Big data in terms of accounting management represents an opportunity for accounting firms in Singapore to expand their repertoire, thus providing new and beneficial services. Big data refers to various forms of massive data sets. These data, which affect an organisation or a business, come from several sources. Big data is an ever-growing data set. The longer time passes, the company receives more information from their respective sources. At the end of the day, using this data, the company can investigate essential business information and trends.
With the huge amount of unorganised data, it also means that they need to be filtered and organised. Only then the accounting teams are able to derive essential insights into business health, allowing them to predict future direction, and automation of non-routine financial tasks.
Outsourcing to an accounting firm to handle your accounting needs is extremely beneficial. Not only does going through big data takes up a lot of time, but it takes up resources. All of these, when outsourced, can significantly help the company transform the ability to make sound decisions and deliver more value to their respective clients.
How big data is a good thing for accounting
Prior to utilising big data, many finance and accounting departments were limited to the information they had on hand, as well as what they were able to achieve with the information. Hence, in the past, many did not utilise or need powerful accounting and finance tools to sieve through information; they could accomplish what they needed to do with traditional excel spreadsheets.
However, all this is in the past, as accounting professionals are no longer just responsible for filing and submitting entries. The finance and accounting departments of today have evolved to being also in charge of coming up with suggestions and solutions from various financial data insights in order to help in operational efficiency and strategic company planning. It is safe to say that having a bookkeeper or engaging a bookkeeping service provider, such as Ackenting Group, has evolved into an essential business partner.
The introduction of data analytics and technology has also transformed how auditing processes are. In order to data mine large data sets, statistical analysis tools such as Statistical Analysis System (SAS) are available. Using such technology, auditors are now able to easily assess large volumes of unorganised data, which includes formal company records, emails, and more.
Challenges big data brings
While big data brings about many benefits, it is not always a smooth journey. Primarily, the issue is the size. Big data is … big! While new technologies are popping up to cater to data storage, data volumes are increasing in size by double every two years. Many organisations and businesses are struggling to find ways to keep up with the increasing need for data storage space. And it is not just about data storage.
Data must be properly curated in order to be valuable to the company, and that process takes a lot of time. Data scientists spend, on average, 50 to 80 per cent of their time sorting through and translating the data before it is useable. Lastly, big data technology is everchanging. It can be hard for businesses to keep track of the technology used to data mine and curate all their big data.
Why outsourcing to an accounting firm helps
When potential investors want their company incorporation process to be as smooth as possible, they want someone with prior experience to help with account management. Say, Ackenting Group.
Those with the insights and adaptability to work with the predictive capabilities and possibilities of big data may find themselves standing out from their competitors. Ackenting Group is able to help your company navigate through your accounting and audit services needs with ease.
To find out more about our range of services, get in touch with us today!