Data drives every decision businesses and organizations make. As technology continues to advance, so do your accounting, audit and tax functions. Embracing data analytics will be a must to keep pace with the way big data is changing the business environment. Doing so also will allow you to adopt a continuous/virtual approach to your business operations to better understand your organization in real time so you can quickly make the right decisions.

With an increased amount of real-time data, though, how do you effectively and efficiently interpret it to make strategic decisions to improve your organization? As these technologies become more mainstream, your business needs informed, responsive professional services advisors now more than ever.

The Ericksen Krentel team can help you formulate a strategy to gather, analyze and make sense of your data in a cost efficient and effective manner. Remember, incorporating a data analytics function in your organization is not so much about gathering every last detail as much as it is obtaining and evaluating high-quality information in real time.

The more mature your organization’s analytics capabilities are, the greater value they’ll deliver. That includes predicting and prescriptive analytics, which can provide more exact predictors and help you more accurately forecast financial performance. Employing data analytics can also bolster your internal audit functions. That includes using data analytics to help improve audit evidence, cut down on repetitive tasks, and better correlate audit tasks to risks and assertions to help fight fraud to give you a better understanding of your organization’s risk and insight into potential material misstatements.

In some instances, instead of collecting more data, our team may be able to help your organization mine your existing data and to act on insights more efficiently and effectively.

Our team also can help you interpret and analyze your data to help you know your customers better, including their likes, dislikes and needs, to help you determine your target audience and better allocate your resources.

Flexible cloud-based finance systems can provide faster answers, eliminate data silos and make data accessible to everyone. Streamlining your accounting procedures in the cloud can give you 24/7 access to real-time, custom financial reports. Our experienced business advisors have provided timely, accurate and comprehensive assurance, advisory and accounting services for businesses and governmental agencies of all sizes for nearly 60 years. Our goal is to truly understand your business to help you economize your operations and develop strategies for minimizing future liabilities.

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