AI: Future Of Accounting Profession

Impact Of Artificial Intelligence (AI) And Machine Learning On The Future of Accounting Profession.

future of accounting professionAre you studying or intend to pursue accounting in college or university? you may be wondering what is the future of Accounting profession and the future outlook of accountancy given the recent disruptions being witnessed in various professions and occupations. Advancement in artificial intelligent system has, in some cases, outdone human efforts or better matched cognitive intelligence, as a result, most tasks that require military precision are being undertaken by these powerful systems. Most people are fearing that time will come when most business functions will be undertaken by AI systems, rendering accountant jobless. Artificial intelligence and block chain poise a threat to the traditional functions of an accountant such as book keeping and auditing. Automating of repetitive functions such as book keeping and validation of the input may render auditing functions obsolete. However, it does not mean the end to accountants. Most human resource practitioners foresee exciting times for the future of accounting profession. They do not anticipate robots taking over the human functions played by accountants. The future of accounting profession will largely harness computing power, therefore, future accountants need to change their mindsets and develop high computing skills to complement the work of AI systems.

The relentless progress that technology has shown is undeniable, whether you are a millennial, an iGeneration or even a laggard, one cannot deny the fact that we live in a time of technological marvels that seem to follow the footprint of Moore’s Law (1965). There are already elements of artificial intelligence (AI), and machine learning, seen in our daily life today. Siri and Google are excellent illustrations of digital supporters that provide tailored services based on attributes learned about the user. Many have heard of the comparison made of Apollo 11 technological features to the smartphones available in the market today. Moreover, it is said there is more computing power on an iPhone than there was on the 1969 Apollo 11 mission to the moon or the Deep Blue supercomputer had in 1997.

accounting assignment writers UK, USArtificial Intelligence (AI) can be defined as “the capacity of machines and software to exhibit or imitate a sense of cognitive intelligence”. It is training machines to make human-like decisions and perform smart tasks that usually require human intelligence. Competencies presently branded as AI include successfully understanding human speech, competing at a high level in strategic game systems such as chess, autonomous cars, military simulations, and interpreting complex data. AI developers have managed to fashion applications that can expand human performance, automate complex processes, and simulate human engagement to progressively sophisticated levels. The current interest in AI has been driven by a trifecta of developments in machine learning techniques, data availability and continued acceleration in computer processing.

According to Arthur Samuel, an inventor in the field of AI who coined the term ‘machine learning’ in 1959, machine learning offers computers the capability of learning without being explicitly programmed. Machine learning is a “field of computer science that is considered the leading edge in artificial intelligence (AI) giving computers the ability to learn without being explicitly programmed”. It’s a subset of AI where machines use neural networks designed to function the same way as a human brain. The algorithms can process and analyze data from various sources around the world to predict outcomes and learn from successes and failures, recognize patterns, make connections, and classify it by the elements it contains.

Impact of Artificial Intelligence On The Future Of Accounting Profession

Given that AI and machine learning systems are fueling the technology we use in our homes, workplaces and entertainment centers, it is no surprise that accounting technology companies are testing with and employing them in their platforms. Accounting technology firms such as Xero and its rivals have been applying machine learning principles to wipe out challenges many small non-accounting-savvy business owners face. There are limitless rewards experienced by companies who are using these systems that have caused shock waves in the accounting society. Such benefits are as follows;

Future of Accounting Profession: Clearing Invoices Payment

Nowadays, accounts receivable or treasury clerks struggle to clear invoice payments when customers’ pool invoices in one expense, pay incorrect amounts or do not include invoice numbers with their payment. To clear the invoice, an accountant either has to physically add up several invoices that might coincide the payment amount or contact the customer to clarify some data. In the case of a short payment, the accountant either has to ask for approvals to accept the quick payments or request the remaining amount from the customer.

An intelligent system could support this task by promptly suggesting invoices that might match the paid amount and, based on established thresholds, spontaneously clear the minor payments or automatically generate a delta invoice.

Future of Accounting Profession: Expense Claim Auditing

Another transactional finance task that could benefit from AI-enhanced automation is expense claim auditing. Machines could learn a company’s payment policy, read receipts and audit overhead claims to ensure compliance and only detect and forward questionable claims to relevant employees for authorization. Rather than exclude the human workforce in accounting firms, the accountants will have new colleagues (machines) who will work in tandem with them to deliver more efficient and effective services to customers. This move will free up hours in the day for accountants to accomplish more vigorous analytics on the outputs of the system. Taking advantage of AI will enable accounting, audit, and compliance sectors to scrutinize significant amounts of data, and supply more analysis and insight as a part of their job description.

