AI (Artificial Intelligence) is rapidly changing the way businesses operate around the world. The practical, efficient, and organizational benefits of artificial intelligence cannot be ignored, especially when it comes to industries that deal with complex numbers like accounting.
Today, AI applications are so good when loaded with specific functions. In fact, they perform better than humans in most cases. For example, companies are using AI to extract data from their customer contracts to see if they meet their requirements and comply with various agreed standards.
These are tasks that are normally handled by accountants with a CPA (Certified Public Accountants) qualification. These accountants have spent a lot of time in business and accounting schools to acquire the required qualifications. They should also gain enough professional experience before working for the top companies.
Despite this, and with the recent disruption of the accounting industry by artificial intelligence, business and accounting schools need to introduce AI into their curriculum. Before graduating, accountants should have learned a number of things about AI, including;
Some people might say AI has come to make accountants jobless. This is not true because AI only came to make things easier and streamline the daily work of an accountant.
Business and accounting schools need to ensure that they have taught their students about automation and the need to streamline business processes.
For example, an accountant is responsible for providing all payment details to an employee of a company. Let’s take the example of a company with more than a hundred employees at different employment levels.
It will take a lot of time for the accountant to itemize the payment for each employee. Instead, they can use a payslip maker which automates the whole process and makes it simple and straightforward.
Accountants are trained to deal with different clients. These customers use different systems, data, processes and policies that have a direct impact on their financials and how accounting is done.
This makes things quite complicated and accountants are expected to deal with different sets of data as they serve different clients.
For this reason, business and accounting schools must teach skills and data analysis to allow accountants to easily work with different AI systems that can handle these different sets of data. With this, accountants will be able to analyze the data generated by AI applications and work faster.
Ability to tell stories
Accountants should be able to look at different sets of financial data and generate a story from the data. It’s an art and the story should be easy to understand for anyone who can read or listen to it. What does it mean?
This means that business and accounting schools should teach the ability to use data to convey message and meaning through effective storytelling. Indeed, although artificial intelligence can provide a lot of data, accountants must be able to translate this data to everyone and make it easily understood.
Although AI makes everything simple and straightforward for accountants, they need to be careful about the security of the data they deal with. With advanced technology, the instances of unauthorized data access and cybercrime have increased.
Cybercriminals are finding new ways every day to infiltrate businesses and gain access to data they can use fraudulently.
Thus, business and accounting schools must teach their students data security and its importance. Accountants should be aware of the various measures and applications they can use to ensure the security of the data they process. This will go a long way in eliminating cyber crimes.
Artificial intelligence should be adopted in all industries, including the world of accountants. It has transformed the role accountants play, forcing them to learn how it works before even venturing into the industry.
If you want to succeed in your career as an accountant, be sure to join a business and accounting school that has included AI in their curriculum.
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