I Work With AI And Blockchain TechAnd Im An Auditor At A Major Firm

I Work With AI And Blockchain TechAnd Im An Auditor At A Major FirmI Work With AI And Blockchain TechnologyAnd Im An Auditor At An Accounting FirmYou might not associate the accounting industry with innovative technology, but behauptung days, emerging technologies like AI, machine learning, and blockchain are making their way into many of the major firms processes.Getting to work with that technology hashelped to automate and accelerate the mora menial tasks involved in practiceslike auditingas well as find new data points and patterns that enable modernaccounting professionals to provide better insight to their clients.We spoke to Steven Morrison, an audit partner at CohnReznickone of the countrys leading accounting, tax, and consulting firmsabout the ways technology has changed the industry, and how many of the most basic practices of accounting are actually bolstered by new technology.How AI, Machine Learning, And Blockchain Factor Into The Accounting IndustryAs auditors, Morrison and his gruppe handle a ton of data. The purpose of any audit is to provide an objective, third-party examination of financial records. For CohnReznicks clients, the audit is an essential step toward a myriad of important strategic decisions, establishing credibility with the public, andultimatelygrowing their businesses.With so much on the lineand so much competition in the accounting industryMorrison and his team employ a variety of technologies to increase efficiency and provide higher quality insights to CohnReznicks clients.Machine learning and AI can help parse massive quantities of data, spotting patterns and, more importantly, anomalies. With hundreds of thousands of individual data points, the ability to use programs that call the attention of auditors to the most important focus areas can allow auditors to use their expertise and brain power to solve the toughest problems, rather than waste their time on painstaking manual entry and sorting of data.CohnReznick, Morrison t ells us, has a historyof innovating and creating proprietary tools and software to create these sortof efficiencies. But some even more incredible advancements are coming down theline, with the use of blockchain ledgers becoming increasingly common.The use of shared ledger technologyyes, thesame technology that powers cryptocurrencies like Bitcoin and Ethereumhassimilar time- and energy-saving effects, especially when it comes toreconciliation (the practice of comparing individually kept accounting recordsand looking for differences). While its rare to see a client that hasalready adopted blockchain ledgers, Morrison says, the technology is certainlycapable of changing the industry landscape in the future.Becoming Tech-Enabled Accountants Means Looking AheadWith A Focus On The Foundational SkillsThats something thats true of all thesetechnologies, though. Were only on the cusp of understanding the potentialimpact of blockchain and artificial intelligence on so many areas of business and, Morrison tells us, that makes it a particularly exciting time to beentering the accounting industry.Were able to process certain data indifferent ways. We can improvise and adapt. Its not something that becomespush-button or robotic. Were still applying the same level of professionalskepticism, Morrison says.However, he tells us, What our people spendtheir time on will likely shift to higher-level thinking.Thats actually one of the biggest misconceptions,Morrison says, about the role of technology in accounting. Its not replacinganyones jobs or automating the core processes. At the end of the day,technology merely enables accounting professionals to focus on the part oftheir work thats most challenging and exciting, and thats why tech-enabledaccounting is such an incredible development.I think it is a great time to be entering the CPA profession. There is a big appetite for what can we do better, faster, and more of, and the more tools in the toolbox our staff has will present amazing opportunities, Morrison says. And its up to you to figure out what to do with them.Share a passion for tech-enabled efficiency and strategic insight? Check out open opportunities at CohnReznick on WayUp