The importance of big data in accounting

Big data is on everyone`s lips. Sometimes it offers chances, sometimes it scares people. In my blogpost I will write about the importance of big data in accounting and why tax firms need to join the game. 

The company I work for sells software to (primarily) tax accountants and their clients. In addition to that, we focus on strategic consulting, so that tax firms will be profitable also on the long run.

At the moment, lots of start-ups like fastbill, ChillBill or everbill capture the market by offering a faster accounting service to companies. They are much more agile than tax firms, because they do no need to change their processes and retrain their employees.

It is our goal to make tax firms competitive, and that`s where big data comes into play. Our company just invents the so called “booking-automat”, which first gathers lots of accounting data from over 45.000 tax firms to be able to produce accounting records automatically in the second step. That means, accountants then do not need to create accounting records anymore, they just need to do a quality check (f.e. look at amounts over EUR 5.000). That is great – not just because they save 80% of their time, but because they can offer additional services like the dunning process to their clients.

In our case, the use of Big data is not just a chance, it is essential. If we would neglect the importance and the use of big data, we won`t be competitive in the future.

And what has this all to do with knowledge management? Knowledge management is needed to change the old processes into new, digital ones; to clarify misunderstandings among employees, to enlighten people why they should not be worried about losing their job and to transfer the right knowledge to the right people.

What do you think about big data?

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