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What are data analytics?

Organizations today create and store vast amounts of data in the course of doing business. Through the analysis of this data (both historical and forward-looking) and the identification of trends, correlations and anomalies, companies can achieve insight that leads to improved decision making. The power behind data analytics can surely increase shareholder value.

Our comprehensive data solution services help organizations in a wide range of industries uncover new opportunities, optimize operations and increase revenue. Our strategies incorporate our expertise in emerging technologies and proven methodologies, accompanied by years of relevant experience.

At Baker Tilly, we strive to be up-to-date on the latest data analytic trends and software. Techniques commonly performed include:

• Predictive modelling
• Key Performance Indicator (KPI) analysis
• Historical operational analysis
• Tax recovery
• Improved production line efficiency
• Reduction of unnecessary costs
• Analyze complex forex
• Data visualization
• Risk analysis
• Benchmarking
• System implementation

Effective use of data analytics can result in a well-structured data environment, a crucial factor in maintaining a successful and efficient business.

Data analytics for small businesses

Embracing analytics in basic areas will ensure business is running smoothly and can prevent problems from arising. These basic areas include:

• Accounts payable duplicate payments – Long work hours can increase the chance of entering an invoice twice. Finding duplicate payments allows you to recoup funds and help with short-term cash flow.
• Accounts receivable/payable aging analysis – Performing aging analysis to assess the optimal collection/payment schedule. Control over payment/collection schedules can assist with control over short-term and long-term cash flow.
• Vendor master file review – New start-ups are often bombarded with new vendors, so they don’t always have time to gather all the vendor information required prior to paying an invoice. This can lead to duplicate vendor records, resulting in duplicate payments or fraudulent use in the future. Identifying data quality issues in the vendor master file will save time and reduce potential costs (duplicate payments and tax assessments/penalty).
• Inventory analysis – Tracking inventory levels is key to reducing carrying costs and ensuring the business has the correct amount of inventory on hand. Conducting analytics on inventory will help identify obsolete products and those with a slow turnover rate, while also improving ordering efficiency.
• Payroll analytics – Ensure deductions such as benefits, CPP and EI are calculated correctly, taxes are captured accurately and all pertinent information is stored.
• System implementation – Assess quality of data from legacy systems to ensure balances reconcile before and after new system implementation.
• Future expectations – Generate expectations for the near-future. With these expectations, appropriate planning can be conducted to avoid unexpected costs and issues.

Pre-audit analysis: proactive vs. reactive

Analyzing your data before an audit has several benefits:

• Cost savings – Potential fees, interest and penalties can be reduced if issues are detected early. Find any missed revenue such as unpaid customer invoices or missed tax credits to ensure revenue is both accurate and complete, while any unexpected costs are avoided.
• Time savings – Ensure that population is complete and accurate to prevent re-extracting data or searching for information as the audit is progressing.
• Risk reduction – Find and correct errors prior to the audit, and reduce the risk of fraud and penalties for noncompliance with contractual terms that affect bottom line profits.

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With proven methodologies and expertise, our data solution services can boost your business.