Using data management to improve quality of accounting

Accountants are struggling to analyse the sheer volume of data they have to handle, but in the transition to more automated systems they must not ignore ethical issues, warns Shagun Malhotra, founder of SkyStem LLC

The state of accounting has reached a point where companies have a huge desire for complex analytics, even if they cannot actually handle a lot of basic tasks. A lot of companies - around 80% - still spend the majority of their time on data cleansing, which is something that machine learning algorithms can perform in a matter of minutes. The fact is that legacy accounting and business analytics are insufficient to meet current business needs.

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