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The use of data analytics is essential for accountants to advance their careers. Analytical skills allow accountants to create financial reports based on financial data
The use of data analytics is essential for accountants to advance their careers. Analytical skills allow accountants to create financial reports based on financial data such as accountant budgets, revenue, and expenses. Accounting professionals need to read, compare and interpret figures and data. Accountants use data analytics to help businesses uncover valuable insights within their financials, identify process improvements that can increase efficiency, and better manage risks. Data analytics is expected to dramatically affect auditing, financial reporting, and tax and managerial accounting. Data analytics plays an increasingly critical role in future audits. Audits must better embrace technology. Technology will enhance the audit's quality, transparency, and accuracy (Richardson, 2023). Management accountants will use data analytics to enable them to monitor the performance of their business and plan for the future. Data analytics help financial reporting substantially improve the quality of the estimates and valuations. In my role, I use data analytics to prepare financial reports for the board, such as the balance sheet, income statement, and cash flow statement. I also use data analytics to prepare annual budgets and to prepare actual vs. budget monthly reports
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