Question

Many accounting professionals have argued that their job as an accountant has always incorporated data analytics. Do you agree or disagree? Why? You are required to consider how the field of analytics has developed over time and whether accountants have actually been involved in analytics.

Answer 1

Accountants have had always been expected to add value to the decision making within their company and also for their clients. Thus their job as an accountant always incorporated data analytics to help their organizations to identify process improvements that enhance efficiency, uncover valuable insights within their financials, and provide better management on business risk. For example: Accountants who works as an investment advisors applies the data analytics to determine the behavioural patterns in the market and consumers. These patterns assist them to build analytic models that can help in the identification of the investment opportunities and generate higher margins of profit. In a similar manner the auditors often employ continuous monitoring where huge data sets are verified and analyzed, and thus leads to a less margin of error causing to a more precise recommendations

The technology advancements have developed the field of analytics over time. The auditing tasks and entry-level accounting, such as the collection and posting of accounts receivable, have become automated. Due to the machine inimitable skill requirements in all the activities the accountants have actually been involved in analytics. Moreover the accountants have deep understanding of how that data can assist the organisations to retain a strategic benefit over rivals in the business environment