Leverage Accounting Principles when Modeling Financial Data
Analyzing financial data is rarely ever “fun.” In particular, generating and analyzing financial statement data can be extremely difficult and leaves little room for error. If you've ever had the misfortune of having to generate financial reports for multiple systems, then you will understand how incredibly frustrating it is to reinvent the wheel each time.
This process can include a number of variations, but usually involves spending hours, days, or weeks working with Finance to:
- Understand what needs to go into the reports
- Model said reports
- Validate said reports
- Make adjustments within your model
- Question your existence
- Validate said reports again
You can imagine how extremely time consuming this process can be. Thankfully, you can leverage core accounting principles and other tools to more easily and effectively generate actionable financial reports. This way, you can spend more time diving into deeper financial analyses.