Consider how the role of accountants has changed over time. Just a few short decades ago, many accountants were writing down by hand each business transaction into a general journal, manually posting to the general ledger, and physically adding ledger figures to construct trial balances and financial statements. Imagine how many people it took to perform these processes and then imagine how many organizations needed these people.” Accounting is changing once again. The relentless adoption of new technology continues to increase the automation of routine processes that accountants have performed for centuries… While this reality of machine learning and artificial intelligence could be perceived as a threat to the accounting profession, it should instead be seen as an opportunity: accountants can once again shed the responsibility for mundane, time-consuming transactions and focus instead on value-added activities. Accountants can leverage their newfound time into driving business strategy by applying data analytics. The accounting profession is here to stay; it is the skillset that will change.” (Lo, K., & Fisher, G. (2023). Intermediate accounting (5th ed., Vol. 2). Pearson Canada Inc.) Let’s take employee benefits as an example, which we will study in this course. Employee benefits, including pensions and other post-employment benefit costs, can be the biggest expenditure for many companies. Increasingly, companies are turning to data analytics to help them manage these costs. By using “Big Data” from multiple sources, companies can get a better handle on their benefit usage and employee benefit needs, and better predict employee behaviour under multiple benefit scenarios. Many organizations are taking advantage of data analytics tools to help predict what options members will choose in pension schemes; how much individuals are able to save so they can better design contribution structures for companies and individuals; the impact of risk-related lifestyle options on benefits plans; and the coordination of benefits that individuals typically purchase for themselves (for disability, critical illness, etc.). Data analytics are helping companies tailor their benefit plans to work in conjunction with employees' choices and requirements to keep companies competitive as employers. For your initial post, please explain another use of data analytics relating Accounting How is data analytics changing accounting?
Consider how the role of accountants has changed over time. Just a few short decades ago, many accountants were writing down by hand each business transaction into a general journal, manually posting to the general ledger, and physically adding ledger figures to construct trial balances and financial statements. Imagine how many people it took to perform these processes and then imagine how many organizations needed these people.”
Accounting is changing once again. The relentless adoption of new technology continues to increase the automation of routine processes that accountants have performed for centuries… While this reality of machine learning and artificial intelligence could be perceived as a threat to the accounting profession, it should instead be seen as an opportunity: accountants can once again shed the responsibility for mundane, time-consuming transactions and focus instead on value-added activities. Accountants can leverage their newfound time into driving business strategy by applying data analytics. The accounting profession is here to stay; it is the skillset that will change.” (Lo, K., & Fisher, G. (2023). Intermediate accounting (5th ed., Vol. 2). Pearson Canada Inc.)
Let’s take employee benefits as an example, which we will study in this course. Employee benefits, including pensions and other post-employment benefit costs, can be the biggest expenditure for many companies. Increasingly, companies are turning to data analytics to help them manage these costs. By using “Big Data” from multiple sources, companies can get a better handle on their benefit usage and employee benefit needs, and better predict employee behaviour under multiple benefit scenarios. Many organizations are taking advantage of data analytics tools to help predict what options members will choose in pension schemes; how much individuals are able to save so they can better design contribution structures for companies and individuals; the impact of risk-related lifestyle options on benefits plans; and the coordination of benefits that individuals typically purchase for themselves (for disability, critical illness, etc.). Data analytics are helping companies tailor their benefit plans to work in conjunction with employees' choices and requirements to keep companies competitive as employers.
For your initial post, please explain another use of data analytics relating Accounting How is data analytics changing accounting?
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