Everyone in the accounting industry ended up in a shock when they first heard Automation! A wave of backlash came along with the introduction of automated and virtual tools entering the accounting and finance domain as they thought it would substitute human tasks and leave them jobless. But was that True? Absolutely No!! The invasion of automated and virtual assistants into the accounting world aimed to cut redundant tasks rather than substituting human roles. The advent of AI into the accounting domain gave rise to new roles and augmented responsibilities. Hence, the age of automation challenges every tax and accounting professional to embrace automation and stay recognized as the most trusted US CPA professional in the accounting world of tomorrow.
Accounting Areas where AI is making an Impact
Big Data
A major challenge to the accounting industry especially for certified public accountants while they enter the career world is Big Data. Since accounting careers involve a huge flow of data, accounting professionals need to choose the best CPA Review course in India that would train them how to leverage AI and new technologies to predict, analyze and migrate them to centralized or suitable locations making data accessibility more efficient when they are needed.
Auditing
Unlike traditional individual excel sheets which contained dispersed financial data, intelligence systems helped CPAs to store financial data in a centralized location. AI tools deployed in auditing made the auditing process more efficient, accessible, and result-oriented. One of the biggest advantages of taking up US CPA training is it helps accounting professionals to make smart and informed financial decisions, understand patterns and mitigate risks by extracting samples rather than spending time on disparate data.
Finance
Every business is driven by account payables and receivables. But if an accountant is not able to track them, then the entire business might land in soup! Hence to solve this problem many accounting firms and CPA review courses started offering training in AI tools like prescriptive and predictive analytics that would help accountants compare raw financial data to make sound decisions and gain a competitive advantage on the career plane.
The Future of US CPAs
With the application of new-age technologies into the accounting and auditing process, the job description and skillsets of accounting professionals have taken a rapid shift. Technology would also enable a collaborative setting in the accounting field as it would enable the mix of accounting professionals and subject matter experts to support decision-making in Big 4s and top MNCs.
With the digital revolution, the entire accounting industry is changing the traditional bookkeeping, reporting, and balance sheet functional tasks to more advisory and consulting roles. Technology has also welcomed strategic working plans and charts in accounting operations where US CPAs optimize AI-driven tools to build humanized and contextual insights to support C-Suite leaders with cutting-edge decisions and drive business value.
Automation and other new-age technologies have enabled US CPAs to diversify skills and build technical acumen to scrutinize budget and support compliance. The deep dive of digital capabilities into the accounting firms have enabled certified public accountants to refine their core competencies to play a creative and strategic role in the accounting world of tomorrow!
