It’s no surprise that technology and big data have become ubiquitous in the day-to-day operations of most businesses, regardless of size or industry. Data scientists, data analysts, and non-IT professionals with data analytics knowledge have become critical in their organizations’ quest to transform raw data into workable and actionable formats that can be used to identify trends, draw meaningful conclusions, and model future outcomes.
As the proliferation of data analytics has expanded, public accountants have found themselves in front of a unique opportunity that allows them to set themselves apart from their colleagues and future-proof their careers by developing their expertise in data analytics — an expertise that will ultimately save their clients time and money.
What is data analytics?
Simply put, data analytics is the process of collecting, inspecting, organizing, and transforming data to identify useful information that informs decision-making. It’s more than a tool or input — it’s a process that, when utilized correctly, provides a 360-degree view of the problem being solved, allowing decision-makers to make the best decision with the best information available.
Specifically, accountants use data analytics to help businesses uncover valuable insights within their financial statements, reduce costs, identify process improvements that increase their efficiency, and better manage risks.
Prior to the growth in data analytics, enabling a business or clients to reach their goals has been a manual and time-consuming process based predominantly on institutional knowledge and relationships. By understanding and mastering data analytics, accountants can future-proofing their career, expediting the learning curve, regardless of the career path they choose.
Professionals in public accounting can use these analytical skills to make sense of the massive quantities of financial information available to evaluate business performance, identify and manage risk, and analyze customer behavior to anticipate market trends more efficiently and accurately than ever before.
These skills are not going away anytime soon - and ultimately, the most efficient firm or advisor will win the business. Enhancing their skills in data analytics will only increase an accountant’s chance of success, and ensure their career thrives into the future.
As this knowledge and awareness of its benefits proliferate, firms and companies will look to hire those with this in-demand skill set — complementing and enhancing the traditional accounting education and experience. Public accountants can move to the top of the resume stack with this skill set, while genuinely putting themselves in a position to better serve their clients and complete their job.
Without this knowledge, professionals will quickly see their business and promotional path suffering — as clients seek the most efficient route and opt for their competitors who are able to streamline manual tasks and identify new relations, all while saving them money.
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- The ability to consider new sources of data and research and identify anomalies and risk factors in the data.
- The ability to use exploratory multivariate statistics, inferential statistics, visualization tools, optimization methods, machine learning, and predictive analysis tools.
- The ability to understand relational and nonrelational databases and combine multiple datasets from each.
- The ability to use simple vendor risk dashboards and filters to minimize inefficiencies and human error.
- The ability to perform data and process mapping from a regulatory and risk-assurance view.
- The ability to identify and frame key management decisions and their related metrics to make business solutions more effective and efficient.
Building a skillset
While the reason accountants need skills in data analytics might be clear by now, the how likely isn’t. Juggling important professional development while working can be tough — but it’s absolutely possible and essential to continue advancing in your career.
For me, gaining these skills, I practiced the following:
- Take breaks and inform your friends and family. When students study for the CPA Exam, I always encourage them to tell their loved ones what they’re doing, because juggling studying with a job and other day-to-day responsibilities can be exhausting, and having support is hugely important. This tip is just as relevant when upskilling. Remembering to take breaks is necessary - data analytics skills are a fantastic asset, but only if you’re not too burned out to use them.
- Use a data analytics course. Much like any other skill or subject, if you study piecemeal or without structure, it will be difficult to retain and organize the information. Using a course, ideally one for accounting professionals, is crucial to ensuring that the knowledge you gain is relevant and that you understand and can apply it correctly.
- Know how to showcase these skills after achieving them. While obtaining these skills can be fairly simple when using one of the many online resources available, it’s important that you know how to showcase them and promote yourself once you have upskilled. Finding a data analytics course that offers a certificate upon completion and LinkedIn badges can be a great way to highlight your accomplishments and increase your chance of promotion or transitioning to your next role.
As data analytics and its importance to entities of all sizes continue to grow, it becomes a higher priority for hiring managers and company owners when looking to hire or promote. As the accounting profession continues to evolve to include workers with atypical backgrounds, it is clear that those professionals who are dedicated to upskilling and fine-tuning their professional skill set will succeed in the long-term.
