What is data analysis and how to use it in accounting?

The dream of any accountant is to achieve good results for his office. After all, if the accounting office does well, there is more time and resources to focus on the strategic part. And to reach this level, it is essential that you attract more customers and increase your revenue . How to do this? Applying Data Analysis to Accounting! Let’s face it: the market is full of accounting firms doing the same thing. For a client to become loyal to your work, good financial management alone is not enough. It is necessary to act differently from the competition, adding value to the services that your accounting firm offers. Today, it is necessary to go beyond balance sheets and offer real solutions to the problems of the companies you serve.

This is where data analysis in accounting comes

With key inputs so that you can serve your customers with an advisory attitude . Good reading! What is Data Analysis? Data analysis is the interpretation of information extracted from a system. Its objective is to transform numbers into intelligence so that any professional’s decision-making can be more assertive. In addition, data analysis in accounting helps the  Finland Phone Number List  accountant discover what is behind the financial reports of the companies he serves. Want an example? Imagine that your client’s Income Statement (DRE) showed a negative gross operating result. Compared to previous months, you find that there has been an increase in expenses related to product storage. When talking to the entrepreneur, you also detect that the company is suffering from problems due to the lack of inventory control and propose that an ERP be hired.

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Notice in this case that instead of simply delivering

A document to the owner of the company, a proactive stance was adopted. This is one of the main characteristics of a successful accountant 4.0 . Discover now the main types of data analysis and their applications in accounting! Main types of data EL Leads analysis Descriptive This type of assessment focuses on describing the data generated by a company. In accounting, descriptive data analysis is expressed through reports of accounting movements, such as income, expenses, sales volume and inventory. diagnosis The diagnostic analysis explains the reason for the results in the client’s accounting. This technique identifies cause and effect relationships in the accounting events of a business. It is to find, for example, the “whys” of a higher expense. Predictive Based on historical data from a company’s accounting by predictive analysis , the accountant helps the client to predict the results of the coming months.

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