From working in accounting at multiple companies…I realized that while every company follows GAAP principles, every company does their accounting differently and there are A LOT of variables in place concerning small to medium sized companies. There is no cookie cutter approach which is what AI would need to be effective. And it would require every department of the company and subsidiary to be integrated on one software app for AI to do all the posting….Not to mention, the company would have to integrated with all its customers and vendors which is not easy to do and very expensive for small to medium companies. How is AI going to post a cash receipt if the client doesn’t include a remittance telling what invoices to apply to? That’s where it becomes a judgement call or a phone call with the client. Maybe they’re pre-paying for a future invoice. It’s just too many variables from month to month….
Thanks for clarification on AI in Business. I did just learn how Excel parses information from a document into a data table. That is amazing. I see how we can use the information from a critical Thinking perspective, populated from AI tools. Great video
I've worked in IT for over 10 years. Im using my GI Bill and the VRE to become and EA and maybe go into Tax LLM. I had this discussion with many people who fear the AI take over. To simply put it. If you have a Career that you need to interpret and execute data. Your job is only going ro be Aided by A.I. Again A.I. does not execute data or interpret the data. A.I. compiles data and presents it.
Although it wont brush your teeth or cook your food, one day it will let you know why your brushing your teeth wrong and create a better recipe than you can. Learn to work with it cause it surely aint going away. 🤔 hmmm those are actually great startup ideas. Think higher brother or you just might be one that loses their job to someone who has optimized and improved their workflows using AI
From working in accounting at multiple companies…I realized that while every company follows GAAP principles, every company does their accounting differently and there are A LOT of variables in place concerning small to medium sized companies. There is no cookie cutter approach which is what AI would need to be effective. And it would require every department of the company and subsidiary to be integrated on one software app for AI to do all the posting….Not to mention, the company would have to integrated with all its customers and vendors which is not easy to do and very expensive for small to medium companies. How is AI going to post a cash receipt if the client doesn’t include a remittance telling what invoices to apply to? That’s where it becomes a judgement call or a phone call with the client. Maybe they’re pre-paying for a future invoice. It’s just too many variables from month to month….
Thanks for clarification on AI in Business. I did just learn how Excel parses information from a document into a data table. That is amazing. I see how we can use the information from a critical Thinking perspective, populated from AI tools. Great video
Great Video. I’m going to school for accounting next semester.
Thank you and good luck!
I've worked in IT for over 10 years. Im using my GI Bill and the VRE to become and EA and maybe go into Tax LLM.
I had this discussion with many people who fear the AI take over.
To simply put it. If you have a Career that you need to interpret and execute data. Your job is only going ro be Aided by A.I.
Again A.I. does not execute data or interpret the data. A.I. compiles data and presents it.
AI is overrated, people be like ai gonna brush my teeth, gonna cook food.
Definitely overrated. Just like how they were hyping up crypto a few years ago
Although it wont brush your teeth or cook your food, one day it will let you know why your brushing your teeth wrong and create a better recipe than you can. Learn to work with it cause it surely aint going away. 🤔 hmmm those are actually great startup ideas. Think higher brother or you just might be one that loses their job to someone who has optimized and improved their workflows using AI
Im about to enter my junior year in double majoring in accounting and finance with a concentration in economics. Idk what careers i may end up in
Starting my finance degree next month
I go to college for finance in 3 months 🙁
Good luck! You won’t regret it!
Same here, what college you’re going to?
AI still makes basic factual and mathematical mistakes, let’s see what the future looks like
This is very true!
I don't think ai will take over as this would literally go against the rat race and we do need to put in mind that finance isn't a honest business.
ai joke my time in 90 call expert systems will drain power like crazy like ev