According to RDS Business & Industry, the definition of financial data is as follows: a full fiscal year data on a company's performance in terms of profits, revenues, operating income, etc. when accompanied by discussion of significant events that have affected performance. Financial data includes, but is not limited to, the documentation of the charges for services, costs of providing services, revenues generated from services and revenues from other sources. An example is a state agency that must collect financial data for administering programs such as Medicaid.
what is financial accounting?
In financial analysis the analyst compute financial ratios to determine the financial health of an financial institutoin rather than simply studying raw financial data.
Financial statementsAuditor reportManagement ReportManagement Discussion and AnalysisNotes of Financial DataSummary of Financial Data
A spreadsheet or a database could be used. For financial data, it is more likely to be a spreadsheet.
auditor check reliability of financial data of the organization, and he give assurance about financial data of an organization.
All data work like collecting financial data and others data
Financial accounting is the process of preparing financial statements using data and figures. Cost accounting is similar but you look for alternative ways to figure these figures and data.
The EDGAR system of the Security and Exchange Commission has historical public financial data for any publicly trading company in the United States.
Most dealers understand the value of the collection of financial data, but also realize the challenges to harness this knowledge to create intelligent, active routes back to the client. Data mining technology - and the techniques for recognizing and tracking patterns in the data - helps businesses sift through layers of seemingly unrelated data meaningful relationships, where you can anticipate, rather than just react address customer needs and financial need. In this accessible introduction, which provides an overview of business and technology of data mining and describes how, along with solid business processes and complementary technologies, data mining can reinforce and redefine for financial analysis.Objective:1. The main objective of mining techniques is to discuss how to customize the data mining tools must be developed for the analysis of financial data.2. The pattern of use in terms of the effects can be categories as the need for financial analysis.3. Develop a tool of financial analysis through data mining techniques.Source: http://www.moneymanagersllc.com
To implement changes in an new organization, what are the critical data sources you would use to measure the financial outcomes?
Yes. Statistics and statistical functions would indeed be used in a financial spreadsheet. A lot of financial data is statistical.
accounting data is used to determind a company's financial status, and also to execute systematic reports of financial transactions
external sources include:- communication media supplier customer feed back banks financial instutation internal sources include:- financial report sales data transport data storage data
Financials information systems analyzes and interprets financial data entered. This helps businesses finalize forecasted financial decisions and plan projects.
It is called a spreadsheet.
a higher risk of financial data theft
They have a wide variety of ways of manipulating numerical data. So they are ideal for dealing with anything financial. They also have lots of specialised financial functions that can be used. Data can be stored and all sorts of calculations can be done with the data. It can be used to help the decision making process by analysing the data and testing out what happens with different values, a process often called what-if analysis.
In terms of insurance companies, financial accounting helps monitor and determine the insurance status of their clients and manage their financial data that the current insurance company has on about their client.
you can use it for: Maniplulation of mass data Graphical visualization Formula Financial tasks Automatically updating data