arikuncoro
July 20, 2021
112th Daily Writing Challenge
By Bernardus Ari Kuncoro
What is accounting department?
Accounting department refers to the division in a firm that looks after the preparation of financial statements, maintenance of general ledger, payment of bills, preparation of customer bills, payroll, and more. In other words, they are responsible for managing the overall economic front of the business. (Source: here)
What is the function of accounting department?
Well, to make sure all the financial sustainability of business organization
What are the data analytics use cases in accounting department?
- Financial Outlook Analysis: Data scientists can utilize financial data to spot trends and extrapolate into the future, helping their employers and clients make the best investing decisions.
- Financial Statement Analysis: Data scientists who can read financial statement can help investors or venture capitals decide to invest. This is more like the fundamental analysis in stock market business.
- Cost and Budget analysis: Some of data scientists might not be familiar with term budget. Consider it is like a plan for food budget to be spent during the week end. You get the benefit in relationship or social needs. Budgeting is a powerful tool that helps the management in performing its functions such as planning, coordinating, and controlling the operations efficiently. While cost, it is actual spending. If cost lesser than budget, then you still have remaining fund or surplus. Conversely, deficit. If you can predict using the behavior of spending factors plus external trending variables, you can help accounting department to warn the C-levels about their financial status.
- Asset allocation analysis: Who have asset? Organization or every persons in the world, right? To be exact, the citizen tho resides in the country that have the law of ownership. The proportion of industry asset allocation can be set to reach its financial goal. It is true that asset allocation is fundamental for successful investing. Data scientists together with Accountants help organization choose your investment strategy wisely and build a profitable portfolio.
Kalideres, 20 July 2021
