Big Data is Making a BIG Change in Accounting

Data analytics, machine learning, artificial intelligence, blockchain, robotic process automation–these are just some of the tech trends that will continue to perforate the accounting sphere in 2020, according to a recent report by the Institute of Management Accountants (IMA).

The report highlights that finance and accounting professionals are increasingly implementing big data, and will continue to do so in the future. Respondents of the report included IMA members, including 170 responses from CFOs and other management accountants. Many of the surveyed CFOs and management accountants are predicting big changes for their businesses in 2020.

According to the report, four key elements must be present for an organization to be data-driven: quality data, data-savvy people, state-of-the-art tools, and a supportive organizational culture.

Management accountants are leveraging data science and analytics to improve their data governance and analysis capabilities. These are necessary skills that are increasingly expected from accountants; staying ahead of the tech curve is a necessity to remain competitive in the job market.

The report predicts that the number of companies deploying big data is expected to double in the near future. It identifies some considerations to help companies and accountants implement big data initiatives, such as:

  • Starting simple while first implementing big data
  • Getting buy-in at the executive and departmental levels for implementation of more robust data and analytics
  • Building quality infrastructure to ensure data integrity

The IMA is developing a Data Analytics and Visualization Foundational Certificate for continuing tech education to help accountants stay competitive. Seeking out tools such as these is paramount for accounting job security. As data visualization becomes a necessary part of many accountants’ jobs, the management accountant is expected to serve as a bridge between data scientists and management. A full grasp of tech and analytics is increasingly necessary. 

Flexi can help you adapt quickly to market or business changes

With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future. Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate. Learn more about Flexi today.

How Big Data is Helping Accountants

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. 

Prioritize security

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.

Submit your information and get a demo of the Flexi suite today.