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The underlying data of a business is an underrated asset that, if properly managed, should be a powerful tool to identify hidden opportunities or spot unidentified risk. Walker Wayland Advantage can help you identify the key drivers of your business and then extract the right data to help you achieve your business goals.
Walker Wayland Advantage has a team of experts in data analytics for accounting who can use this data to implement useful strategies for your business. Our accounting data analytics team can evaluate large volumes of data from within and outside of your business which could provide insights on opportunities, risk factors or
Descriptive analytics involves the categorisation and classification of data, and it is the most commonly performed type of data analytics for accounting purposes. Descriptive analytics is used for accountants to accurately report the flow of their client’s money, including the client’s revenue, expenditure, inventory stocktake, collected GST and more. It’s imperative that accountants accurately interpret and use this data to ensure accounting practices are done correctly.
Accountants assess and use diagnostic analytics to examine any changes in data and calculate a business’s performance over time. As a business’s regularly occurring patterns can provide a fair indication of how the business will perform in the future, the calculations that an accountant makes based on accounting data analytics can be used to establish sound financial forecasts.
Predictive accounting data analytics is used to determine the likelihood of certain future outcomes occurring. One of the most important tasks an accountant does when assessing data analytics for accounting purposes is to create financial forecasts and pinpoint patterns that provide the basis for these forecasts.
Accountants use the data they acquire from prescriptive analytics to recommend what actions their clients should take to grow their business. This can include potential opportunities that the business can take advantage of to grow, or matters that could potentially cause major problems in the future
If you’re seeking trusted accounting and accounting data analytics services in Melbourne, find out how Walker Wayland Advantage can help you. Give us a call on (03) 9274 0600 or contact us online to make an appointment.