Accounting Data Analytics

Every successful business is on the hunt for new processes or procedures that can improve profits and efficiency for a firm, especially in accounting data analytics. Advancements in technology in the past 20 years has led to a new wave of accounting procedures: data analytics. Through using software programs capable of analyzing and organizing thousands or millions of data points, accountants now have the capability to draw key insights from a variety of business data. Accounting data analytics is allowing decision makers new insights on key financial trends and relationships, giving businesses the tools needed to properly plan and execute business growth.

What is Accounting Data Analytics?

Accounting data analytics is the examination of large quantities of accounting data using analytical tools or software to answer questions important in business Accounting analytics allows new insights into future, current, or past trends and relationships. Analysis of big data helps decision makers uncover process improvements to increase efficiency and better manage company risk. All businesses can benefit from the implementation of financial and accounting data analytics.

According to a 2016 article in the Journal of Accountancy, as technology evolves CPAs now find themselves, “…using data analytics to enable practices such as continuous monitoring, continuous auditing, and analysis of full data sets in situations where only samples were audited.” CFOs and financial executives utilize accounting data analytics to find patterns in market and customer behavior in order to drive company growth and strategic decisions. As the business world is constantly changing, big data analytics is even more important to reach your target audience and maintain steady growth.

How Does Financial Analytics Apply to My Business?

Accounting data analytics or financial data analytics is utilized by businesses for a variety of reasons, as it can have a major impact on strategy and decision-making. Beyond its impact in decision making, analyzing key financial data allows insights into trends both internal and external. Understanding only your own business’s growth is not enough. In order to operate and peak efficiency businesses must understand the trends in their industry, competitors, and customers. Using financial data analytics can identify patterns and relationships within a market or industry. Executives and financial officers utilize this data to set the strategy best for growing your business. Moreover, accounting data analytics will give insight into the internal operation of a company as well.

Software capable of analyzing large data sets can quickly organize company financials and spending habits in order to identify key themes in spending or revenue generation. Data analytics is especially useful when analyzing spending habits as it can establish relationships between outflows and variables associated with the expenses. Your business can use the data and the analysis of the data to guide spending habits in the future and adjust habits in the short term to operate at peak efficiency.

Data analytics is one of the best measures of internal audits in use. Business owners can analyze data to uncover internal control issues and avoid any fraudulent activity. Accounting data analytics allows accountants to continually monitor the data stream of your business to ensure financials are operating without malfunction. Using data analysis in your business’s accounting department can be a major competitive advantage when identifying inaccurate or illegitimate activity on the financials.

How Can JS Morlu Help Accounting Analysis?

At JS Morlu we believe business owners need time to focus on running their business, leaving it to us to take care of the rest. We will provide up to date reports on financials as well as key insights found through accounting data analysis. Data analytics is an irreplaceable asset for understanding how to grow and strategize your business. At JS Morlu we utilize accounting analytics to accomplish a variety of important tasks. Most importantly, accounting analytics allows our CPAs to constantly monitor and improve business performance. Evaluating business performance is one of the most crucial factors in staying profitable and our experts can provide you with advice based on the analysis of your company’s accounting data.

Identifying and managing risk can take time away from what you genuinely want to focus on, but JS Morlu utilizes accounting analytics to efficiently report and aid in managing risks. Risk can arise both internally and externally but using forecasting techniques in accounting analytics can help make decisions around specific risks. Furthermore, accounting analytics can be a competitive advantage when researching and analyzing the spending behavior of your customers. Analyzing key trends or relationships in consumer behavior will allow you as a business owner better insight into maximizing profit margins.

Financial data analytics also allows expert CPAs insight into cash flows and how to properly manage them. Data analytics will identify areas to spend less as well as areas to invest more profits to. At the end of the day, a business comes down to its cash flows. Not understanding and analyzing your company cash flows can put you at a major disadvantage compared to competitors.

Data analytics also improves your own experience as a client of JS Morlu. We are able to measure our own performance and turnover to optimize our client’s experience and benefit. We measure audit times, tax return turnover, customer experience, general client satisfaction, and a variety of other metrics to ensure JS Morlu provides you with top notch, professional accounting services.

What is the Typical Process Like?

Modern software has made it possible to analyze and organize massive sets of data. Although your company’s financials may not be massive, we are still able to apply all the same analytical processes to provide you the most accurate and relevant information. Accounting analytics utilizes a variety of business metrics and financial ratios to provide these insights. Our CPAs will analyze data from your account as well as the market and industry between periods and provide reports to your business.

Our expert CPAs will also analyze your data using liquidity, profitability, leverage, and activity ratios to understand all parts of your business. These metrics will be sent to you in reports or upon request. Financial ratios use various equations to measure business performance in each different sector of a business.

Accounting analysis will be done between periods and reported to the business. Continually analyzation allows business owners information on the changing trends of their business. Beyond the scope of the individual business, reports on the market and industry can lead to more informed business decisions. Our CPAs are expertise in Microsoft Power BI and Tableau. Many small businesses starts with Power BI and upgrade to Tableau as their business grows.

What Benefits Will I See with JS Morlu?

JS Morlu can be the next step in improving the function and efficiency within your business. Growing your business and allowing you as a business owner the time to manage day to day operations is amongst our top priorities. Our accounting approach not only manages financial reporting but allows you to make stronger business decisions to guide your business strategy. Using data analytics allows your business stronger control over accounting and financial metrics, which is key in all successful businesses. Real-time access to statements gives you the ability to make more informed business decisions on the fly.

Clients will experience more knowledge and insights of cash flows to manage company strategies. Cash flow management is a major aspect of accounting, but our data analytics dive deeper into income and expenses. You will gain insights into where to put less money and where to invest more according to key trends in your financials and the market as a whole. Identifying cash flows also allows our CPAs to identify and manage risk. Predictive analytics can guide decision making based around specific risks that are current or expected to occur, leading to minimized losses.

Furthermore, we aid business owners in uncovering insights in areas of their company that are questionable. Financial data analytics can identify inefficiencies in your processes and guide your decision making based on key relationships or trends in the data. We will continually monitor and audit your businesses financials to ensure everything is running smoothly. As a business owner, operating within the parameters of the law is always a top priority. At JS Morlu we provide you with peace of mind knowing that we will dig deep into any questionable items that might indicate possible fraud or inaccuracies.

What Do I Need to Get Started?

To get your business on the right track and put your finances in the right hands, reach out to JS Morlu for a consultation. Our experts are experienced and knowledgeable CPAs who will strive to understand your business and how to promote growth and efficiency. Our CPAs use accounting data analytics to aid your decision-making processes and optimize the production of your business. Write a list of any area of concern in your business and reach out to JS Morlu. With your concern we can discuss how we can benefit your business through taking over the accounting data analytic function, ultimately giving you more time to run the ins and outs of your business. We provide free trials, initial consultations, and aim to provide advice within 1-3 business days. Allow us to be your competitive advantage.