Index
ISBN: 978-1-83797-820-5, eISBN: 978-1-83797-819-9
Publication date: 19 July 2024
This content is currently only available as a PDF
Citation
Akpan, D.M. (2024), "Index", Future-Proof Accounting, Emerald Publishing Limited, Leeds, pp. 231-251. https://doi.org/10.1108/978-1-83797-819-920241022
Publisher
:Emerald Publishing Limited
Copyright © 2024 Mfon Akpan. Published under exclusive licence by Emerald Publishing Limited
INDEX
Account reconciliation
, 102
Accountability
enhancing
, 108–109
ethical implications and role of
, 50
Accountants
, 17, 21, 58–60, 103–104, 106–107, 110, 123, 135–136, 159–160, 187
AI and evolving role of
, 92–93
Alteryx for
, 145–146
horizons
, 157–158
implications for
, 6–7
journey from syntax to success
, 131
power BI for
, 143–144
Python for
, 129–130
R for
, 133–137
RPA and evolving role of
, 81–82
strategic competence for
, 71
tableau for
, 145
in technological landscape
, 5–6
types of data relevant to
, 55–56
Accounting
, 3, 73, 129
adopting AI in
, 89–92
advanced analysis of document content
, 163
advent of IoT in
, 177
advent of ML in
, 201
AI and ML in accounting education
, 62–63
AI applications in
, 87–88
Alteryx in
, 152–155
analyzing qualitative data
, 162–164
auditing
, 193–195
automation of accounting processes
, 20–21
benefits of cloud computing in
, 25–28
best practices in cybersecurity for
, 33–35
blockchain’s applications in
, 9–10
catalyst for technological advancement in
, 47–48
challenges and opportunities with IoT in
, 177–178
cloud and
, 23–25
comprehensive social media insights
, 165
cybersecurity breaches in accounting firms and lessons learned
, 35–36
cybersecurity in
, 31
data as strategic asset
, 54
data blending and analysis
, 154
data cleansing and preparation
, 153
data-driven auditing
, 55
digital shift in
, 73
document analysis and management
, 164
emergence of text mining in
, 181–182
emerging cyber threats in
, 32–33
enhancing analytical capabilities in
, 142
enhancing collaboration and reporting
, 164
enhancing decision-making in accounting
, 163
ethereum and
, 20–21
evolution of AI and ML in
, 49
evolution of data sources
, 54
evolution of ML in
, 208
exploring regression models in
, 183
four vs. in
, 179–180
future implications of ethereum in
, 21
future implications of NFTs for
, 45
future of
, 92–93
future of blockchain in
, 10
future of cybersecurity in
, 36–37
future of IoT in
, 178
future of ML in
, 207–208
future of smart contracts in
, 17
grasping spectrum of ML in
, 205
growing significance of statistical analysis in
, 198–199
implementing regression analysis in
, 184
implementing RPA in
, 78–81
importance of data governance
, 54
importance of data in
, 54–55
importance of real-time ETL in
, 68
inevitable integration of ML in
, 209
information systems in
, 65–66
integrating social media data with financial analysis
, 165–166
interpreting language of data
, 198–199
intersection of
, 6
intersection of AI, ML and
, 52
IoT and 4 Vs in
, 56
IoT data applications in
, 177–178
leveraging Alteryx in
, 146
ML applications in
, 202
ML as catalyst for change in
, 207–208
ML in
, 201
impact of ML in
, 205–206
NFTs in
, 41–42
using NVivo in
, 161–162
NVivo in
, 162–166
paradigm shift in
, 200
power BI in
, 143
power of statistical analysis in
, 189–190
practical applications of AI and ML in
, 60–61
practical applications of VLOOKUP in
, 96–97
practical examples of Alteryx in
, 154–155
practical examples of NVivo in
, 166–167
predictive analysis in
, 58
predictive and prescriptive analytics
, 154
python in
, 131, 133
real-world applications of cloud computing in
, 28
real-world examples of smart contract applications in
, 14–17
relational database application in
, 67
risk management and opportunity identification
, 165
robust document management
, 164
role and impact of AI in
, 87–89
RPA and accounting tasks
, 75–76
impact of RPA on
, 75–76
sentiment analysis and brand perception
, 165
setting
, 31
smart contracts in
, 13–14
social media analysis
, 164–165
SQL applications in excel for
, 115
statistics in
, 193–198
streamlining audit and compliance processes
