The Ledger

Accounting Today: 3 Steps to Improving Your Accounting Data Analytics Results

“Descriptive and diagnostic analytics ranging from inventory availability to variance analysis have been performed since Luca Pacioli created double-entry accounting. Long before user-friendly dashboards existed, we used Excel spreadsheets and charts. And before Excel? We did it by hand.

Thankfully modern accountants can leverage advanced technologies to perform analysis at scale and speed, dramatically increasing the amount of accounting and non-accounting data available to shape our analysis.”

Read More at Accounting Today >

Harvard Business Review: The CEO’s Playbook for a Successful Digital Transformation

“The point of a digital transformation isn’t to become digital; it’s to generate value for the business.”

Read More at Harvard Business Review >

Forbes: 2022 Will Be The “Year Of The Management Accountant”

“In fact there is room for optimism given the new emphasis business leaders are placing on agility for the short-term and anticipatory thinking for the long-term. This represents a pivot in thought and action, perhaps one that was long overdue. At IMA, we have been championing the need for finance and accounting professionals to move beyond the compliance mindset to engage as full business partners and as future-focused strategic planners who use data to anticipate the future. It is this future-focused orientation that makes management accountants so valuable to their organizations, and I believe 2022 is the year when their skills will be best utilized and recognized.”

Read More at Forbes >

FP&A Trends: Caution: Forecast Accuracy is Seasonal Too!

“The benefits of measuring seasonality of accuracy are that users can plan high/low scenarios for each prediction based on the season-specific range of possibilities.  Departments can adjust how much capacity, safety stock, or cash reserves are needed based on their own worst case.  And it’s easier to determine missing factors for model improvement when you focus on adding predictors to the high noise areas of the model.”

Read More at FP&A Trends >