What is Financial Analytics?
Keywords: financial analytics, business services, accounting services
Today, organizations are working in a data-driven world. It makes Financial Analytics critical for every business to increase competitiveness. It helps organizations comprehend their businesses’ past and present performance and then make strategic decisions to ensure growth. It can help startups to develop a business plan. It provides information to the promoters, investors, and financial advisors in a systematic format.
- Financial Analytics provides insights to organizations on the financial data concerning their businesses. They can have in-depth knowledge leading to improved performance by taking strategic actions.
- It is the sunset of Business Intelligence (BI) that converts data into meaningful information, and Enterprise Performance Management (EPM) that monitors the performance of various resources utilized in a business.
- It is also crucial to calculate the profit of a business and helps organizations forecast the future of their business.
A few of the vital Financial Analytics for every organization are as follows:
- Predictive Sales Analytics to reach a sales forecast using correlation analysis or past trends. It helps companies to plan and manage their business’ peaks and falls.
- Client Profitability Analytics to gain insight into the entire clientele group and scrutinize every client’s contribution to the company.
- Cash Flow Analytics to understand cash flow and gauge the business health using tools like regression analysis. It helps to maintain sufficient money for day-to-day operations.
- Product Profitability Analytics to document the profitability of the company’s products based on insights across all products.
Furthermore, it includes value-driven analytics, shareholder value analytics, and others.
Significance of Financial Analytics
- Financial Analytics helps startups and established companies specify their business’ future goals.
- It helps organizations have timely information for prudent financial planning, forecasting, and decision-making strategies.
- Companies can focus on measuring and managing the tangible assets of an organization using financial analytics.
- Businesses can improve their cash flow, profitability, and business value based on in-depth insight into the organization’s financial status.
How can BFAG help with Business Services Like Financial Analytics?
A business plan has all the components required to determine a company’s success. A good business plan serves the entrepreneurs as a roadmap, and promoters, investors, and financial advisors can utilize the systematic information better. Among various accounting services of Boston Financial Advisory Group (BFAG), one is the business plan support services. We can help companies develop their business plans based on financial analytics.
Experienced CA/CPA conducts thorough market research, competitor analysis, and financial forecasting as per the business idea and requirements to build a comprehensive business plan. Thus, every organization can utilize financial analytics-based business services with the BFAG to adapt to the trends that can affect its operations irrespective of its size.
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