Data analysis is a relatively new field, built on the power of database mapping and data mining. Most of the leading software and Web solutions in this field have been in existence a very short period-five to six years-and there is still no clear definition of what applications should accomplish beyond identifying problems and opportunities based on information from a company's general ledger. Still, there is a great deal of diversity. While most of the packages on the market focus on helping accountants serve their clients, Sage Software's CPAPractice Manager takes another tack by applying the same data analysis to the accounting firm itself. Microsoft Forecaster goes a step further, tying the financial analysis to the client's budget and planning process, resulting in a more rational approach to how client companies can make use of the data generated by the financial analysis. Finally, ProfitCents focuses more on constructing a more effective dataset with which to perform analyses, building on the public databases with its own proprietary platform.

For 2005, Accounting Technology covers the data analysis field with a roundup of nine excellent products, all of which deserve consideration by accounting firms.

ProSystem fx ProfitDriver 7.0

Introduced in 2004, ProSystem fx ProfitDriver, a financial diagnostic and analytical application, transforms client data into an interactive, strategic planning tool, enabling accountants to develop the outcomes of what-if scenarios and construct detailed plans for reaching goals.

The software is designed to take client data from the ProSystem fx Engagement or Tax products, or from a spreadsheet, and crunch the numbers to provide trending and cumulative data that can be used to support strategic planning and decision support systems. The reports generated can be printed or exported into Engagement either individually or in total.

The product provides four types of analytical views of the client's financial standing. A one-page Financial Scorecard provides an overview of company performance and financial position; what-if scenarios driven by the Strategy screen that can be updated by a click of the Net Change icon; key performance indicators allow comparisons of a business with the performance of other companies in the same industry; and there is a substantial list of management reports. The reports system offers a wide range of graphical reports, including a detailed, 20-page Financial Diagnostic Report.

A number of attractive features set ProfitDriver apart from its competitors. These include the bundling of KPI data; integration with other databases, including spreadsheets, and the Mentor Plus Level 5 approach to client service that teaches accountants how to move from a compliance-oriented relationship to one that is future-focused and real-time.

ProfitDriver, a well-rounded and functionally complete toolset, has garnered strong endorsements within the accounting community for its ability to drive better engagements, more substantial consulting relationships, and better client service.

Accpac CFO Version 2.0B

Accpac CFO (Comprehensive Financial Optimizer) from Sage Software provides three core analytical functions: what-if scenarios; goal-seeking to match performance with objectives; and budgeting/forecasting. Together, these three enable accountants to easily develop financial models based on indicators and desirable business targets.

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