Data Analytics Readiness Assessment
After gaining an understanding of your strategic priorities and where your firm is on its data analytics journey, we provide and prioritize recommendations for how to proceed. Our recommendations draw upon our experience with industry best practices in accounting analytics and aim to provide quick wins that deliver a high ROI. Recommendations typically include:
- opportunities for immediate DA application – where can we drive profitability right now?
- options to train talent; driving efficiency inside firm analytics and inside the audit
- opportunities for organic revenue-generating DA offerings within client base
Training firm resources
There is a large data skill gap in the market and firms lose time and money because of it. With training and 1:1 coaching, your teams learn new ways of working to close this gap. The firms who dedicate time and resources to develop data analytics skillsets in their people have realized tremendous gains in efficiency and profitability. When your teams become experts, the student becomes the teacher and this value transfers to your clients.
Internal firm business analytics and reporting
If accounting firms are going to advise clients on best practices for financial reporting, those firms should be using best practices in their own internal reporting. But how many firms are truly doing this? At Akseshen, we operate with an “Inside-Out” approach. When firms begin understanding data analytics using their own financials, the learning curve is dramatically softened.
For example, when firm revenue is properly segmented, many insights materialize, including a client-driven strategic approach led by the right leaders and specialists. Whether it involves aligning several systems, cleansing or visualizing data, or simply ensuring subledgers are properly linked to the general ledger, we work to understand what your internal reporting challenges are and help you incorporate data analytics to solve them.
Not only do we typically uncover dramatic time savings (what used to take 5 hours now takes 5 minutes), but the analysis becomes more thorough and insights from the data naturally materialize. Plus, hands on learning is highly effective. You now have experience to draw from when providing advisory services to clients – even the earliest of adopters.
Audit efficiency and automation
It’s been common for audit teams to spend upwards of 75% of their time preparing data for analysis, not leaving much time for the analysis itself. We work to identify those procedures that are common to your audit practice and incorporate automation and data analytics where possible. As a result, audit teams begin providing greater value to clients as they have time to identify hidden patterns and trends. Now they are directing a significantly greater effort toward providing important insights to clients.
When a client situation calls for immediate action, we can step in and act as an outsourced data analytics provider for your firm. From evaluating systems acquisitions to supporting an internal audit department looking to up their analytics game, we can help. The best part is that your team can work alongside us and receive training in real-time.
New service offerings focused on BI and DA
For many firms, the ultimate goal in their analytics journey is additional service offerings for clients. We can help you get there.