Does Data Governance saves you accountancy costs?
The project of data governance is an interesting element of data management. The succes of data management partially depends on a well defined data governance strategy.These projects are always a challenge because it touches every aspect of data management in your organization. Often people, procedures, standards and methods have to change in order to fulfill the needs of optimal data governance. Many different consultancy firms can spend years of implementing this in organizations and still it needs adapted every time an organization moves, merges or reorganizes their business. I will not go into details about methods and projects right now.
Every company knows that once a year the accountants are coming. When the books are almost ready to get closed they are in your office. In your office to determine if everything went well and if all data is in place and can be trusted. Eventually they have to publish your annual report of review the work that is done to create this annual report. Companies need to do this in order to be able to publish their report to the world and their stakeholders.
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity. By Business Dictionary
Data governance is often implemented organization wide and therefore also applicable for finance. When the procedures of finance are anchored within data governance the data is compliant with the regulations and easy to verify. So does data governance saves you accountancy costs? I think it should be saving your company accountancy costs. The governance regulations you implemented guide the data all the way through the organization make, give clarity about the trustworthiness of your data and therefore it should be more easy for accountancy firms to acknowledge the quality of your data
Challenge your accountancy firm
Have you ever asked you accountancy firm about the savings the make because of your data governance implementation? Or are they just putting in the same amount of hours as last year and invoice you because you are used to this number? I am really curious towards their reaction.