![]() ![]() An accountant may look at revenue data, quarterly goal performance or production numbers. Evaluate Performance: The performance of every area of the business can be evaluated using predetermined metrics.Using data analytics, accountants can help a company: Ready to make your move in accounting? Gain insights for every career stage in our free Accounting Career Guide. Doing so provides them granular-level details that can be used to answer questions, identify patterns and make fact-based predictions. What Is Data Analytics in Accounting?Īccording to the Journal of Accountancy data analytics “.includes sourcing relevant data and performing analyses…and using the insights gained from analytics in decision-making.”ĭata analytics are used by accountants to do things like discern patterns in customer spending, identify market behavior, anticipate trends and predict regulatory reactions.Īccountants who specialize in data analytics manage, analyze and mine multiple streams of data. ![]() Their knowledge and experience enables them to dive deep into the data and extract the value in it.Īs the amount of available information increases so does the need to have skilled accountants who can analyze and contextualize it, which puts a particular importance on the need for accountants with strong data analytic skills. These skills can be found in an accountant with a background in data analytics. But what does that mean for an accountant?Ĭompanies need strong accounting leaders to translate their portion of that data into valuable insights that can help a company improve business outcomes and adjust to changing sales patterns all in real-time.Ĭollecting and collating large amounts of data takes time, discipline and a certain set of skills. In fact, SeedScientific estimates that every day 2.5 quintillion bytes of data are generated. ![]() Starting Your Career Advancing Your CareerĬompanies today have access to more information than ever before. ![]()
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