In this podcast episode, we talk about the features and uses of data analysis software, especially in terms of how it can be used in an accounting or auditing environment. Key points made are:
Data analysis software imports data and analyzes it without having to write a program.
It is used by companies to preview data before the auditors arrive, as well as to review the validity of human resources records, and estimate the amount of periodic inventory adjustments needed. It is heavily used in the internal audit department.
It takes in data through a data interface that accepts many data types, including PRN and PDF files.
A modest amount of training is needed, usually around three days.
The price is in the low thousand-dollar range for single users. There are add-on modules for an additional charge that are used to test specific accounting areas.