Big data refers to large sets of data and information that can be mined for valuable insights and analysis. For accountants, big data can provide insights that can help discover new methods of fraud detection, new methods of preventing identity theft, and can even make tax preparation easier. Further, analytics can help accountants determine patterns for predicting risk of identity theft that would otherwise be difficult to discern.
How can accountants best utilize the benefits of big data?
Prioritize determining unexpected patterns
Outliers and anomalies in data sets often lead to valuable insight, but if you’re not looking for them, you might miss them. Prioritize the importance of determining unexpected patterns to leverage big data to the highest degree. By determining patterns, accountants can make more accurate predictions of financial activity.
Breaches and hacks are a constant threat in 2019, so putting proper security protocols into place is of the utmost importance. Establishing best practices and consulting with cybersecurity firms can help you keep security under wraps.
Anticipate unexpected costs
We all have witnessed the implementation of a new software or business plan that exceeded the initial projected costs by a landslide. It’s frustrating, so be aware that unexpected costs when adopting a big data strategy will crop up. You might need to hire consultants or more employees. Remember that this is an investment that will help you in the long run.
Build the right team
Having the right staff is paramount. Many accountants do not have a background in data analytics, so you will have to scout specific talent, or be willing to train. By ensuring you have the right people on your team, you can start using the valuable big data insights quickly and easily.
Flexi software solutions provide easy access to data and building reports is a breeze. If your company is adopting a big data strategy, make sure you have the right software in place first.
Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.
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