Future of Accounting Profession: Determining bonus accruals

Deploying AI solutions, firms could leave this calculation to a machine that uses all existing system data and predictive analytics abilities to come up with an unprejudiced accumulation. Furthermore, this would give accounting teams more time during the closing process for undertakings that require human intervention.

Future of Accounting Profession: Automating Approval Workflows

Today, approval workflows are mostly based on two-dimensional matrices that list various conditions based on which approval levels are triggered. Intelligent workflows could let finance players differentiate and sieve out the specific exemptions from the standard low-risk exception, that is usually accepted anyway. This way, accountants do not need to wait for approvals and feel empowered, while still limiting the risk for the organization.

Future of Accounting Profession: Machines as Financial Guardians

All industries require professionals who act in both financial and legal aspects and shoulder significant financial onus. They are usually very skilled and experienced employees, but being human, they are therefore prone to misconceptions, biases and other human errors. Machines and computers with sophisticated AI capabilities can someday take over such financial roles as they are not inclined to such human mistakes and become more efficient fiduciaries than their human counterparts.

This aspect of AI implementation is highly attractive for public trust funds like medical research, parks, educational institutes, etc., by ensuring long-term continuity and adherence to the original mandates.

Future of Accounting Profession: Analytics calculation

Accounting software is adapting and becoming smarter as time goes by, it is executing jobs that previously required human intervention. Tedious, labor-intensive, and mind-numbing tasks are being eliminated by machines through the art of restructuring operations thereby saving time, money and increasing efficiency.

Due to advancements in gathering and processing data skills; administrative capabilities, accounts payable and accounts receivable roles, learning how to organize different types of information through machine learning are becoming infiltrated by AI.

Future of Accounting Profession: Data analysis

Though companies employ large teams of accountants who work overtime to meet a deadline and finalize audits, the massive amount of transactions that pass through firms limits the quantity and quality of transactions that auditors can inspect by hand. Presently, auditors only study a select sample of transactions.

In a report by PWC, the future of auditors is seen to be bright as they will be able to audit 100% of firms’ financial transactions. Machine learning patterns will be able to process and review the data, recognize irregularities and come up with a list of outliers for auditors to check. Therefore, instead of spending most of their time checking data, auditors will be able to apply their abilities in examining and inferring the reason behind a pattern or anomaly.

Future of Accounting Profession: Risk assessment

In assessing economic proposals for services projects, finance teams are tasked with evaluating projects individually based on the customer characteristics, such as maturity, industry, size, current system landscape, the complexity of the products to be implemented and so on. To make this assessment, the team often relies on the top managers of the finance department who possess experience in similar projects. This comprehensive evaluation is not only unbearable for any finance team to do on such a large scale and guarded timeline, but the final decisions are limited by these individuals’ perspectives.

Machine learning could assist in the simplification of risk assessment mapping by pulling data from every project a company had ever finalized to compare it to a recommended project. Using this data, the team could then map the proposed plan against all historical projects and come up with a better-informed risk assessment. This could, in turn, allow finance managers to provide a better offer to customers using a lower risk uplift, or ensure that there is enough cover in case the risk is high. This capability could significantly increase the company’s revenue and margin.

Future of Accounting Profession: Bank reconciliation

A bank reconciliation is a practice corresponding the balances in a firm’s accounting records for a cash account to the corresponding data on a bank statement. Machines can learn how to automate bank reconciliations completely. AI and machine learning technology pick up from previous allocations and account choices and then makes the right recommendations for new bank transactions. As accounting companies and branches begin to rely significantly on machines to do the heavy lifting of calculating, reconciliations and responding to inquiries on balances and verifying information, auditors and bookkeepers will be able to not only deliver more value but handle more clients than ever before.

Future of Accounting Profession: Transforming the finance role

The primary objective of many chief financial officer (C.F.O.) is to leverage technologies that will positively impact jobs and finance. For this to happen, the skills required of those in the finance and accountancy function will have to change drastically. Transactional jobs will become less critical, while business partnering, cross-functional knowledge, and tech savvyness will become more critical. Furthermore, these systems must be built, maintained and integrated into existing operational systems and processes. Although the resources required for these transactional tasks will be fewer, the fast-changing business models driven by digitization will need additional financial resources to be developed and supported. Many other functions besides finance, including HR, procurement and legal, will be equally affected. The best thing leaders can do to prepare for the impact of machine learning, and artificial intelligence technologies are to strive to develop a learning culture, so employees can stay ahead of what is coming. Now is the time for CFOs to educate and prepare themselves on this topic, so they can lead their teams in adapting when the time is right.