, 163–164
synergy of relational databases and ETL processes in
, 69–70
textual analysis in
, 159–161
transformative effect of RPA on
, 76
understanding information value chain
, 54
utilizing pivot tables in
, 106
utilizing R in
, 135, 137
utilizing tableau in
, 145
utilizing VLOOKUP in
, 95–96
Accounting environment
training and implementation of Alteryx in
, 156–157
training and implementation of NVivo in
, 167–168
Accounting information systems
, 66, 71
backbone of
, 66–68
ETL in context of
, 68
Accounting practices
evolution of smart contracts in
, 11
role of statistics in evolving
, 199–200
Accounting profession
, 1
strategic impact of AI on
, 88–89
Accuracy
, 106
Adaptability
, 125
Adaptable analysis frameworks
, 117
Adaptation, need for
, 6
Advanced analytical functions
, 124
Advanced data filtering and retrieval
, 113
Advanced data integration and transformation
, 143
Advanced data querying
, 111
Advanced financial analysis
, 206
Advanced forecasting techniques
, 197–198
Advanced machine learning algorithms
, 198
Algorithmic trading models
, 198
Allocation of expenses
, 108–109
Alteryx
, 141–142, 146–147, 151–152
for accountants
, 145–146
in accounting
, 146, 152–155
adapting to evolving landscape
, 157
advanced data capabilities
, 152
automation and efficiency
, 152
budgeting and forecasting
, 154
change management and organizational buy-in
, 156–157
connect
, 153
creating supportive learning environment
, 156
custom reporting and dashboards
, 155
data governance and quality
, 155
data preparation and advanced analytics
, 147
designer
, 153
developing comprehensive training program
, 156
empowering accountants for strategic roles
, 152
evaluating and iterating
, 157
expanding accountant’s horizons
, 157–158
future implications
, 158
integration and collaboration
, 152
in modern accounting
, 151
navigating data-driven era with
, 141–142
platform
, 153
practical examples of Alteryx in accounting
, 154–155
process optimization
, 155
promote
, 153
risk management
, 155
server
, 153
simplifying data workflows
, 151
streamlining workflow integration
, 156
tax compliance and planning
, 154–155
training and implementation of Alteryx in accounting environment
, 156–157
American Institute of CPAs (AICPA)
, 6
Analytical depth
, 100
Analytics, transforming accounting through
, 206
Anomaly detection
, 132, 136
machine learning in
, 58–59
APIs
, 137
integrations
, 133
Artificial intelligence (AI)
, 1, 24, 28–29, 36, 49, 51, 75, 85, 199, 203
in accounting education
, 62–63
adopting AI in accounting
, 89–92
AI-driven future
, 207
AI-driven training tools
, 89
AI-powered software
, 86
applications in accounting
, 87–88
in audit and compliance
, 52
breadth of applications
, 51
challenges and ethical considerations
, 61–62
continuous learning and adapting
, 50
continuous learning and skill upgradation
, 53
customized and predictive financial solutions
, 50
data security and ethical considerations
, 52–53
distinguishing
, 51
ethical implications and role of accountability
, 50
evolution of AI and ML in accounting
, 49
4 Vs of data
, 56–57
future of accounting
, 92–93
globalization and cross-border transactions
, 53–54
historical context
, 51
importance of data in accounting
, 54–55
integration of
, 58
intersection of AI, ML, and accounting
, 52
intersection with big data
, 51–52
leveraging technology for data analysis
, 57–59
neural networks and deep learning
, 51
NLP in customer service
, 52
overview of
, 50–51
potential challenges in AI adoption and mitigation approaches
, 91–92
practical applications of AI and ML in accounting
, 60–61
predictive analytics for financial forecasting
, 52
role and impact of AI in accounting
, 87–89
specialists
, 4
strategic impact of AI on accounting profession
, 88–89
strategies for successful AI integration
, 89–91
synergy of traditional and technological skills
, 49
technologies
, 52
translating analysis into strategic communication
, 59–60
types of data relevant to accountants
, 55–56
unraveling concept of
, 86–87
Asset tracking and management
, 177
Assurance services for NFTs
