Do You Know These 5 Quintessential Objectives Of Accounting?
What is Data Analytics: Data Analytics, also known as Data Analysis, is the strategized extraction of business-to-consumer data in both qualitative and quantitative processes to identify trends, both current and future, as well as new opportunities to determine the best decisions for the business which alter according to organizational needs and requirements. Cost accounting, which is sometimes also referred to as cost method of accounting, involves forecasting the per unit cost of a good or service. Unlike an established company, one mistake can cost its future so having a data scientist on board is the key to being able to gather and analyses data from multiple channels to mitigate risk and improve decision making.
While, investors and creditors rely upon financial statements for taking decisions related to investing in the company, insiders like the management use managerial reports to review performance, and base their decisions, related to execution and control, …