Useful Skills for an Accountant: Data Science

I have a passion to drive transformation and innovation and expand my skills to lead a company’s accounting to new levels of technology driven processes. Accountants with Data Science knowledge and some experience are capable to implement new technologies to deliver innovative analytics solutions based on business intelligence, big data and insightful reporting technologies. The ideal candidate will transform data into analytical solutions delivering business value and improved outcomes. Someone who can interpret large and varied data sources, leverage visualizations tools to aide in understanding data, build models to use the data (machine learning techniques), and discover relationships across data elements. Now it can be very challenging on someone who is so well-versed in mathematics and computer science to know the other world, business. Because the jargons, processes and knowledge that one dealt with especially, if you are in mathematics and computers science, can be less rigid, more complicated overlays of business rules and processes. That to me is the fun part of doing business which we will figure out in "Useful skills for an accountant: Data Science Essay".

My responsibility as an Accountant is to accurately record the company's financial performance using Generally Accepted Accounting Principles, follow my company’s accounting practices and local statutory principles. As a professional accountant, my work involves in some or all of the following activities - accounting for complex business transactions, advising the business on technical accounting problems, and performing financial reporting and analysis.

The rise of transformative technologies such as robotic process automation, artificial intelligence, and blockchain has definitely raised concern to me about what my career will look like in the future. As a professional accountant what do I need to be doing to increase my prospects for success?

It seems to be that the answer is in the data. Not a particular number or some intense information, but all the data. The need to gather, organize, and mine data for business insights all in real time will present the accounting profession with exceptional challenges and opportunities in a fast approaching, totally different future.

Data analysis is not easy for everyone but someone with interest in the field or have basic analytical skills can learn with hard work and dedication. Difficult part is the intuitive aspect of it knowing the direction to take based on the limited information you have at the moment. There is plethora of data available online or around us but communicating the results and showing why your analysis is correct that makes this all the more difficult doing it deeply, at scale, and in a consistent fashion.

Many industries academic publications have tried to explain what Data Science is and why should we can, but not whole a lot information is available to explain how to make use of data as a source. Data Science touches every aspect of our lives on a daily basis. When we drive our cars, visit the doctor, shop for services, get on an airplane. Data Science is changing the way we interact with and explore the world. Our world is now measured, mapped, and recorded in digital bits. Entire lives, from birth to death are not catalogues in the digital realm. We are making discoveries that will forever change how we live and interact with the world around us. Data Science is an auspicious and profound way of applying our curiosity and technical tradecraft to solve humanity’s toughest challenges.

Hopefully with my experience and education I will be able to give them the information they need to make the right financial decisions. I am experienced overseeing the accounts of smaller to larger organizations in different industries. Medium-size retailers to give them the information they need to make the right business decisions. Also apply the technological skills I possess to automate the accounting for small business.

Data Science is the most glorious word to me. Like the morning star shining in the sky, like a torch flaming in the dark, Data Science has illuminated my life.