Accelerating the Financial Close: Automation Today! AI Tomorrow?
According to the Wall Street Journal, 300,000 of our accounting and auditing peers left the profession between 2019 and 2022. The AICPA tells us the number of candidates sitting for the CPA exam dropped 7% from 2021 to 2022. Now more than ever, fully informed financial decision making depends on automating the financial close. Let's look at the benefits of a quicker close, the closing automation in use today, and what the future may hold for accelerating the financial close.
Major Topics:
- An overview of small to medium size business financial closing benchmarks
- A review of currently shipping automation that accelerates end of fiscal period processing
- The effect AI will have on financial closing processes, accuracy, and speed
Learning Objectives:
- How fast is fast? What is state of the art in automating the financial close?
- Who's doing what? How are others using today's closing automation technologies to deliver value?
- What's the future hold? When and how will recent innovations, including AI, further accelerate the financial close?
Skill Level: Intermediate
Field of Study: Information Technology
CPE Hours: 1.5