Accounting and big data
In my view, even though some accountants may not agree, big data will effect how accounting is done. This is particularly true for management accounting.
I was going to write an outline of my thoughts on big data and management accounting, but I found this great post on diginomica. It gives some really good practical insights. It notes how the following, for example, gets accountants interested in big data- it is being used to:
- Improve the quality of budgets, plans and forecasts
- Enhance top line revenue
- Reduce operational costs
- Detect fraud
- Assess the viability of a company as an on-going concern