How A Bookkeeper Can Help You with Data Analytics - PowerPoint PPT Presentation

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How A Bookkeeper Can Help You with Data Analytics

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Data analytics or data analysis. You’ve probably heard of the terms, but what exactly do they mean, and how can a bookkeeper help you with them? – PowerPoint PPT presentation

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Title: How A Bookkeeper Can Help You with Data Analytics


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How A Bookkeeper Can Help You with Data Analytics
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  • Data analytics or data analysis. Youve probably
    heard of the terms, but what exactly do they
    mean, and how can a bookkeeper help you with
    them?
  • What is 'data analytics' or 'data analysis'?
  • Data analytics refers to the various techniques
    and processes used to improve a companys
    productivity and business gain. Relevant data is
    collected by organisations, such as that
    associated with customers, business processes,
    market economics and practical experiences, and
    is placed into categories. The data is then
    stored and analysed by bookkeepers, accountants
    and business owners to study purchasing trends
    and patterns.

3
  • Depending on the type of business, the
    techniques may vary greatly, but the result
    should be the same.
  • How can data analytics help your business?
  • As mentioned above, data is collected and
    analysed to help businesses identify customer
    trends thorough and detailed analysis, often
    with the help of a bookkeeper or accountant, can
    help reveal customer trends and go on to help
    business owners develop a strategy to maximise
    these trends.

4
  • Initiatives involving data analytics can help a
    business in several ways, from increasing
    revenues, improving the efficiency of operations,
    making marketing campaigns as targeted and
    successful as they can be, responding quicker to
    those trends emerging in the market and helping
    businesses gain a competitive edge over rival
    companies. All with the primary focus placed upon
    maximizing business performance.

5
  • What types of businesses use data analytics?
  • Many businesses can gain from data analytics
    initiatives, for example, banks and credit card
    companies analyse the withdrawal and spending
    patterns of their customers to help prevent fraud
    and identity theft, while E-commerce companies
    utilise clickstream analysis to help them
    identify visitors to their site who may be more
    inclined to purchase certain items based upon the
    patterns given by their page viewings. Patient
    data is also evaluated by healthcare
    organisations as they seek to find the
    effectiveness of treatments for cancer and other
    illnesses.

6
  • How can a bookkeeper or accountant help you with
    data analytics?
  • Being able to extract value from your businesses
    data, and turn your company into an organization
    that uses it and analyses it to improve daily
    operations, can be achieved with the help of a
    bookkeeper. A good bookkeeper will help you
    extract data that your accountant or CPA can
    analyse, and which can then be passed on and
    shared with your clients.

7
  • What are the different types of data analytics
    applications for businesses?
  • Numerical data has quantifiable variables that
    can be measured or compared with statistics, and
    this is one form of data analytics. The other
    form is qualitative, which has its focus upon the
    understanding of data such as text, images and
    video, that has no numerical content.
  • There are more advanced types of data analytics,
    too, which include predictive analytics, machine
    learning and data mining. Predictive analytics is
    all about predicting customer behaviour and
    equipment failures, along with other future

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  • events, while machine learning is an artificial
    intelligence technique that sifts through data
    using automated algorithms.
  • Data mining is when large sets of data are used
    to help identify patterns and trends. Big data
    analytics applies all three of these techniques
    to large sets of data that are made up of
    unstructured or semi structured data.
  • Hiring a bookkeeper or accountant will ensure
    that the relevant data analytics techniques are
    used, and youre able to maximize the results to
    gain the most valuable insights for your
    business.

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  • Miami Bookkeeping was founded with the purpose of
    helping small businesses outsource the
    time-consuming and tedious work known as
    bookkeeping. For more than 10 years, our company
    has been providing bookkeeping services in Coral
    Gables and Miami for hundreds of small
    businesses. If you are looking for bookkeeping in
    Coral Gables and Miami, contact us today at
    support_at_miamibookkeeping.com
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