, 43
Attribution of expenses, allocation and
, 108–109
Audit
, 136
AI in
, 52
Audit preparedness, enhancing
, 102
Audit processes streamlining
, 144
Audit trails
, 119–120
simplifying
, 20
Auditing
, 143, 193, 195
addressing challenges in statistical auditing
, 194–195
blockchain and
, 12
enhancing audit efficiency with statistical sampling
, 193–194
financial analysis
, 195–196
improving audit quality through statistical methods
, 194
for NFTs
, 43
by Python
, 132
relational databases in
, 67
tools
, 4
Auditors
, 99
Automated data updates
, 122
Automated reporting
, 136
Automated transactions
, 178
Automating accounting operations with Python
, 132
Automating data refresh and management tasks
, 113–114
Automating royalty payments
, 16–17
Automation
, 13, 118
of accounting processes
, 20–21
and efficiency
, 152
of routine tasks
, 205
transforming accounting through
, 206
Behavioral data
, 55–56
Big data
, 1
intersection with
, 51–52
Bitcoin
, 4, 39
key differences between ethereum and
, 20
Blockchain
, 1, 9–10, 13, 29, 36
in accounting
, 10
applications in accounting
, 9–10
and auditing
, 12
challenges and limitations
, 17–18
future of smart contracts in accounting
, 17
and intercompany transactions
, 12
limitations of
, 10
platforms
, 15
real-world examples of smart contract applications in accounting
, 14–17
and regulatory compliance
, 12–13
smart contracts
, 10, 12–14
specialists
, 4
system
, 12
technology
, 4, 6, 10–11, 16, 21
in transaction verification
, 59
“Blockchain 2.0”
, 20
Brand perception
, 165
Budget analysis
, 132
Budgetary control, enhancing
, 99
Budgeting
, 108, 120–121
Business Intelligence analysts (BI analysts)
, 5
Businesses
, 26
environment
, 176
Cash flow
improving visual representation of cash flow data
, 110
management
, 99
monitoring
, 109
Catalyst for technological advancement in accounting
, 47–48
Causation
, 173
Cloud accounting
, 59
Cloud adoption strategies
, 29
Cloud computing
, 23, 26, 29
accessibility and collaboration
, 25
benefits of cloud computing in accounting
, 25–28
cloud and accounting
, 23–25
cost efficiency
, 26
enhanced security and backup
, 27–28
future of
, 28–29
future of cloud-based accounting
, 28–29
overcoming challenges of cloud adoption
, 29
real-world applications of cloud computing in accounting
, 28
scalability and flexibility
, 26–27
software
, 25–26
solutions
, 24
Cloud providers
, 28
Cloud services
, 26–28
Cloud solutions
, 23–24
Cloud technologies
, 28
Cloud-based relational databases
, 67–68
Collaboration
of Alteryx
, 152
enhancing
, 164
Collaborative analysis, improving
, 106–107
Collaborative efforts, enhancing
, 102
Collaborative workflows
, 152
Communication
, 109
Compensation management
, 121–122
Complex analysis
, 112
Complex data blending
, 152
Complex data relationships
, 114–115
Complex data transformations
, 123
Complex datasets
, 101–102
Complex financial issues
, 196
Compliance
, 136
AI in
, 52
in ETL processes
, 68–69
with GDPR
, 31
relational databases in
, 67
revolutionizing
, 206–207
Comprehensive audits
, 118–119
Comprehensive data analysis
, 104
Comprehensive financial insight
data-driven financial reporting
, 199
integrating statistics for
, 199
strategic decision-making
, 199
Comprehensive training program
, 156
Computational linguistics
, 159
Computer vision
, 86–87
Consistency
enhancing
, 101
quality control with RPA
, 75–76
Contemporary accounting
challenges and ethical considerations
, 190–191
necessity of statistics in
, 190
statistics and technology
, 190
statistics in action
, 190
Continuous learning
, 46, 53
and adapting
, 50
encouraging culture of
, 126
importance of
, 71
need for
, 6
Correlation
, 173
Cost savings through RPA
, 75
COVID-19 pandemic
, 25
CPA Evolution initiative
, 6–7
implications for accountants
, 6–7
initiative
, 6
preparing for future
, 7
Credit scoring models
, 198
Cross-border transactions
, 53–54
Cross-document analysis
, 163
Crowdfunding, enhancing transparency in
, 15
Cryptocurrencies
, 6, 19, 39
Cryptographer
, 13
Curriculum integration
, 46
Custom dashboards
, 144
Custom reporting
