Under accrual accounting, your business records revenue before receiving payment and records expenses before paying for them. Accruals enhance the picture you have of your financial situation by drawing on more data from more sources. But they create work for your accounting teams: collecting accruals, understanding how to report them accurately, evaluating their effect on taxes, including them in reconciliations and maintaining an audit trail.
By automating the collection and organization of accounting data, analytics reduce the labor-intensive work of managing accruals. Automation shortens the time required to calculate and verify accruals, such that they can be posted and reported more frequently; for example, monthly instead of quarterly. Benefits include greater consistency, higher-quality financial information and a smooth path to compliance with Sarbanes-Oxley.
With Alteryx, you can:
- Connect to multiple data sources and import accrued transactions
- Replace spreadsheet models with automated analytics
- Build forecasts and validate results