Question

Accounting software systems collect vast amounts of data about the economic events experienced by a company and about the parties with whom the company engages, such as suppliers and customers. Business decision-makers take advantage of this wealth of information by using data analytics, which often employs both software and statistics, to draw inferences and make more informed business decisions. As both data access and analytical software improve, the use of data analytics to support decisions is becoming increasingly common at virtually all types of companies.

You may also be interested to know that the use artificial intelligence and machine learning technologies in the tax and accounting fields is growing.

Perform research online to determine data analytics technologies that are currently being utilized in the tax and accounting field. Excel is pervasive and used by almost every company, so you should research a different technology so that collectively as a class, we can learn about new technologies that are being implemented. Provide an example and summary/explanation of one of your findings.

Answer 1

Data analytics technologies that are currently being utilized in the tax and accounting field:

NetSuite

NetSuite is the world's #1 cloud ERP solution, providing a unified platform to streamline all back-office processes, like accounting, CRM, and ecommerce. With built-in business intelligence, reporting, and real-time visibility across your organization, NetSuite empowers businesses of all sizes and industries to unleash growth, reduce IT costs, and eliminate operational inefficiencies-- allowing you to focus on key, revenue-generating decisions, rather than worry about your back-end systems.

NetSuite offers the following features:

• Analytics & dashboards.
• Quoting.
• Mobile Access.
• Workflow engine.
• Role-based security.
• Integration with Microsoft Office & Outlook.
• Sales order management.
• General Ledger.
• Tax management

Evaluating NetSuite Versus the Standard Model ERP Software Solution

The full capability report covers eight primary modules, incorporating 3,539 functions and features. By knowing whether or not NetSuite supports these features and functions, we can compare it against the market average. Here's how it fares in each of the eight modules:

NetSuite covers 89% of Financials characteristics. This is quite impressive but could be improved, since its competitors support an average 90% of functions for this module, representing a modest disadvantage for NetSuite.

In Human Resources, NetSuite covers 81% of functions. This gives Oracle NetSuite's software a notable upper hand over other ERP vendors' software, which support an average 70% of characteristics for this module. NetSuite is a viable option in the Human Resources domain. However, it is not the best performer. The top competitor offers 100% coverage in this module.

NetSuite supports 94% of Manufacturing Management functions and features. Other ERP software on the market average 82% coverage in this module, meaning the Oracle NetSuite software package has an observable advantage here.

NetSuite offers 91% coverage of Inventory Management attributes. This is exceptional coverage that slightly surpasses its competitors, which average 86% support for this module. However, it should be noted that NetSuite is not the best performer in Inventory Management; it is surpassed by another solution that supports 100% of the features.

In this module, NetSuite supports 87% of the characteristics. This is great, but could be improved. Other ERP software solutions cover an average 91% of Purchasing Management features, and the best-ranking solution covers 100%, meaning the Oracle NetSuite software package is at a modest disadvantage here.

NetSuite covers a phenomenal 98% of Quality Management attributes. This represents a discernible advantage for the Oracle NetSuite software solution as rival ERP software suites cover an average 82% of characteristics here.

In the Sales Management module, NetSuite has strong coverage, supporting 86% of functions. The average support offered by other ERP software packages is 90%. This puts the Oracle NetSuite software at a minor disadvantage in Sales Management.

NetSuite supports 89% of Product Technology characteristics. With this very good coverage that outpaces the average competitor (66%), the Oracle NetSuite software has a substantial advantage.

1. Financials
2. Human Resources
3. Manufacturing Management
4. Inventory Management
5. Purchasing Management
6. Quality Management
7. Sales Management
8. Product Technology

Concluding the Comparison of NetSuite vs. the Market

NetSuite outperforms the market average 62% of the time, and may be shortlisted by software purchasers trying to select the solution that can best match their business, functional, and technical needs. Keep in mind, however, that this analysis does not take into account the priorities your company has set for each functional area, which will surely impact your purchasing decisions. Potential buyers should therefore be certain to perform an internal assessment and prioritize their decision requirements so as to discover the likely outcome of selecting NetSuite.

The capability report is focused solely on NetSuite's support for ERP functionalities. It therefore doesn't take into account any technical, business, or functional priorities that buyers may have in mind when selecting an ERP solution. Deciding factors can include your users' requirements and the needs of your stakeholders, but they can also include political, financial, or psychological factors. Of course, any benchmark results can't factor in the intricacies of a decision-making process in the real world. Some degree of subjectivity will always affect in the selection process, as we know from our extensive experience.

Other Software are the following:-

1. Zoho Books

Zoho Books is an online accounting software that allows you to easily manage the money flowing in and out of your business. Manage your customers and invoices, while keeping expenses in check. Record, monitor and reconcile your bank accounts and transactions, and collaborate with your accountant in real-time. Most importantly, Zoho Books helps you make better, more informed decisions and stay on top of your business.

2.Horizon ERP

Horizon ERP is a ready to use off the shelf product for small businesses. It handles billing , accounting and inventory management with ease. Making it a complete solution for your business. A Simple User interface aids in a faster learning curve. Its a robust platform that can handle many hundred thousand invoices per financial year. Upto twenty five thousand SKU's , customers and ledgers can be maintained and tracked simultaneously.

3..FreshBooks

.FreshBooks Accounting ensures your business decisions are based on actual business data and insights. Set aside enough for tax time, learn the costs of running your business, find out if you have money to hire and confidently forecast your earnings. Try it free for 30 days, no credit card required.

4.Quick Book

Quick Book Manages small business finances. Instant access to customer, vendor and employee information. Available in an online version