Use Case
Accrual accounting tracks non-cash business activities, such as future liabilities and revenue based on credit, for a more accurate picture of company finances. But it often relies on data from hard-to-find sources and increases the amount of information reported on accounting statements. The improved accuracy also comes at the cost of labor-intensive processes for collecting accruals across the company.
Efficiency Gains
Eliminate labor-intensive spreadsheet models and hours of redundant work
Top-Line Growth
Decrease the amount of data you export and keep your system organized
Bottom-Line Returns
Save time with quick forecast buildouts and accurate results
Business Problem
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.
Alteryx Solution
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