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margin-top: 10px;}#attend {float: left;margin-right: 5px;line-height: 0px;}#opinion { background-image: url("/images/comment_no1.jpg"); background-repeat: no-repeat; float: left; height: 17px; padding: 2px 0 2px 6px;}#opinion2 { float: left; height: 17px;}.aril10 { color: #333333; font-family: Arial,Helvetica,sans-serif; font-size: 10px; letter-spacing: 1px;} table{ border:1px solid #000;} table td{ border:1px solid #000;} @media only screen and (min-width:768px) { .new-repI{margin-left: 380px!important;}}</style><div class="container-fluid" id="newsdesc"><div class="container animate-box fadeInUp animated-fast"><div class="row"> <div class="archive-header"> <div class="post-author section_margin_40"> <figure style="padding-left: 0;" class="col-md-4"></figure> <div class="post-author-info" style="padding: 0 0;text-align: left;padding-top: 8px;"> <h1 style="font-size:28px; ">Incorporation of Data Analytics into the Accounting Field</h1> <p style="margin-top:0; margin-bottom:15px; font-size:13px; color: #000;"><font color="#000">The Manufacturing Outlook | <span style="font-weight: normal;"> Tuesday, January 25, 2022 </span></font></p> <div id="innovation" class=""> <table width="592" border="0" style="border-bottom:0px; border-left:0px; border-right:0px; border-top:0px;"><tbody><tr><td valign="top" align="left" style="border-bottom:0px; border-left:0px; border-right:0px; border-top:0px;display: inline-flex;"> <div id="conference" style="width:71px;"> <a href="https://twitter.com/share?text=Incorporation of Data Analytics into the...-Businesses must adapt to the constantly...#themanufacturingoutlook via @themanufacturingoutlook&url=https://www.themanufacturingoutlook.com/news/incorporation-of-data-analytics-into-the-accounting-field-nwid-855.html" class="twitter-share-button">Tweet</a><script>!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs');</script> </div> <div id="conference" style=""> <div id="attend"> <script src="//platform.linkedin.com/in.js" type="text/javascript"> lang: en_US </script> <script type="IN/Share"></script> </div> </div> <div id="conference"> <div id="fb-root"></div> <script>(function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; 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As a result, organizations can enhance their business models and improve operations by undergoing digital transformation.</strong></p> <p><strong>Fremont, CA: </strong>Accounting professionals in their day-to-day operations are now using data analytics. Furthermore, many accounting professionals are now required to have data analytics abilities while seeking jobs.</p> <p>Accounting professionals use data analytics to make strategic business decisions and satisfy the needs of their clients. This technology makes it simple for professionals to keep track of, audit, and analyze their clients' financial data. Furthermore, data analytics allows for the following:</p> <p><strong>Risk Classification and Management</strong></p> <p>CPAs and CMAs are experts at classifying hazards within and outside their clients' organizations. These experts can identify potential dangers in various aspects of their client's organization by analyzing multiple data points.</p> <p><strong>Enhance the Client Experience</strong></p> <p>Accounting professionals and organizations can use data analytics to preserve existing customer bases while attracting new ones, giving them a competitive advantage. These specialists can use this technology to look at the overall time it takes to complete an audit and the turnover tax return. Accountants can also use data analytics to conduct client satisfaction surveys.</p> <p><strong>Keep Track of Your Company's Performance.</strong></p> <p>Accounting professionals also use data analytics to keep track of how a company is doing. This can be done by looking at their financial records to see if they are on the way to reaching their objectives and are performing well in their field.</p> <p><strong>What are the Different Types of Data Analytics, and How are They Utilized in Accounting?</strong></p> <p>A successful data analysis will be impossible without the correct procedures and approaches. To arrive at a successful outcome, accounting specialists frequently use the following sorts of data analyti</p> <p><strong>Descriptive Research</strong></p> <p>It gives you knowledge based on what you've already learned. For example, in creating standard reports, accounting experts apply descriptive analysis. This is also relevant to fundamental spreadsheet functions such as sums, percent changes, financial statement vertical and horizontal analysis, and so on.</p> <p><strong>Predictive Analysis</strong></p> <p>Patterns are discovered via predictive analysis by looking at past data. Accounting experts, for example, may be able to estimate an accounts receivable balance and collection for their clients. They can avoid potential control failures by using predictive analysis.</p> <p><strong>Prescriptive Research</strong></p> <p>This aids accountants in determining the best alternative for achieving a particular goal for their customers. For instance, these professionals may be able to evaluate what action to take to reduce the amount of time required for accounts receivable collection.</p> <p>Data analytics is a relatively new notion in the corporate world, particularly in accounting. While you may not have the necessary experience or resources to carry out this process in your accounting, keep in mind that you do have other possibilities.</p> <p>See Also : <a href="https://accounts-receivable.cfotechoutlook.com/vendors/top-account-receivable-solution-companies.html" target="_blank"><span style="color:#0000CD"><strong>Accounts Receivable Solution Companies</strong></span></a></p> </div> </div> </div> </article> <style>.breaking-news-title { float: left; margin-right: 30px; margin-top: 8px;}.breaking-news-title h3 { display: inline-block; position: relative; padding: 0 14px; margin: 0; height: 27px; font-size: 11px; font-weight: normal; letter-spacing: 0.2px; line-height: 26px; text-transform: uppercase;background-color: #43A3D6;color:#fff;border-radius: 0px;margin: 2px 0 7px 8px;}</style><div class="tag col-md-12"> <div class="breaking-news-title"> <img src="/images/tag_img_30_30.png" alt="tag" style="float:left;"/> <a 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