Chief among those are skills held by data engineers and data scientists, said Leon Katsnelson, director and chief technology officer for IBMs Analytic Platform Emerging Technologies group, during a speech at the 2017 AICPACPA.com Digital CPA Conference.Some are essential to make our site work; others help us improve the user experience.By using the site, you consent to the placement of these cookies.But the emergence of new technology and new ways of doing business has the potential to upend or at least alter the way accounting firms are managed.
For example, Mauldin Jenkins, a regional firm in the Southeast, formed a Forward and Strategic Thinking Committee in the fall of 2017 to study how the new environment will affect a firm of its size and the audit services it plans to continue to provide in the coming years. Firms may need to recruit people with new skills, provide new opportunities for them to advance, train existing staff to perform more analytical services, consider new billing models, and place increasing emphasis on providing advisory services and strategic thinking. Leaders of the profession agree that CPAs will retain an important role in the new business environment, and the U.S. Bureau of Labor Statistics continues to predict a positive future for the profession, with a forecast job growth for accountants and auditors of 10 between 2016 and 2026. Its a much more valuable, satisfying, and profitable space for our profession to occupy. But there is another technology that will literally speed the adoption of these new accounting tools. This in turn will allow for stronger security protocols that dont impair performance the way many of todays virtual private networks (VPNs) do on the slower current networks. For example, sensors could be placed on inventory to track logistics, identify volume surges, and generate other real - time information that, when combined with data already accessible through physical internet connections, accountants can monitor, analyze, and manipulate to provide actionable advice to help businesses succeed. Each autonomous car is expected to generate massive amounts of data every day. These data will be collected in real time and sent to cloud - based server farms. AI software will analyze the data in real time, making it possible to adjust traffic patterns, alter routes affected by accidents or construction projects, and correct mistakes so no other vehicle will make them. Ex Next Generation 1.5 Accounting Software How To Perform HumanlikeThats because AI requires incredible amounts of data to learn how to perform humanlike skillstasks. For example, to have an AI system learn how to properly navigate a large citys continuously moving maze of automobile traffic, stoplights, street signs, humans, and even animals, humans will have to enter thousands of images and scenarios that the AI can learn from. How do you teach a car to know when to stop, swerve, or speed up to avoid hitting a pedestrian or another car (or both) You have to feed it big amounts of data and teach it how to assess those data. The more data that are fed into a machine - learning software application, the faster AI can learn. Ex Next Generation 1.5 Accounting Software Verification Of BusinessFor example, combinations of AI, big data, and blockchain technologies could make it possible to do real - time verification of business transactions and audits of full financial data sets, reducing and perhaps eliminating the need for sampling. The future is disaggregated, unstructured data at the transactional level invoices, contracts, even email. The access to full data sets will turn the auditing process upside down. Instead of starting with aggregated data such as the trial balance or accounts receivable and then testing samples of transactions to form an opinion on the validity of the entire data set, auditing in the future will include continuous monitoring of transactional information. Algorithms will scan the data in real time and provide alerts when questionable transactions occur. Many areas will undergo radical reshaping, among them tax preparation and planning as well as virtually all aspects of financial reporting, including the month - end close.
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