Advanced Technology: How It Is Impacting The Future Of Accounting Profession

expert writing help for accounting dissertationThere is no contrast that artificial intelligence systems are not only a dominant force in the market but are refining quickly. They provide outputs that can be exceedingly accurate, replacing and, in some cases, far superseding human efforts. Nonetheless, they do not replicate human intelligence.

Accountants hold some strengths over AI; their ingenuity, critical thinking, decision-making skills and most importantly the power of building trust and relationships with clients. With the introduction of AI systems in every corner, accountants must pivot away from the business of crunching numbers and instead focus, more so than ever before, on using AI to develop a deep understanding of how the systems can solve accounting and business problems. Instead of hopelessly trying to outdo machines, they should empower themselves by utilizing these machines to market themselves as visionaries to their clients and company.

Accountants must inevitably come to terms with the exceptional potential of machine automation. Artificial intelligence won’t wipe out accountants, but rather revolutionize how they work. To form a positive vision of the future, accountants must take their fate into their own hands, instead of waiting for it to be imposed on them by robots. It is imperative for accountants to recognize AI as a business enhancement tool rather than a direct competitor and to apply the strengths and limits of the different form of intelligence towards building an understanding of the best ways for individuals and computers to work together.

As much as accountants have been using technology for many years to accelerate what they do and delivered more value to companies; the introduction of AI systems into the market should be seen as a blessing and an opportunity to improve on turnaround time, job satisfaction and excellence, and investment choices. By focusing on their niche, training themselves on future technologies, mastering machine learning, and building a closer human relationships; a savvy accountant can come to possess the knowledge of experts regarding the same machines and ensure they remain relevant far into the unknown future.

Machine learning and artificial intelligence in accountancy functions are here to stay. As accounting firms embrace centralized systems; and pacesetters continue to make progress in the development of AI, these machines will only become unbeatable. That being said, AI will only pose a crippling threat to an accountant who cannot keep up with the changing time and welcome newly found technology advancements to exploit it to their advantage.

Future Of Accounting Profession: Skills To Learn

As most human resource practitioners and analysts predict the future of accounting is set for a revolution. It is, therefore, imperative for accounting students to enhance their computing, programming, data mining and data analysis skills in order to remain relevant in the future job marketplace.

We encourage all accounting students to enroll for courses in emerging disciplines like python programming, data science and statistical data analysis to enable them fit in the future accounting profession market.

At Expert Writing Help, we assist accounting students with SPSS data analysis help, python programming, investments management assignment help, data science homework and programs.

Free Essay: Toyota Marketing Strategy

The 7Ps Of Marketing: Toyota Marketing Strategy Analysis

7Ps of marketing analysis of ToyotaAre you a student in the United States, United Kingdom, Canada or Australia looking to hire marketing essay writing service for your Toyota marketing strategy plans, essays writing or dissertation help online? At Expert Writing Help, we hire highly talented and qualified marketing paper writers to assist you complete that assignment or marketing analysis paper giving you sleepless nights. Most students seeking our marketing essay writing service request for proof that we can deliver quality paper. It is  for this reason that we regularly develop free marketing essays for students to judge our writing skills. In this blog post, we shall conduct market analysis on Toyota company to establish what makes the company successful. Since Toyota company is a highly successful automotive assembly company, it has attracted attention of academicians and pundits. Therefore, it is common to find academicians, analysts and strategists spending hours on end studying their marketing strategy. Our expert marketing essay writers deployed the 7Ps of marketing tool to analyze Toyota marketing strategy, which has seen  the company grow into a giant automaker.

As of February 2018, Toyota was the largest carmaker in the world. And that is no accident. Continuous improvement, innovation, high-quality products, and fiercely executing a well-thought-out marketing strategy account for Toyota’s dominance. Toyota’s focused execution of the 7Ps of marketing provides useful insights into how a business can achieve greatness. They are product, price, place, promotion, physical evidence, process, and people.

Toyota marketing strategy: Product

Without a product or service, the other Ps of marketing do not mean a thing. Toyota makes beautifully designed, comfortable, fuel-efficient, durable, and safe products that satisfactorily meet users’ mobility needs.  Perhaps that is the reason this automaker’s vehicles’ have become almost ubiquitous.

The company continually develops sophisticated ways to improve its products. It offers diverse products that allow their customers unlimited choice. The company’s product mix includes engines, accessories and spare parts, marine products, Toyota automobiles, Lexus automobiles, and Welcab series (modified for the elderly and disabled). If a customer wants a luxury vehicle, Lexus automobiles satisfy that demand. And if a senior needs a suitable car, Welcab series have them covered.

