Analytics for finance is something like oil for makes run a vehicle. It gives a clear picture about the performance of a business and the financial health. The data accumulated by an organization over the period of time analyzed by financial analyst to gives deeper insight of a business that helps in making important business decisions, calculating risk and doing business forecast.

Importance of analytics in finance

Analytics in finance is no different than analytics for other industries it’s all about playing with data and gets appropriate and concrete numbers to take right business decisions, measure the performance, anticipating ricks and planning for future.

So in other words we can say it as data analytics for finance because analytics is all about analyze the data and get concrete and admissible numbers so analytics in finance and accounting is no different than other industries or businesses.

Business analytics for finance professionals is to help them in getting deeper insights and taking strategic actions based on concrete data. It analyzes each and every aspect in business and provides clear picture about the business performance.

As they say data is the new oil hence analytics for finance and accounting professionals is the oil. Finance professional needs it to know about the trends in business, calculating risk before talking any strategic decision and for doing business planning.

Data analytics in finance is no different than the analytics in any other business. In a nutshell analytics is all about analyze the data and get solid and concrete numbers to take your business at the next level i.e. analytics for finance function is very important. Each and every business needs it to function its finance and growth properly.

Analytics for finance professionals is a tool to answer them all their queries related to the happenings in a business. Which they use to make action of plan for a business based on the data.

Why analytics in finance is must for each and every business?

Time has changed and world is full of competition so businesses need concrete information and numbers on time for strengthening their decision making processes.

• Each and every organization needs information for business planning and forecasting therefore here comes the need of data analytics in finance.

• For fulfilling the needs of modern finance and accounting departments and sophisticated technology requirements, here comes the need of analytics for finance and accounting professionals.

• Analytics in finance guides in setting up appropriate business objectives and goals and help in achieve those desired business objectives and goals.

• Analytics also helps businesses in improving their decision making powers.

• Analytics in finance helps businesses on focusing real assets like inflow and outflow of cash.

• Empowers to measure and monitor the key performance indicators in a business.

• It visualizes data and provides deeper insights in the form of financial intelligence which helps business’ in understanding the financial health of a business.

• Helps in improving inflow, outflow management, business profitability, creating business value etc.

• Helps in measuring the progress towards achieving business objectives.

In today’s competitive business world businesses need more from the finance and account professionals apart from their basics like reports, bookkeeping, and statements. That is the reason behind involving data analytics for finance to get accurate numbers on time to data driven take strategic decisions in no time.

Why you need analytics in finance

Analytics for finance and accounting professionals required to be forward thinker, to provide predictive insights that help business in taking day to day business decisions and shape up the future of businesses.

Type of Analytics in Finance:

In today’s fast and competitive business world it’s very essential for businesses to take data driven decisions in no time. For doing so undoubtedly data analytics helps finance, account and management professionals. It provides those ideas about the trends and happenings in a business in current and past so that they can get an idea to take strategic decisions for future like planning and forecasting.

Predictive analytics:

It helps in enhancing business processes by providing deeper insights of financial records. Those insights give crystal clear ideas about the pin point areas and potential areas in business. Also helps in most crucial aspects in business like sales, profitability, forecasting, planning and much more.

Sales analytics:

Projecting correct sales forecasting for any business is very critical. For doing so the one need to correlate the current sales numbers and past sales numbers in order to get a projection idea for future sales projection. Analytics provides you those numbers to anticipate risk, high and lows in business for future plans. Accurate sales projection is something which every business need crucially by calculating many technical factors and assumptions in business with the help of analytics in finance.

Business profitability analytics:

In today’s sophisticated business world businesses compete based on accurate information and data. In order to get profitability in business need to focus on many aspects in business like revenue, capex and opex. Analytics correlate everything with each other and provide accurate numbers. Also guides and indicates in between to alert to focus on particular area in order to achieve profitability in business.

Client profitability analytics:

In order to see client profitability need to differentiate the profits based on clients. Analytics provides that liberty to get dimensional reports for calculating different aspects in business. Therefore with the help of data analytics in finance it is possible to analyze client profitability.

Product profitability analytics:

For any entity to sustain in this modern era it’s very crucial to get accurate numbers and information on time to analyze different aspects in business. In order to get product profitability ideas need to get insights based on different products in business for fulfilling that requirement analytics helps.

Inflow and outflow analytics:

For running an organization a business need some cash on day to basis for doing so need keep a keen on the inflow and outflow of cash within an organization. Analytics provides that facility and liberty to balance the inflow and outflow within an entity. By using analytics in finance businesses get to know about ash conversion cycle and working capital ratio in real time by provided indicators. In a nutshell analytics helps business in cash flow management.

Business Value Analytics:

Majority of businesses have idea about what are their business goals and objects and they track it in order to know how they are progressing to achieving those. Analytics helps you in achieving those by providing you the facility of monitoring and measuring business values and indicating them about the pin point areas in their business. Also gives an idea about the strategies on which an organization is running on is working for them or need to change in order to create good value of a business.

How 1ViewAnalytics is the right choice for analytics in finance

1ViewAnalytics is financial analytics software integrates with accounting software and transform data into insightful financial intelligence. It covers all needs of a business like financial reporting, KPI monitoring, data visualization, custom dashboards, financial analysis, multiple account accesses, ready to present presentations with company logo.

Try 1ViewAnalytics for Free

1ViewAnalytics is one of the best data analytics tools for finance. It provides a lot liberty and power to financial analysts and account managers in order to make their life easy. It empowers to do financial reporting automation, allows to provide multiple access of a business to account to clients and employees, collaboration facility is also inherited to discusses and decide the progress and strategy of a business.

It is financial analysis software which helps you in growing businesses, planning bases on concrete numbers, making strategies for future, calculating ricks and business forecasting.

It is a cloud based analytics for finance which provides results in no time. 1ViewAnalytics fulfill all analytical desires at one place. It is one stop solution for all financial analysts and accountants. It provides hassle free integration with accounting software like QuickBooks, offers free trail in order to check its work-ability for a business SignUp 1ViewAnalytics for free trial.

How important is Analytics for Finance?
Article Name
How important is Analytics for Finance?
This is a knowledge article, provide you information about the importance of analytics in finance. Also how analytics empowers management, finance and account professionals to take strategic decisions in right direction.
Publisher Name
Publisher Logo

Leave a Reply

Your email address will not be published. Required fields are marked *