Accountants and CPAs have started realizing the implications of Big Data on their businesses. Let's find out how Big Data is impacting every sector of the accounting industry.
2. Big data is transforming every industry by
streamlining processes and shaping business
models.
The accounting industry is also experiencing
this voluminous data of various varieties being
generated at high velocity in all the sectors.
Let's find out how exactly Big Data is
impacting the accounting industry:
4. Audit
The advancements in big data are
transforming the way an audit is executed.
Using intelligent analytics, auditors are able to
deliver a higher quality of audit evidence and
more relevant business insights.
Big data and analytics are enabling auditors to
better identify financial reporting, fraud and
operational business risks, and tailor their
approach to deliver a more relevant audit.
5. Tax
Big data plays an important role during tax
season.
It helps individuals understand the
complexities of the tax code, and reduces
manual enforcement of tax efforts.
It also helps them collect more taxes globally
as accountants have access to real-time tax
data, lowering the overall cost along with
monitoring of budget and tax expenses.
6. Advisory
A massive leap has been seen in the advisory
sector with the use of big data and analytics.
Accountants can use big data to unravel major
challenges as it helps identify and monitor
customer pain-points, answer client questions,
and create better reports by understanding
human behavior.
This helps improve business performance and
efficiency by strengthening client-accountant
relationship.
7. Finance
The deployment of big data offers
opportunities for finance professionals to
move up the value chain.
Working along other business functionalities,
big data supports planning and decision-
making more effectively.
It can help business functions improve the
quality of information that goes into financial
decision-making.
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10. References
The Impact of Big Data on Finance Now and in the Future
- IMA
Role and Impact of Big Data in the Accounting Industry
- AeoLogic
It’s Tax Season: How Big Data Is Transforming The Filing Process
- Dataconomy
How Big Data Is Impacting Accounting Firms in 2020
-Ace Cloud Hosting
