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Beyond ExcelPresented by:

Marie Hibbert, CPA, DirectorJohn VanDuzer, CPA, Partner

Webinar FAQ• How to ask questions

• Technology questions- 888.387.6851

• CPE Eligibility

MEET Marie Hibbert, CPA, CITP, CGMADirectorMarie has more than 20 years of experience in the accounting profession, with an emphasis on business intelligence, data analytics, and technology. During her tenure with James Moore, she has been involved in various industries seeking to automate processes and better utilize their data to make strategic decisions.

MEET John VanDuzer, CPAPartnerJohn helps a variety of clients to achieve their long-term goals, minimize their tax burden and maximize the value of their business. As a key member of our Real Estate Services team, he has extensive knowledge and experience in the accounting and tax concerns of this industry. John also heads the firm’s Tax Department and leads a team of over 40 professionals in serving the firm’s business and individual tax clients.

Your Presenters

Agenda

• Excel Challenges• Data Wrangling• Analytic Process Automation • Business Intelligence: Harnessing the Power of Your Data

◦ Data visualization◦ Storytelling◦ Machine learning & AI

• Q&A

Excel Challenges

Common Excel Challenges

• Broken links

• HIGHLIGHTING

• Hard-coded cells

• Complex formulas

• Disparate data and formatting issues

• Version control (e.g., Final_Final_SuperFinal.xlsx)

• Little reusability

• Error control

• Speed and volume issues

• Poor overall design (SALY)

• Querying data from multiple Excel sources

• Tabs, tabs, and more tabs

Why Does it Matter?

• JPMorgan – Copy & paste error - $6.5 billion1

The lender was using Excel to create value-at-risk models, and a finance employee made the mistake of copying and pasting the wrong information from one spreadsheet to another. The formulas within the copied cells were not adjusted accordingly, resulting in gross miscalculations of their synthetic credit portfolio.

• Emerson – Missed cell formula mix up - $3.7 million1

Emerson incorrectly estimated the total cost of one contract bid. They came up short by $3.7 million all because of a single spreadsheet cell. The cell that contained the cost of electrical was not included in the formula that calculated total expenses. One cell missed, millions of dollars lost.

1https://blog.caspio.com/5-of-the-most-terrifying-excel-spreadsheet-horror-stories-weve-ever-heard/

How confident are you in the validity and accuracy of your Excel calculations?

- I’m nervous.- We could do better.- We do a pretty good job.- 100% accurate and valid – Fort Knox.- We don’t use Excel.

Polling Question #1

Data Wrangling

Where do I Begin?

What is Data Wrangling?

• Wikipedia:

Data wrangling—sometimes referred to as data munging—is the process of transforming and mapping data from one "raw" data form into another format with the intent of making it more appropriate and valuable for a variety of downstream purposes (such as analytics).

Data Wrangling

System 1

System 2

Data Prep

Validations/ Diagnostic Reporting

Data Blending

Data Preparation Tool

ProcessingInput Output

System 3

Analytic Process Automation

Analytic Process Automation

Analytic Process Automation – Example

Analytic Process Automation – Example

What we get

What we need

What data challenges do you currently have in your organization?

- I can’t find the data.- The data is never in the right format.- We repeat the same process over and over again – manually.- None! Our data is easy to find, process, and utilize.

Polling Question #2

Analytic Process Automation – Example

Analytic Process Automation – Example

Analytic Process Automation – Workflow Example

Analytic Process Automation – Workflow Example

Business Intelligence: Harnessing the Power of Your Data

Business Intelligence

• What is business intelligence?o Simply put, business intelligence is the ability to collect information (data) and then utilize it to

respond or react.

• What are examples of business intelligence?o Are we paying too much for supplies?o What is the likelihood that our customers will go into collections?o How long does it take to collect past-due amounts?o Are we meeting our organizational or department objectives?o Employee satisfaction and anticipated turnovero What areas are most at risk for going over budget?o How long does it take to process x?

Which Visualization Do I Choose?

What tools do you currently use to create visualizations?

- Excel- Power BI- Tableau- Who has time to create visualizations?- Other

Polling Question #3

Storytelling With Data

Which of these visualizations best represents an organization’s success in reducing time to collect past due amounts from customers?

How Visualizations Can Be Misleading

62.4%53.5% 52.5%

How Visualizations Can Be Misleading

Creating Relevant Dashboards

Machine Learning & AI

Next Webinar

Register for our next CPE Series webinar:

Excel: Beginner

Date: June 23, 2021Time: 2:00pm

https://attendee.gotowebinar.com/register/5979636128171400463

Q&A

Contact

https://www.facebook.com/JamesMooreCPAs/

https://www.linkedin.com/company/james-moore-certified-public-accountants-and-consultants

www.jmco.com

Marie Hibbert, DirectorCPA, CITP, CGMA

Marie.Hibbert@jmco.com

https://www.linkedin.com/in/marie-m-hibbert/

John VanDuzer, PartnerCPA

https://www.linkedin.com/in/johnvanduzercpa/

John.VanDuzer@jmco.com

• June 23 Excel: Beginner

• June 30/July 7 –No Webinars – Happy 4th of July!–

• July 14 Single Audit & ARPA Update (A&A)

CPE Request/Evaluation Link: https://bit.ly/2Ux8WjB

2021 Government Summer CPE Series (Remaining)