The Benefits of Using Artificial Intelligence in Accounting

    CHICAGO, IL, April 10, 2023 /24-7PressRelease/ -- For the first time ever, New Accountant is featuring a Cover Story written entirely by AI's "Francine Strutieiilna", an anagram for artificial intelligence, along with a profile piece on Oscar Wilde in this issue.

In the article, entitled, "The Benefits of Using AI in Accounting", the ChatGPT expert thoughtfully lists the benefits as well as the AI technologies associated with accounting, today. Benefits like 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 patterns in spending, are all ways in which there are advantages to using AI.

It also goes on to explain the various types of AI technologies available to the accounting industry: Machine learning – using 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 – uses statistical models and machine learning algorithms to make predictions about future events.

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

Steps to making the move towards AI in accounting include identifying the task best suited for automation, identify the right AI technology for the job, ensure data being used is high quality and ensure AI is being used in an ethical and responsible manner.

"Reimagining the Role of Management Accountants" by Dennis Whitney, CMA, SVP, IMA, talks about the skill sets accountants will need now more than ever in the digital age of accounting, such as growth mindset, technology skills, interpersonal skills and strategic and critical thinking – expanding on the traditional accounting role.

In the issue, we feature four peer reviewed articles. The first is written by authors Douglas K. Barney, CPA, CMA, CFM and Dan Tschopp, PhD, CPA explore "Why It's Important to Take the CPA Exam". Reasons covered are: confidence gained by achieving a lofty goal, enhance reputation from earning a recognized established credential, more career options, and a higher salary base. The article also details what to expect when taking the CPA exam, historical pass rates, planning steps towards taking the CPA such as requirements, timing and expectations as well as any changes to the CPA exam.

The second peer-reviewed article, "Getting Ready for Your Internship: Advice from Former Interns" by assistant professors, Robin N. Romanus and Penelope L. Bagley. The importance an internship role plays to the introduction of accounting is crucial. Here, the authors summarize advice that can help students look forward to internships and giving them a great experience. This includes, having a positive attitude, being personable, and open to feedback; always be learning, taking notes, listening and not spinning your wheels; being prepared by getting to know your surroundings; being adaptable to change, having open communication, asking for and embracing work and getting out of your comfort zone; work quality – double check and stay organized; and socialization - building kind and thoughtful relationships.

Piggybacking on this is our third peer-reviewed article, "Achieving the Benefits of an Internship" by Brian Wilson, DBA, CPA. The author covers everything from why to consider an internship to the benefits of adding your new skills to your resumé. He also dishes out advice on navigating compensation, college credits, making necessary connections, selecting a firm and internship timing and focus areas. Most of all, internships help you decide if an area of accounting is right for you and what questions to ask when interviewing.

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

And in order of progression, the final peer-reviewed article studies, "How to Navigate Your Career", written by Sammie Parsley, DBA, CMA, CPA, CIA, CGMA and Michael Wicek, DBA. This helpful article reviews what positions you should seek to work towards while considering your lifestyle and the aspects to consider that will take you there. It even offers an example of a career trajectory with considerations and how one would tackle that, as a guide to help students plan their careers. Other things to take into consideration are the timing of accepting a position, how long to stay in a position based on learnings, 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 the key takeaway here.

A fun profile, partially composed by AI, ChatGPT, is an article entitled, "Oscar Wilde: A Timeless Voice of Wisdom". This is chock full of life quotes by the writer and poet himself, which touch on everything from money, goals, happiness, love, ambition, and inspiration.

And finally, our featured profile in this issue: "McMurry University Encourages Accountants to Consider Graduate Degree Options", an advertorial on considering 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 Corp since 1985, New Accountant is a professional print and digital publication edited for college accounting students and accounting professionals to prepare for a career in accounting, auditing and industry. For more information, please visit NewAccountantUSA.com; email [email protected]

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