Why Running Data Analytics for Your Business’ Accounting Feels Overwhelming

The thought of running “data analytics” for your business may seem like a colossal affair. The task may evoke the image of a worker hunched over in front of a computer, squinting their eyes and straining their brains to make sense of nonsensical numbers.

In the context of data analytics for data accuracy, the process can be intensive. However, the actual job itself can be much easier than how it sounds. And this is certainly true considering that there are tools to make the process smooth and quick.

There’s An Overwhelming Amount of Data to Parse Through

Your business generates a massive amount of data, more than you might want to think about. However, let’s focus on financial and transactional data for now – things such as account payables, account receivables and employee payroll numbers.

Ensuring that the numbers add up is essential, a necessary evil so to speak, but it is a strenuous task. And if you were to analyze all of that data manually (which in most cases is simply not possible given the volume of data that even small to medium size organizations have to deal with), you would lose countless hours and dollars in the process.

Accounting Software Has Its Limitations

Most business companies believe accounting software is robust enough to protect them from data entry errors. Unfortunately, the reality is that most of these programs can’t prevent or detect data inaccuracies and those that can are very limited in their abilities in this area.

Accounting programs are like calculators: they’re only as “smart” as the person entering the data. While some have features that may suggest data entry errors, they can’t match a robust analytics tool that sifts through data to find costly inconsistencies.

How Do You Lift the Overwhelming Feeling?

Some business owners take the position that there is little they can do to really prevent data errors. These business owners and employers simply submit to finger-crossing and “trust games” with their accounting staff.

Other businesses may put some spot testing procedures in place as a check on their data quality. This can be time-consuming and is rarely enough to catch meaningful issues that may be happening.

In today’s world, there is a much better way to tackle this problem through the use of proactive analytics software. The right data analysis tools will do the job and the best tools offer:

  • Simple set-up (usually a couple days)
  • Easy to use interfaces that require little in terms of training
  • Clear reporting
  • Cost-effectiveness

These four key areas give business owners the best of both worlds. They can proactively monitor their data and uncover inconsistencies that even the most accredited auditors miss, fast. More importantly, GLAnalytics allows employees to spend less time, money and effort on data analytics reporting.

Data Analysis Without the Stress

Analyzing data to find inconsistencies is a major undertaking no matter how you consider it. It takes planning and resources to yield actionable results. Delegating much of that heavy lifting to a technological assistant will generate better results that will save you time and money.

The comprehensive GLAnalytics data analysis tool will reduce the strain on resources that make data analytics overwhelming. It allows you to devote your time behind the desk to other important tasks, without you having to neglect the integrity of your data.

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