Can You Be A Data Analyst With A Finance Degree Taking Control of Your Accounting System With Information Technology

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Taking Control of Your Accounting System With Information Technology

Underestimated spending, overspending, financial mismanagement and fraud can lead to disaster. One of the main reasons why organizations go bankrupt is their inability to predict and/or ensure sufficient cash flow. Planning is necessary, but not sufficient, and must be supplemented by skillful control. Information systems play a very important role in supporting organizational control, including: risk analysis, budgetary control, auditing, financial ratio analysis, and profitability analysis and cost control.

Risk analysis – Companies must analyze the risk of doing business with other entities and giving credit to customers. palisade.com’s @RISK product for Excel is a powerful tool that performs risk analysis in Microsoft Excel spreadsheets using Monte Carlo simulation. You can answer questions like, “What is the probability that the profit will exceed $1 million?” or “What are the chances of losing money in this company?”

Budget Control – The annual budget should be divided into monthly allocations to ensure that the company has sufficient funds to pay expenses, especially if the company is susceptible to long intervals between payments. Managers at various levels must monitor department expenditures and compare them to the organization’s budget and operational progress. Numerous software programs can be used to support budgetary control; most of them combine with budget preparation packages from vendors such as outlooksoft.com, clarifysystems.com, and capterra.com

audit – The main objective of the audit is to guarantee the accuracy and the state of the financial health of an organization. The internal audit is performed by the organization’s accounting/finance staff, who also prepare for the external audit by CPA firms. Internal auditors can use information technology to facilitate the audit. For example, intelligent systems can uncover fraud by finding transactions that deviate significantly from previous balances.

Financial ratio analysis – A main task of the accounting/finance department is to monitor the financial health of the company by monitoring and evaluating financial ratios. The collection of data for the analysis of ratios is carried out by the transaction processing system and the calculation of the ratios is done using financial analysis models. Interpreting ratios, especially predicting their future behavior, requires professional judgment and experience.

Profitability analysis and cost control – Many companies are concerned about the profitability of individual products or services, as well as the financial health of the entire organization. Profitability analysis software allows accurate calculation of profitability and allows overhead allocation. Oracle Hyperion Profitability and Cost Management provides valuable cost and profitability insights by uncovering cost and profitability drivers, providing users with visibility and improving resource alignment.

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