How CPAs are leveraging AI—from management accountants to auditors
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How CPAs are leveraging AI—from management accountants to auditors

9 days ago · 1 min watch

Accountants constantly evolve their approaches to incorporate new technology innovations. As an example, to improve accuracy, reliability and efficiency, accountants have embraced the many benefits and opportunities of artificial intelligence. They use it, among other things, to manage and organize data and they put predictive and prescriptive data analytics to work to enhance their analyses.

Not all accountants use AI in the same way, however. Their approaches to AI will depend in large part on how they work with an organization. Management accountants, who work within the organization, are focused on enabling improved performance and shareholder value from the inside. They leverage AI machine learning to empower more collaborative efforts and easier internal communication of complex data and, ultimately, lay the groundwork for better decision making.

Auditors, on the other hand, work independently and outside of a company. They are responsible for ensuring that the organization is consistently following the proper accounting guidance and processes and procedures consistently and transparently. The end goal is to ensure that its financial reporting is accurate and complete.

As a result, while management accountants use AI to tell their companies’ story, auditors use it to confirm that their story is correct and that it is producing the desired results. Learn more in this video featuring Chris Ortega, MBA, founder and CEO of Fresh FP&A.

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