The accounting sector is one of the most data-intensive sectors in the global economy. The impact of Big Data on accounting will be natural. Some of the impacts or advantages of Big Data in accounting are as follows. Also, check it out some advantages and disadvantages to learn more about Big Data.
Some points on the advantages of Big Data in accounting:
- One of the best advantages is changing auditing. Auditing is now much more than the analysis. However, with the use of Big Data revolutionized the way of auditing.
- Risk in accounting is generally associated with mergers, acquisitions, supply chain risk. The advantage of Big Data in accounting is that can help to improve risk management.
- Big Data can provide real-time reporting. The accounting auditors can provide real-time insight to their customers.
- Big Data can help target the right set of audience. Thus, increase the efficiency of acquisition.
- The role of Big Data in accounting for creating future strategic planning and also improve customer relationship. Thus, improve client experience.
- Big Data presents both opportunities and challenges for accounting.