Accountants have historically focused on historical financial statements as the gold standard of relevant and reliable information about businesses, but the move to real time reporting has reduced the utility of financial statements as a real-time management tool. Standardized business processes and electronic workflow management tools create a “digital exhaust” of detailed tracking data which can be used to provide real-time management information. This session will show how the information management methodologies used in accounting and auditing can be applied to this data to create key performance indicators (KPIs), dashboards, and other business-specific real-time reporting using standard off the shelf business intelligence tools.
Upon completion of this session, participants should be able to perform the following tasks:
• Explain why net income in real time is unrealistic
• Define ETLR and explain how it can be applied to process data to create real time information.
• Name at least one of the top three cloud-based business intelligence platforms for mid-sized businesses (Microsoft Power BI, Qlik Sense, or Tableau)
• List some sample key performance indicators which you might track to provide operational insights in the major industries served by your firm