As big data becomes more prevalent, the need for data analytics grows every day. One might not think that a CPA would ever have a need to learn data science, but more and more accounting firms are beginning to make business decisions with the influence of analytics tools. Technical skills in the field of accountancy once only encompassed what we typically think of when we think of accounting practices including Excel skills, knowledge of Quickbooks and the use of other similar information systems. Now there is a necessity to expand beyond those systems and include more data analysis relying on predictive analytics, data visualization, and diagnostic analytics. Overall there is a need to incorporate a variety of types of data analytics skills into a firm’s decision-making process.
So — why is this important for students in accounting programs? Simple. While students are still in school, they have the opportunity to take more courses that teach these analytical skills. In knowing how data analytics is being used in accounting firms today, future CPAs can master these new information systems to ensure they’re up-to-speed on how to apply their data analysis skills in the accounting business context.
Chief Knowledge Officer and accounting industry expert, Liz Kolar, tells us why she thinks the need for data analytics is growing every day.
Are you taking data analytics classes or using them in your firm?
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