3 Ways You Can Use Data Analysis As An Accountant

Accountants need data analytics to help businesses uncover valuable insights within their financials, identify process improvements that can increase efficiency, and better manage risk.

Here are 3 examples:

1. Auditors, both those working internally and externally, can shift from a sample-based model to employ continuous monitoring where much larger data sets are analyzed and verified. The result: less margin of error resulting in more precise recommendations.

2. Tax accountants use data science to quickly analyze complex taxation questions related to investment scenarios. In turn, investment decisions can be expedited, which allows companies to respond faster to opportunities to beat their competition — and the market.

3. Accountants who assist, or act as investment advisors use big data to find behavioral patterns in consumers and the market. These patterns can help businesses build analytic models that, in turn, help them identify investment opportunities and generate higher profit margins.

Source - Kenan Flager