Big data has been a buzzword for years, but it’s finally living up to its hype and becoming a necessity for businesses of all sizes. In the finance and accounting profession, in particular, big data can be used to improve nearly every aspect of tax, accounting, and auditing—if you know how to tap into it.
Invest in software that supports big data analyses
A recent report from the Institute of Management Accountants found that the number of companies deploying big data will double in the near future, and already most finance and accounting professionals say they’re implementing big data in their business processes.
What we’re talking about with big data is the increasing volume, velocity, and variety of data available to businesses—what’s known as the three V’s. In finance, there is more data, of more types, coming in faster and from more systems than ever before. That creates opportunities if you have the right software and systems in place to take advantage of it.
For many businesses, an important first step is to invest in a best-in-class ERP system like Sage Intacct, the cloud financial solution. Sage Intacct enables you to view all your core financials, from cash flow to general ledger, in an easy-to-digest, customizable dashboard that you can access anytime, anywhere.
Because it integrates easily with accounting and back-office functions, Sage Intacct allows you to automatically pull in big data from multiple systems across your business. That reduces everyday workloads for your employees and ensures that executives can view real-time performance metrics and projections to make smart, strategic decisions for the business.
What big data can do for you
Once you have the right systems in place to analyze big data, you can improve just about every business operation. For instance, you can:
- Develop meaningful performance benchmarks by quickly aggregating real-time data from all clients or departments.
- Use real-time reporting technology to show decision-makers where improvements can be made, not only on a monthly or quarterly basis but weekly or even daily.
- Flag outlying ledger transactions automatically and analyze them to identify potential errors and risks.
- View payroll, invoicing, and other accounting tasks instantly, for every department.
- Make more accurate short-term and long-term forecasts based on the latest data from across the business.
Are you getting the most out of big data?
The Sage Intacct experts at Michaud Accounting Solutions can help you explore all the features of Sage Intacct and decide whether it can help you take full advantage of big data and streamline your financial operations.