Data analytics and big data have been used increasingly in business over the last few years. The accounting profession and the business community ought to take advantage of the opportunities which data analytics and big data provide in enhancing the efficacy, efficiency, and effectiveness of their work ( Huerta & Jensen, 2017) . Accountants can employ data analytics to assist companies to unearth useful insights in their financial statements, pinpoint process developments that could upturn efficiency, and control risks better. Today, accountants are more and more anticipated to add value to the corporate policymaking for both the clients and their organizations.
A strong organization that has data analytics offers accountants the tools to assist in strengthening their collaboration with the company’s management. For instance, tax accountants can utilize data analytics for analyzing complex taxation problems associated with investment situations rapidly. Accordingly, investment choices may be advanced, allowing businesses to react quickly to opportunities compete effectively in the market. Similarly, accountants who help or work as investment consultants apply big data to identify behavior patterns in customers and the marketplace. Such patterns may aid companies in building analytic concepts which, in turn, can assist them in identifying investment prospects and generating greater profit margins.
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Besides, in the modern accounting systems, various information sources are being incorporated into AIS. Video, text, and audio data, for instance, are gradually being connected with traditional data. Thus, accountants can use their data analytics skills to enable them to deal with large volumes of available data, which include automatically mined data like content engagement information and consumer purchases ( Schneider, Dai, Janvrin, Ajayi & Raschke, 2015) . Also, management accountants can employ data analytics in managerial accounting to enhance performance management systems. Through the adoption of big data analytics methods, traditional management could be transformed by adopting comprehensive control and monitoring systems ( Richardson, Chang & Smith, 2014) . For example, using big data could aid in identifying new motivational methods and associations between good management performance and previously unconsidered variables. Companies may evaluate staff morale by the number of phone calls and email exchanges made on firm equipment, measure proactivity based on managers’ sent emails, and assess consumer satisfaction using the customers’ video-taped body language.
Reply to Annsi’s Thread
Hello Annsi, your discussion was very insightful, and I enjoyed reading it. I agree with your discussion, and I would want to add to your discussion regarding who accounting information systems (AISs) may be viewed with regard to biblical principles. Essentially, AISs are designed to offer accountants reliability, controls and accountability. Similarly, biblical principles direct Christians to do the same. Accounting information systems are prepared with accountability build within the system’s concept. Accountants and companies can track transaction entries to all users who entered the data. Thus, it is possible to detect fraudulent activities and assess damages. Accounting information systems are designed to hold responsible accountants by ensuring controls are in place to accurately process and record data ( Moerman, 2006). Likewise, the Bible teaches Christians that they will be held responsible for their own sins. (Ecclesiastes 11:9, NLT) “But remember that you must give an account to God for everything you do.”
Reply to Bryros’ Thread
Thank you for sharing your post. I must acknowledge the effort you have put into trying to show how accounting information systems can be perceived in biblical principles. First, in addition to helping in ensuring the steady flow of information to the people who need it, AIS enables effective and efficient gathering and storage of data relating to a company’s financials. Besides, it supplies data useful got decision-making. Thus, AIS can be likened to the Jesus of the Bible, who came to spread the word of God and help Christians in turning to their God ( Buys & Cronje, 2013) . To add to your discussion, it is evident that AIS is based on the concept of order and organization, which is also supported by biblical principles. Saint Paul in his epistle to the Corinthians, reminds them that “God is not a God of confusion but of peace, as in all the churches of the saints” (1 Corinthians 14:33, ESV). Thus, AIS helps in diffusing confusion and chaos in the workstation and in helping to bring about peace and order through organizing data in a manner that can be easily understood and tracked.
References
Buys, P., & Cronje, C. (2013). A reflection on historical biblical principles in support of ethical stewardship.
Moerman, L. (2006). People as prophets: liberation theology as a radical perspective on accounting. Accounting, Auditing & Accountability Journal .
Huerta, E., & Jensen, S. (2017). An accounting information systems perspective on data analytics and Big Data. Journal of Information Systems , 31 (3), 101-114.
Richardson, V. J., Chang, C. J., & Smith, R. (2014). Accounting Information Systems . New York, NY: McGraw-Hill Education.
Schneider, G. P., Dai, J., Janvrin, D. J., Ajayi, K., & Raschke, R. L. (2015). Infer, predict, and assure Accounting opportunities in data analytics. Accounting Horizons , 29 (3), 719-742.
