-of-year close. With that said, cleaning your data should be a top priority in your end-of-year plan. Taking the time for data management will not only pay off going forward but, it will support efficiency, compliance disputes, and customer satisfaction.

**Data management or data cleansing is the process of removing incorrect or outdated information.

 

Your business has collected a considerable amount of data throughout the year. This includes:

  • Company Communication RecordsRecords of emails, text messages, social media posts, and cell phone calls may be needed for compliance purposes.
  • Sales Data. The sales department is the engine that keeps the company moving forward. Since it is a crucial component in the business, you’ll want to collect a lot of sales data, like revenue, distribution channels, profitability, price points, etc.
  • Customer Records. Your business needs to collect customer contact information. The customer contacts you deal with may change over time – new locations, new branches, or new key decision makers. If the records are not updated, it can prove embarrassing and inefficient when trying to reach out to a customer.
  • Human Resource Records. Employees are asked to provide personal information when they are hired. Your business also has job applications, payroll details, and employment records for current and former employees. The human resources department also keeps track of benefits data for employees.

 

Communication records, sales data, costumer records, and human resource records really add-up throughout the year. During your end-of-year closing, you should ensure that this information is accurate, secure, and organized. A yearly data management plan will provide your team members with the most current information available – no more searching through outdated documents to find the information they need. Additionally, some of your data may be duplicated in records held by different departments. Cleaning it ensures that the data is accurate and consistent throughout your business. Consistency makes preparing your year-end documents for tax preparation a quicker and easier process.

 

Data cleansing plans fluctuate depending upon the type and size of your business. You may be cleaning data from one database or multiple ones. Here are some tips to help with your data management plan:

  • If your data is already stored on spreadsheets or in a database, it is easier to assess how much you currently have, whether it is easy to understand by users, and what needs to be updated.
  • Create a copy of your spreadsheet and make changes to the copy. This method protects the data in the original in case you or a member of your team makes an error.
  • Copy the updated sections to the original spreadsheet once the data has been cleaned and you know it is error-free. This method may seem time-consuming, but it allows for two versions of your data during the clean-up. You don’t risk deleting your valuable data during the process.
  • Use software functions to help streamline the process.

 

Remember, it’s never too early to prepare your end-of-year closing plan. Taking the time for data management will not only pay off going forward but, it will support efficiency, compliance disputes, and customer satisfaction.

If you have any questions regarding your end-of-year closing plan, contact the ACC team! With over 25+ years of experience, the ACC Software Solutions team will guide your business in the right direction.


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