Reporting is so important to understanding your business and managing your cash flow, as well as developing and optimizing your product to get in maximum revenue. But when you’re bringing in a second growth strategy, what does that do to your customer data?
Well, it splits it. Ideally, you want your data collection to be unified and real-time for it to be efficient and accurate. Except, by overlaying a sales-led approach, you’re adding in another set of tools and processes, meaning additional sources of data.
This is because you use different platforms to initiate checkout-based payments than invoicing payments. For example, you use Stripe to create a checkout, but Xero to create an invoice. So, one won’t be able to see the revenue generated through the other.
The solution? A centralized metric or BI tool that can unify your data into a single source of truth. But with that can come hard work, particularly when more currencies and bank accounts are being introduced as you scale globally.