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Accounting Analytics

We can’t deny the fact that data analytics is a pretty wide concept. As a matter of fact, we would classify data analytics as falling into these 3 categories: operations analytics, accounting analytics or market analytics. The analytics as used in market analysis and operations are the two most popular and commonly used data analytics in the business world. The analytics specialists in this industry, usually come with strong statistics, IT, and economics background and solution. They are more than capable of pulling high-quality operational and analytical outputs based on the market.

The present accounting-analytics methods are academically unresolved and primitive. The accounting analytics is demonstrated in the market as a better term and form for financial statement analysis. If it is presented by accounting software providers, we can say that it is just a dashboard beautifully marketed with colorful graphs to present the present financial status of the company.

The power of accounting analytics is to predict the business’s financial future. There are many business models that rely on subjective inputs to financial budgets and models, which are based on cheap predicting methods. The use of big data would allow the use of massive historic data to predict the budget information by using a more improved and statistically sound approach. You can finally build or improve your business intelligence!