As I referenced in last week’s post, the accounting industry is booming with the UK being one of the top countries for providing the global economy with qualified accountants. As with any industry though there’s always room for improvement and recently, the financial reporting council proposed plans to introduce a new accounting framework in the UK by 2015.
From improved auditing to better governance and enhanced speed and effectiveness, the proposal calls for EU accounting policies to better serve the interests of investors as well as strengthen investor engagement.
Of particular interest, the draft proposal draws our attention to the need for UK accountants to revamp their approach to reporting so that it is more accurate and better understood internationally. One way to achieve better accuracy in reporting of accounting and financial information is to have the ability to gather and interpret data cross business and cross borders.
A good business analytics system not only helps to provide real-time information and transparency into business processes, but provides a complete service including data analysis and reporting through drawing information from a range of sources. This streamlined approach to analysing data will help to make the reporting process far more efficient.