the income statement and cash flow analysis has the most practical uses. In
accounts payable, cash flow matters just as much as revenue. Knowing how much
money is coming and going is a vital step to keeping operations running smoothly.
As I move up in my field to accounting, these items and more from the class will
be useful. Being able to give the most accurate estimate of future earnings and
expenses will be important for upper management to make business and
operation decisions.
In the article “The Future Of Accounting Is Much More Than Crunching
Numbers”, by Mike Whitmire, the impact of automation in accounting is
discussed. According to Whitmire, accountants are being given more leadership
and responsibility. Role in accounting, especially CFOs, have positions that have
moved away from just numbers and included more operational processes.
Whitmire’s company, FloQast, calls this “operational accounting” and views it as a
way to improve efficiency and innovation. To aid accountants from repetitive and
mundane tasks, and to free their time for more strategic and operational
endeavors, implementation of automation is a crucial first step (Whitmire, 2022).
As I have been in school, teachers have mentioned many times about how much
technology has removed from accounting’s plate. For example, in my first
accounting class we had to learn all about journal entries and closing accounts—
then were told how most accounting software will handle that for you. Expanding
the use of computerized accounting and AI to help minimize errors and allow
more to be done in a day can make a business more competitive, an important
aspect to overall success. For companies like CVS Health, accurate data in as
close to real time as possible can help drive business decisions and prevent large
scale problems. Having technology working with accounting staff allows for faster
reporting in key areas and closing at year end. The faster the information is
finalized, the faster decisions can be made.
Reference:
Whitmire, M. (2022, May 5).
The future of accounting is much more than
crunching numbers
. Forbes. Retrieved from
https://www.forbes.com/sites/forbesfinancecouncil/2022/05/04/the-future-of-
accounting-is-much-more-than-crunching-numbers/?sh=3d0dec9aac91