Toyota marketing strategy: Price

Toyota sells affordable, comfortable, and fuel-efficient vehicles as well as top-of-the-range products that offer comfort and luxury. One cannot immediately identify the specific market category the company serves. Perhaps it is accurate to say that Toyota sells to the world. Before the company enters a new market, it has already developed a crystal clear understanding of the market and its various needs. One finds a profusion of specific models offered at varying price points in a given market and only a few such units in a different one. In markets that demand comfort and luxury, the company provides products that satisfy that need at acceptable prices. The most popular models in a given market are usually a reflection of its people’s purchasing power.

Toyota marketing strategy: Place

Toyota cars seem to be everywhere you look. Dealerships and retailers are the two principal places Toyota uses to distribute its products. Customers can find with ease the find numerous dealerships and retailers all over the world. But the largest chunk of the sales is attributable to the dealerships’ efforts. The company supplies its accessories and parts through independently owned auto spare stores. And there are millions of such businesses dotting the world’s economic landscape. Toyota relies heavily on the revenue its dealerships generate. But the company would not be where it is without the billions of dollars rolling in from the private auto spare stores.

Additionally, the internet is increasingly becoming a place where Toyota’s customers all over the world can buy products. It is hard to find a dealership that lacks a strong online presence.

Toyota marketing strategy: Promotion

marketing essay writing serviceWhen it comes to promotion and getting one’s name out there, Toyota goes all out and wins. The company consistently devises and executes various strategies and specific activities that aim to saturate the auto market with “Toyota messages.” Toyota promotes itself and its products through public relations, personal selling, advertisements, direct selling, and sales promotion.

Toyota marketing strategy: toyota’s promotion function

Personal Selling: Salespeople do personal selling at the various dealerships around the world. Most people are familiar with the typical, ever-smiling car salespeople at such locations. They are excellent at explaining or demonstrating why a particular model would work for a customer. Toyota’s Personal selling strategy is hugely successful if the humongous cumulative dealerships’ sales are anything to go by.

Advertisements: Toyota really goes to town on newspaper, TV, and online ads

Public Relations: Toyota understands and appreciates the incredible power of “free press” that is public relations. The company runs various programs that demonstrate Toyota’s commitment to corporate social responsibility. Studies have shown that customers are increasingly choosing to support businesses that care about people and not just profits. Some of the programs are Togethergreen and Meal Per Hour. Togethergreen supports environmental initiatives while Meal Per Hour demonstrates Toyota’s concern for the hungry. “Acts of kindness” encourage consumers to form supportive mental associations with the businesses involved.

Direct Sales

Recently, Toyota started testing the effectiveness of a solution that potentially offers its customers convenience and saves them time. It is a web-based system where prospective customers would log in and order a product from anywhere. The company would then deliver the product to the customer’s preferred location. One wonders whether the success of the proposed system could lead to job losses.

Toyota marketing strategy: People

People are a central factor to how Toyota runs its business. The company invests enormously into its workforce through training and talent development. While Toyota pays great salaries to its employees, the work environment is not what one would call comfortable. It is a challenging place that forces people to think and create solutions that solve the company’s problems. People are probably the automaker’s number-one factor that sets it apart from its competitors.

Toyota runs its business on the premise that efficiency combined with good people produces excellence. Every person working for them is a dedicated soul who works hard to attain Chie — Japanese for Wisdom or knowledge. At Toyota, everyone’s ideas matter. And suggestions can originate from any place, whether that is the corner office or the factory floor.

Toyota marketing strategy: Process

Toyota hates waste and favors the lean manufacturing approach. The company remains firmly opposed to people and ideas that waste time, material or other resources. After attaining dominance, many companies tend to stop to celebrate their success. But Toyota has a different “mindset.” To them, anything that works excellently today needs to be working even better tomorrow. At that point, Toyota begins to look like one of the successful companies of the future.

Toyota marketing strategy: Physical Evidence

Toyota is easily identifiable by a logo that features three overlapping ellipses. The ellipses symbolize the “oneness” that exists between the hearts of Toyota’s customers and the carmaker’s products. The logo also reminds the corporation of the critical role technology serves in the grand scheme of things. The emblem makes the company’s dealerships, products, and staff easily identifiable. And customers get documentation that would always call to mind the buying experience relating to the product purchased.

That is what makes Toyota strategy great. It is reasonable to assume that other types of businesses can achieve excellence by implementing in their situations the 7Ps of marketing.

About the author

Alen Owen is professional marketing essay writer with Expert Writing Help. He has authored numerous papers on marketing case studies, marketing plan assignments and financial analysis papers with great precision. We hope you learnt alot from his concise writing and indepth research on Toyota marketing strategy plan.