Tim Dosen Analitik

Adi Data

Data Analytics in Business

and Accounting
Outline
1. Truly Data Driven Organization
2. Accounting Analytics
3. Accounting Risk Analytics
4. Audit Analytics
5. Benchmark Analytics
6. Business Partnering Analytics
7. Financial Analytics
8. Tax Analytics
 1. Truly Data Driven Organization

In a recent survey by the Chartered

Global Management Accountants,
almost 9 of 10 finance professionals
agreed the revolution is not only
coming, its already here.
Why Does (and Why Should!) Data Analytics Matter to
• Accountants will be
increasingly expected to add
value to the business
decision making within their
organizations and for their
clients (Wendell Gilland)
• Working with descriptive
analytics, predictive
analytics, and prescriptive
analytics comes more easily
to people who already
possess excellent
quantitative skills
2. Accounting Analytics
• Accountants use data analytics to help businesses uncover valuable
insights within their financials, identify process improvements that
can increase efficiency, and better manage risk.
• A strong facility with data analytics gives them the toolset to help
strengthen their partnership with business leaders.
• a few examples
• Auditors, both those working internally and externally, can shift from a
sample-based model to employ continuous monitoring where much larger
data sets are analyzed and verified. The result: less margin of error resulting
in more precise recommendations.
• Tax accountants use data science to quickly analyze complex taxation
questions related to investment scenarios. In turn, investment decisions can
be expedited, which allows companies to respond faster to opportunities to
beat their competition — and the market — to the punch.
 • Accountants who assist, or act as, investment
advisors use big data to find behavioral
patterns in consumers and the market. These
patterns can help businesses build analytic
models that, in turn, help them identify
investment opportunities and generate
higher profit margins.
• Accounting analytics is the application of
data analytics and big data technologies
to the field of accounting.
• It helps accountants manage typical tasks
and enables financial professionals to
answer business questions, shape
corporate strategy, forecast financial
trends, thwart fraud, and more!
What for
• Analytics for Accounting
needs to work differently.
• It needs to help Accounting
identify potential risks, find
opportunities to boost process
efficiency, and empower
everyone from the accounting,
audit, and business teams to
get a better sense of the
financials.
3. Accounting Risk Analytics
• We can use comprehensive dashboards and reporting to give us real time
visibility into status, progress, exceptions, and risk points
• Risk analytics uses reports and dashboards to make the whole process
faster
• The goal with accounting risk
analytics is to quickly identify and
triage which areas present the
biggest risk to the balance sheet
and act quickly to address.
• Accounting risk analytics is
designed to help Accounting
spotlight the underlying risks that
may ultimately affect downstream
financial reports.
 Accounting Process Analytics
• Accounting process analytics puts
Accounting in control with transparency
around which process improvement
efforts are bearing fruit, which need
tweaking, and where to focus next.
• Start with a top-level measure of
success, such as time to close.
Functional drivers provide the next level
of drill down—so link them back to your
overarching metrics. Operational drivers
provide the deepest level of process
insight and are the jump point to take
action.
4. Audit Analytics
• Audit analytics is one of the hottest
new areas in Accounting. Audit costs
have been rising for years, so better
self service for audit simply makes fiscal
sense.
• AICPA Definition: Audit data analytics
is the science and art of discovering and
analyzing patterns, identifying
anomalies, and extracting other useful
information from data underlying or
related to the subject matter of an audit
through analysis, modeling, and
visualization for planning or performing
the audit.
American Institute of Certified Public Accountant
 5. Benchmark Analytics
• Benchmarking can help organizations show
that performance targets can be achieved,
accelerate and manage change, and enable
process improvement. It can also help them
maintain focus on the external environment
and generate an understanding of world class
performance. (CGMA)
• Traditional financial benchmarking
compares typical finance and operating
metrics—such as profit margin and return on
assets—against same-industry and same-
sized peers.
• Benchmarking for Accounting provides a different perspective.
• When performing risk, process, or audit analytics, accounting benchmarking pairs internal data
with curated external data for comparative statements. It also provides insight into where the
biggest margins are for improvement or redress.
6. Business Partnering Analytics
• Business partnering has
been on the agenda for
finance organizations. In fact,
about 83% of finance
organizations want to
increase the time spent on
business partnering, with top
sought after skills including
industry and business
knowledge as well as
analytics savvy
7. Financial Analytics
• Accounting organizations increasingly seeing more business exposure,
and the expectation of their greater role in decision support, there’s
never been a better time to take an active role in financial analytics—
interpreting the KPIs like revenue, expenses, and cash flow that are
critical for business decisions.
• Accounting is often left out in the cold, unable to ask or answer
questions like:
• What is our risk exposure with specific customers?
• Where are the biggest revenue and expense risks?
• Are our capital and headcount investments aligned with the right
opportunities?
• Do we have a good handle on revenue from our new initiatives?
Financial
Analytics
Benefits
 8. Tax Analytics
• Tax data analytics gathers data from
different sources to answer questions
about complex issues.
• This information comes from
different sources like presentations,
reports and returns filings.
• This level of insight provides the
accountants or members of the tax
department with a deeper
understanding of an organization’s
tax status, something they did not
have before, and it is opening up a
host of new opportunities.
References
1. https://www.kenan-flagler.unc.edu/perspectives/why-data-analytics-matter-
to-accountants/
2. Big Data And Accounting https://slideplayer.com/slide/11924182/
3. https://loginask.com/data-analytics-for-accountants
4. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-
data-analytics-a-new-era-for-tax-planning-and-compliance.pdf