Benefits of using artificial intelligence in accounting

“By using AI in accounting, and by automating repetitive tasks, improving the accuracy of financial data and providing deeper insights, accountants can help businesses make more informed decisions”

Chicago, IL, April 10, 2023 /24-7 Press Release/ — For the first time, The New Accountant is featuring a cover story written entirely by “Francine Strutielna,” an anagram for artificial intelligence, AI, along with a profile piece on Oscar Wilde in this issue.

In the article, titled “Benefits of Using AI in Accounting,” the ChatGPT expert thoughtfully lists the benefits of AI technology associated with accounting, today. Benefits such as automating repetitive tasks, improving the accuracy of financial data by eliminating human error, allowing businesses to scale more easily, and allowing companies to gain insights into financial data such as analyzing customer data to identify spending patterns are all ways to use AI. convenience

It also explains the different types of AI technologies available to the accounting industry: Machine Learning – uses machine learning algorithms to determine financial patterns; Natural Language Processing – allows machines to understand and interpret human language; Robotic process automation – allows machines to automate repetitive tasks; and predictive analytics – using statistical models and machine learning algorithms to predict future events.

However, the article warns against some of the challenges of using AI, such as using good original data quality, a complex implementation process that requires expertise, ethical concerns about data privacy and security, and the high cost of implementing AI for companies.

Steps to move towards AI in accounting include identifying the tasks best suited for automation, identifying the right AI technology for the job, ensuring high quality of data used, and ensuring AI is used in an ethical and responsible manner.

In “Rethinking the Role of the Management Accountant” by Denise Whitney, CMA, SVP, IMA, accountants in the digital age of accounting will need more than ever, such as a growth mindset, technology skills, interpersonal skills, and strategic and critical thinking — expanding the traditional accounting role. .

In the issue, we feature four peer-reviewed articles. The first is author Douglas K. Barney, CPA, CMA, CFM and Dan Tschopp, PhD, CPA explore “Why it’s Important to Take the CPA Exam”. Factors covered are: confidence gained by achieving a higher goal, increased reputation by achieving a recognized established certification, more career options and a higher base salary. The article details what to expect when taking the CPA exam, historical pass rates, steps to plan for taking the CPA such as requirements, timing and expectations, as well as any changes to the CPA exam.

Assistant Professor, Robin N. Romanus and Penelope L. A second peer-reviewed article by Bagley, “Preparing for Your Internship: Advice from Former Interns”. The role of internship in introducing accounting is very important. Here, the authors summarize tips that can help students look forward to internships and give them a great experience. These include, having a positive attitude, being personable and open to feedback; Always learn, take notes, listen and don’t spin your wheels; Being prepared by knowing your surroundings; Adapting to change, communicating openly, asking for and embracing work and stepping out of your comfort zone; Quality of work – double check and stay organized; and socialization – developing kind and thoughtful relationships.

Our third peer-reviewed article, “Achieving the Benefits of an Internship,” by Brian Wilson, DBA, CPA, piggybacks on this topic. The author covers everything from why you should consider an internship to the benefits of adding your new skills to your resume. He also advises on compensation, college credit, making the necessary connections, timing a firm and internship, and choosing focus areas. Above all, internships help you decide if a field of accounting is right for you and what questions to ask during an interview.

“As you are being interviewed, make sure to interview the potential employer as well. Learn about their client mix or primary focus, including which industries or sectors are represented.”
– Brian Wilson, DBA, CPA (inactive), Professor of Accounting, St. Cloud State University

And in order of progression, study the final peer-reviewed article, “How to Navigate Your Career,” by Sammy Parsley, DBA, CMA, CPA, CIA, CGMA, and Michael Wisek, DBA. This helpful article reviews which locations to work in while considering your lifestyle and considerations that will get you there. It even provides an example of a career trajectory with considerations and how one would approach it, as a guide to help students plan their careers. Other factors to take into consideration are when to take a position, how long to stay in a position based on learning, and how to manage expectations along the way. Taking the time to consider what is important to each student in terms of work/life balance is key here.

An interesting profile, partly authored by AI, ChatGPT, is an article titled, “Oscar Wilde: A Timeless Voice of Wisdom”. It is full of quotes from the author and poet’s own life, touching on everything from meaning, goals, happiness, love, ambition and inspiration.

And finally, our featured profile in this issue: “McMurray University Encourages Accountants to Consider Bachelor’s Degree Options”, an advertisement about pursuing a MACC (Master of Accountancy) at McMurray University. It details the program and its benefits.

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Published by Real Estate News Corporation since 1985, The New Accountant is a professional print and digital publication edited to prepare college accounting students and accounting professionals for careers in accounting, auditing and industry. For more information, please visit; email [email protected]



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