How Financial Analytics Can Transform Your Business

Traditional financial statements and reports have become obsolete in financial innovation. CFOs are adopting sophisticated analytics to improve financial process efficiency and collaborate with the company to gain actionable knowledge. Organizations are searching for CFOs that can give forward-looking information in a visible, easy-to-understand format, allowing management to make informed decisions. Aardenco can help you improve your firm’s efficiency by providing advanced analytics.


How CFOs Can Leverage Financial Analytics

Identify Business Problems Early

Finance departments are transitioning from reactive to active issues in the early stages. Financial analytics can help you spot trends in your financial data and predict future occurrences that can be handled now. You may immediately detect where costs are rising and other symptoms of poor performance using the newest cloud-based analytics tools, such as Oracle Analytics Cloud.


Boost Revenue Predictions

As per IDC, organizations that analyze all pertinent data and give actionable information would gain $430 billion in productivity over businesses that aren’t as data-savvy by 2020.

Finance teams can effectively forecast revenues and predict future demand for products by incorporating finance and finance-related processes (marketing, sales, operations, supply chain, tax, and so on) into their core finance analytics platforms.


Get Access to Real-Time Information

Due to manual procedures and extended financial closing cycles, maintaining timely insight into crucial business data becomes difficult. Financial analytics systems give you real-time insight into your financial information, enabling you to react quickly to major occurrences. You’ll be able to make quicker and more informed decisions that will benefit the company’s bottom line.

Examine the profitability of your customers.

Modern financial analytics technologies help you to identify massively lucrative consumers and understand what makes a relationship successful. This allows you to concentrate on the more valuable customers while renegotiating conditions with the high-maintenance ones. You could either cross-sell additional products to these clients or attract new clients that have similar traits. Concentrating on the correct type of clients who appreciate your goods and services benefits the sales force.

Improve Your Storytelling

Finance departments have access to a wealth of complicated data that may be utilized to forecast and improve the performance of your organization. However, simply having access to data is insufficient; successfully analyzing and disseminating it is also critical. According to studies, almost 65 percent of people are visual learners. By linking numerous indicators, displaying trends, and emphasizing activities, data visualization can aid in the understanding of complex concepts.


Accounting system is the system which manages the financial position of a business. An accounting system allows business to manage all types of financial transactions like income, expenditure, purchase, sales and other financial activities. With the help of this accounting system, management prepared a comprehensive statistical report for which result in good decision making.

In 20th century, development in computer technology, company generally used computerized and automated software for accounting which makes accounting easy.


  1. TO KEEP SYSREMATIC RECORDS- Under this system, all the financial transaction is systematically recorded which helps to control misuse of fund. It also provides financial information whenever needed.
  2. TO SUPPLY FINANCIAL DATA AND INFORMATION- Accounting system provides various financial information data and information for the preparation of financial statements.
  3. TO PROVIDE INFORMATION ABOUT FUNDS- For proper utilization of fund, authorities know about the status of various funds. It provides information about position of fund.
  4. TO SAFEGUARD PHYSICAL PROPERTY- Accounting system helps to maintain the proper recording of public properties.
  5. TO MAINTAIN EFFECTIVE CONTROL OVER BUDGET- The government prepares budget for making expenditure in different sector. According to new accounting system every government office makes budget according to budgetary limit.
  6. TO MAKE AUDIT EASIER- Data and information provided in this system, helps to make an audit more simple and easy.
  7. TO PROVIDE REILABLE INFORMATION FOR PLANNING AND DECISION MAKING- Government has to make important financial policies and decision making. Accounting system provides financial information for policies and decision making.


  1. Accounting system helps in managing cash flow effectively.
  2. Helps in predict the correct cash flow of business.
  3. Control the business activities with the help of accounting software.
  4. Simplifies the banking experience comfortably.
  5. Helpful in financial decision making.


Accounting system helps to collect the financial information of business. Before deciding which software is suitable, it is important to understand the different types of software and for which purposes this software is to be used. The list of different software is below-


Quite small businesses use this electronic software called spreadsheet for accounting software. This software is inexpensive and prone to error, since information entered may be in wrong place. Usually spreadsheet software is used by the small organization which has low transaction volume. Each cell in this software contain either numeric or text data, or results of formulas automatically calculate and displayed on the cells. Modern spreadsheet software can have multiple sheets, which displays data either in numeric or in graphical form.


COTS or Commercial off the shell software is accounting software used in all over the world. It is customized to the needs of business, contains many layers of error detection which reject the entries of incorrect information and produces standard reports for the needs of user. There are certain COTS packages that are similar to certain industries, with more features to address the target market. COTS software requires consultant services to install, and have lengthy installation process as well as staff to maintain the software. The use of COTS has been commanded across many business and government events.


ERP [ENTERPRISE RESOURCE PLANNING] is integrated management software of main business processes, and medicated by software and technology. ERP is management software for business or a set of integrated applications, that an organization use to manage, collect, store and interpret data from different business activities. Enterprise resource planning software provides latest updated views of business using database, maintained by database management system. This software shares data among various departments such as purchase, sales, manufacturing, accounting etc. and maintain connection with stakeholders by flow of information. Enterprise system supports variety of business functions, though it focuses on big enterprises, small enterprises started using this software.


Custom software is specially designed for specific organizational task or other use. It is also known as bespoke or tailor-made software. Large companies use this software for functions like content management, inventory management, customer management, human resource management. This software may consider expensive as compared to off-the-shelf. Custom software generally proves to be most efficient system as it provides support for specific needs of the business, which is not available in off-the-shelf software.

Custom software used in major fields-

. In construction work

. In hospitals

. Places of education

. In retail

Modern custom accounting software tool tracks your business financial activities and makes business runs smoothly.

Accounting software makes easy to perform and manage financial activities of business, helps in performing task correctly. It does not replace the role of accounting managers, but instead of this it helps in increase their productivity. In absence of accounting software, accounting managers or business owners have to spend too much time to maintain financial records. This software helps in clear vision of company financial position.