What is Big Data? We usually talk about Big Data when traditional data processing methods can no longer cope with the volume, velocity, variety and reliability of the data. While there is no specific amount of data that can be labelled as Big Data, it is usually a data set that exceeds the capabilities of traditional databases and data processing tools. What should you do if you need to analyse such a huge data set and don't have immediate access to a fully-fledged Big Data platform? In this article, we will look at how you can use available tools to gain insight into this Big Data when no specialised solution is yet available.
In the digital age, with technology becoming the basis for business process transformation, the synergies between e-invoicing and AI offer great potential for improving efficiency, accuracy and compliance. Yet the rapid evolution of AI technology increases the need for a clear set of rules to secure ethical practices and data protection. In this article we look at how the integration of e-invoicing and AI technology changes business operations, what the main challenges are, and what aspects organisations need to consider when adapting to the evolving regulatory environment.
The integration of e-invoicing into your finance function can significantly improve its efficiency and accuracy. However, this digital development brings with it some new risks, particularly in the area of fraud. The growing role of technology in financial transactions causes organisations to strengthen their security systems and focus on modern fraud detection solutions. In this area, artificial intelligence (AI) has become a crucial tool that provides organisations with advanced methods for detecting, preventing and minimising fraud. In this article we explore how AI can detect fraud in e-invoicing systems and how organisations can benefit in practice.
Data is hugely significant in the business world, yet its true value lies not only in volume but also quality. Bad data can hinder your business growth and lead to wrong decisions and missed opportunities. This article explores the practical aspects of data quality management to help you discover the true potential of information and make decisions based on data that is reliable and accurate.
Cost segmentation is crucial for businesses aiming to maximise profitability and enhance operational efficiency. Categorising expenses helps companies identify cost-saving opportunities, optimise resource allocation and make informed strategic decisions. This process provides a detailed understanding of various cost drivers and their impact on the overall financial health of your organisation.
The large amount of information being generated every second has changed the way business decisions are made in today’s data-based world. It’s important for tax and financial professionals to understand what opportunities and solutions big data has to offer. If you are using improved data analytics processes with appropriate algorithms, big data can give you a detailed picture of financial trends, customer behaviours and operational efficiency. This article explores the foundations of big data analytics and the scope for using the available data to make strategic decisions and drive growth in your organisation.
On 24 May 2024 the Finance Ministry launched a public consultation on proposals for amending the Accounting Act that require invoices to be prepared as structured electronic invoices. Latvian companies invoicing state-funded organisations will have to use structured electronic invoices from 1 January 2025. Other companies will be covered from 2026. This article explores the early proposals for implementing e-invoices in Latvia.
Looking at the ever-changing financial management space, you might think that traditional tools such as Excel should gradually become obsolete and be replaced with advanced software solutions that rationalise processes and build efficiencies. However, despite a whole range of financial technologies being readily available and optimally applied, organisations keep using Excel in their day-to-day work.
For most companies the financial year coincides with the calendar year, so the end of the calendar year means they need to do tasks relevant to preparation of financial statements, including an inventory of account balances and a reconciliation of debtor and creditor balances at the balance sheet date.
In this article we will look at ways to automate processes using various solutions, that is, how to process incoming PDF invoices that are manually entered into your system, the easiest way to compare data between your systems, and what tools you can use for creating solutions.
Technologies, especially artificial intelligence (AI), seem to be evolving faster than people are able to perceive their significance. This is still a hot topic not only in Hollywood but also in everyday life. AI tools are now being widely used by students and entrepreneurs who recognise potential uses of this technology. This growing interest has led to the creation of many tools of this kind, such as ChatGPT, Bing ChatGPT, Jasper, and Google Bard. This article explores the most popular and capable AI tool, ChatGPT, and its newest version, GPT-4, as well as looking at what it’s capable of doing and what its limitations are.
Thanks to the considerable interest in PwC Academy’s introductory lecture in November, which offered an overview of the content of PwC’s Digital Academy (still available as a video recording), in January PwC’s Digital Academy Latvia launched a series of three webinars for managers, accountants, bookkeepers and everyone who works with data, reports and standard processes on a daily basis.
We are happy to share with our MindLink.lv readers the topics we discuss in our webinars.
In our article of 27 September 2022 we explored what Power Query is like and why we should use it, as well as giving a brief overview of what the tool offers. This article explores how we can benefit from using Power Query to compare data, because participants of PwC Digital Academy Latvia’s upcoming webinar on 23 February will have the opportunity to find out how they can set up templates in practice for comparing various types of data.
When it comes to performing accounting or any other duties where data processing takes a long time or where you regularly need to perform some repetitive or similar activities and processes, it’s great to keep easy-to-use tools handy. As we are putting together courses at PwC’s Digital Academy, we would like to tell you about a tool that will make your daily tasks much easier to do. Power Query is a data preparation and transformation tool available in Microsoft Power BI and, starting from the 2016 version, in Microsoft Excel and other programs. This tool allows users to obtain data from a variety of external data sources and from files stored on computer. It allows you to group and transform data and perform other activities. This article offers a few practical examples to raise awareness of how this functionality can be used and what benefits it offers.
The preparation of annual accounts is relevant to each company, and this process often involves making multiple changes that have a direct effect on the numerical information presented in the company’s financial statements. Accounting software mostly ensures automatic preparation of the balance sheet and the profit and loss account, yet companies, depending on their size, may have to produce a number of notes that tend to take a long time to prepare. In this article we share recommendations for accelerating the technical preparation of financial statements.
