Data Analytics for Accountants and Finance Professionals

In today's world Accountants and Financial Professionals can benefit their clients immensely. With facts and statistics which already exist, professionals can help their clients make a decision which they could not before. In this article, Conus Consulting UK provides basics of the data for the starters and identifies how to get practices ready for the service.

Prime benefits of Data Analytics

Big businesses are already data-driven, not many small to medium. Data Analytics when embraced by the Accountants and Financial Professionals, will firstly benefit their clients.

Data Analytics may:

• Analyse and solve matters of each client individually

• Identifying business opportunities

• Increase revenue

• Decrease costs

• Save on expenses

• Raise Cash flow

• Improve compliance

• Improve competitiveness

• Save from potential risks and frauds

• Improve customer experience

Auditors may improve the efficiency and effectiveness of the audit of the financial statements. Data Analytics would help in performing risk assessment procedures, substantive tests.

Route-map from data to decision

Simple steps can take from date to strategic decisions.

• It's all about facts and statistics.

• Gather the right figures and numbers.

• Analyse

• Identify trends and patterns

• Identify anomalies

• Extract more in-depth information

• Reach conclusions

• Explore emerging opportunities

• Take decisions

Types of Data Analytics

• Descriptive

• Diagnostic

• Predictive

• Prescriptive

Business & Industries who can benefit more

• City Planning

• Education

• Farming & Agriculture

• Financial Institutions

• Health care & Wellbeing

• Manufacturing

• Retail

• Telecommunication

• Transportation

Prepare for the Service

The Accounting practice has to chalk out a route map to prepare for the offering and delivery of service. They may take all the logical steps they should launch a service, more importantly:

• Prepare the team

• Collect information and train the team

• Find the right Business Intelligence tools

• Increase proficiency with the Business Intelligence tools

• Coin the service

• Add value to the service

• Conduct presentations on the value of Data Analytics and how best the practice can help the clients

• Market the service

More..

AICPA check presentation on Data Analytics here..

AICPA Article on Data Analytics here...

Conus.UK