AI and Machine Learning in Finance (Journal of Accountancy)

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What are the impacts and implications of machine learning in finance automation?

  • Machine learning principles are being implemented by technology companies as means of executing repetitive and predictable tasks to reduce time spent by accounting professionals.
  • “Work activities with about 70% of time spent processing data are highly susceptible to automation.”
  • Work activities less susceptible to automation include tasks that involve:
    • Human connection
    • Emotional intelligence
    • Complex analysis
    • Stakeholder interaction
  • To better transition to modern day technology, you and your team should:
    • Identify the areas in your firm that can be replaced by technology. This will equate to more advisory time with your clients.
    • Stay current on the the latest technology developments. This information is not only helpful to you, but your customers as well.
    • Identify inefficiencies by systemizing your product or service delivery. Where can you preemptively address these inefficiencies?
    • Build and develop relationships with your clients by developing soft skills, as opposed to only technical expertise.

Read the full article “The Robots are not Just Coming…They are Already Here – Journal of Accountancy” here.

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