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An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
Time-series analysis of time-dependent data. [5] Clustering and classification to find patterns and associations among groups of data. [5] Data matching Data matching is used to compare two sets of collected data. The process can be performed based on algorithms or programmed loops.
Record to report or R2R is a Finance and Accounting (F&A) management process which involves collecting, processing and delivering relevant, timely and accurate information used for providing strategic, financial and operational feedback to understand how a business is performing. [1]
Create a cost and operational flow diagram – How resources and activities are related to products and services. Collect data – Collecting data where the diagram shows operational relationship. Build a software model, validate and reconcile. Interpret results and prepare management reports. Integrate data collection and reporting.
A ratio's values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values. [6]
Data analysis is a process for obtaining raw data, and subsequently converting it into information useful for decision-making by users. [1] Data is collected and analyzed to answer questions, test hypotheses, or disprove theories. [11] Statistician John Tukey, defined data analysis in 1961, as:
Data should be consistent between different but related data records (e.g. the same individual might have different birthdates in different records or datasets). Where possible and economic, data should be verified against an authoritative source (e.g. business information is referenced against a D&B database to ensure accuracy). [3] [4]
Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age.REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [1] and contained the concepts of resources, events and agents (McCarthy 1982).
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