For finance and accounting analytics projects we usually look for these reports and financial statements first:
- Balance Sheet
- Profit-and-loss Statement
- Budget vs. Actuals Report; Revenue and Expenses
- Aging Accounts Receivable
- Vendor-payment History
- Inventory Turn
Predictive Accounting
Predictive accounting is a game-changer. Predictive accounting provides an opportunity for professional accountants to better engage with their clients by using their database, software, readily available benchmarks and analytical tools to unlock opportunities as they arise. Predictive accounting is an excellent touch point with your clients. We can:
- Use predictive accounting to help you know your clients and extend your service offer by adding value to the work you have already done
- Help you focus on adding 100 per cent value
- Help you deliver a great customer experience
- Help you spot opportunities in real-time and flag them, how you stay in touch with them on transactions and how you speak their language
- Help you focus on advice and consulting on complex, challenging issues, which lets you play a more involved and significant role within organizations big and small
- Help you extend your business consulting services to clients.
Analytics in Internal Auditing
Internal audit plays a key role in ensuring that the company is operating under a sound internal control environment by carrying out various testing and internal control procedures. We can:
- Analyze data to produce actionable information
- Modify and customise the scope, nature, and extent of the audit
- Develop new techniques on knowing what relevant questions pertaining to the data are to be asked, and the ability to use analytics output to produce audit evidence and draw conclusions
- Test 100 percent of various data attributes
- Help the internal auditors identify the potential business risk, such as fraudulent payments and payroll fraud
Analytics in External Auditing
We can:
- Help external auditors better identify financial reporting, fraud and operational business risks, and tailor their approach to deliver a more relevant audit
- Use audit data analytics methods in audit planning and for improving auditors’ knowledge about the transactions and balances underlying the financial statements
- Assess the risk by analyzing data to identify patterns, relationships, and any variation from models
- Improve the quality of analytical procedures in all the phases of audit as these methods give auditors new insights about the entity and its risk
Finance
Analyzing customer interaction data from various sources such as transactions, AMSTAT Consulting helps financial services companies truly understand the customer’s journey. We can:
- Answer questions like which campaigns convert prospects to customers, how to get customers to use products more and what behavior predicts churn
- We can help you incorporate online web data and third-party data with extensive historical customer information to develop the most complete customer profile that extends across all channels
- Predict both known and unknown customer behavior can lead to the presentation of the most appropriate financial product content that is aligned with decisions and events taking place in the lives of consumers and clients
- Deploy advanced graph algorithms to detect and prevent money laundering and other fraudulent activities
- Evaluate the risk in your portfolio through Monte Carlo simulations
- Recommend personalized new products and services based on a 360-degree view of the customer
- Use several decades worth of customer data to detect fraud without having to build out dedicated systems or limit our view to a small sample size
- Store massive data on each user to comply with regulatory requirements, secure it to assure customer privacy, and make the data available to the business all from a single source.
