Data in accounting

Question 1

What is the importance of b=data in the business

Answer 1

• to identify trend, patterns and relationships to better the business, identify any threats, find advantages and disadvantages to the operation of the business.
• gain a competitive advantage with reliable dat, improve productivity and operate a business adequately.

Question 2

What is the impact of outsourcing accounting processes?

Answer 2

• remove the need for advertisement and souring of new employees for bookkeeping positions and training of accounting programs
• outsourcing company can scale the
• implementation and practice
  cover strict Standards regarding confidentiality and data protection.