Many accounting professionals, especially those who have been in the industry for decades, have been used to adapting to a lot of major changes. These professionals have seen the growth of technology, changing tax regulations, and other advancements. A lot of practicing accountants have grown concerned over the things and the opportunities they’ve missed because of the constant changes they face.
 |
| Image source: intheblack.com |
Big data and data analytics play an important role in accounting. While a lot of accounting practitioners still rely on books and other records for their reports and services, data analytics can help them do their jobs more efficiently. Here’s why getting in touch with big data can do wonders to a company’s financial arm.
Data analytics is what one can learn from a set of data (sometimes, big data). It is a technology that reviews these data so the team can gain insight (or foresight). For accounting and tax purposes, data analytics can help by predicting how much the company will be spending and how much people will be needed for the tax season. Analytics also helps different teams make sense of data and improve financial performance, among others. While the technology not yet a “must” for tax and accounting firms to practice analytics, this will surely help them become better than their competitors.
 |
| Image source: intheblack.com |
Bharti Jogia-Sattar is an LA-based financial executive. Check out her LinkedIn page for an overview of her work experience.