, 155
Custom SQL queries
, 122
Customer account management
, 97
Customer feedback analysis
, 166
Customer relationship management (CRM)
, 66
Customer service
, 59
NLP in
, 52
Customization
, 104–105, 118
Customized financial solutions
, 50
Customized reporting
, 111
Customized training modules
, 156
Cybersecurity
, 31
in accounting
, 31
best practices in cybersecurity for accounting
, 33–35
breaches in accounting firms and lessons learned
, 35–36
emerging cyber threats in accounting
, 32–33
experts
, 3
future of cybersecurity in accounting
, 36–37
importance of data integrity
, 32
measures
, 31
regulatory compliance and
, 32
Dashboards
, 155
Data
, 171, 174, 180
accelerating data processing speeds
, 124
analytics in auditing
, 54
analyzing data
, 180–181
art of data storytelling
, 185
backups
, 33–34
basic measures
, 180–181
blending and analysis
, 154
challenges and ethical considerations
, 182–184
challenges and opportunities
, 175, 187
challenges in data communication
, 186
cleansing and preparation
, 153
communicating findings
, 185–186
competitive edge in data mastery
, 127
connectivity
, 114
consolidation
, 101
descriptive statistics
, 180–181
descriptive statistics in decision-making
, 181
effective presentation techniques
, 185
embracing data-driven future
, 186–187
enhancing scalability of data operations
, 113
entry and cleansing
, 136
evolution of data sources
, 54
evolving role of accountants
, 187
4 Vs of
, 56–57
importance of data literacy
, 187
internal and external data
, 56, 175, 177
interpreting language of
, 198–199
interrelation and integration
, 175
IoT
, 177
IoT and 4 Vs in accounting
, 56
leveraging digital tools for enhanced communication
, 186
navigating challenges in data integration
, 176–177
preparing for future
, 187–188
protection
, 32
quality of ML
, 202
query capabilities
, 112
regression model
, 183–184
segmentation and comparison
, 105
as strategic asset
, 54
structured and unstructured data
, 55–56, 174–175
synergy in combining internal and
, 176
tailoring communication to audience
, 185
text mining
, 181
transformation tools
, 143
types of
, 55–56
validation
, 98
visual representation of descriptive statistics
, 181
Data analysis(see also Financial analysis)
, 132
art of questioning in
, 171–172
bridging data analysis with decision-making
, 172
bridging gap between database management and
, 112
communicating insights
, 172
leveraging technology for
, 57–59
Data governance
, 155
importance of
, 54
Data integrity
and consistency
, 122
enhancing
, 101, 104
facilitating
, 106
importance of
, 32
Data literacy
foster culture of
, 148
importance of
, 187
Data privacy
concerns
, 85–86
professionals
, 4
Data retrieval
customizing
, 102, 116
precision in
, 120
Data scientists
, 2–3
in decision-making
, 2
Data security
enhancing
, 111, 114
and ethical considerations
, 52–53
Data visualization
, 115–116, 141
in auditing
, 144
nhancing
, 105
and reporting
, 136
technique
, 133
tools
, 58, 141–142
Data-driven era with Power BI, Tableau, and Alteryx, navigating
, 141–142
Data-driven financial reporting
, 199
Data-driven future, preparing for
, 125
Data-driven investment decisions
, 98
Data-retrieval process
, 120
Database administrators
, 3
Database management, bridging gap between data analysis and
, 112
DAX Language
, 144
Decentralized Autonomous Organizations (DAOs)
, 16–17
Decentralized finance (DeFi)
, 16, 40
Deciphering complex digital data
, 2
Decision-making
, 116
in accounting
, 163
bridging data analysis with
, 172
data scientists in
, 2
descriptive statistics in
, 181
in finance
, 195
Deep learning
, 51, 205
Deloitte
, 14, 35
Demand forecasting models
, 198
Descriptive questions
, 172–173
Descriptive statistics
, 57, 134, 180–181, 191
combining descriptive and inferential statistics
, 192
in decision-making
, 181
groundwork
, 192
visual representation of
, 181
Diagnostic questions
, 173
Digital asset valuation, new era of
, 46
Digital assistants
, 59
Digital economy
, 211
Digital revolution
, 39, 73
Digital shift in accounting
, 73
Digital tools for enhanced communication, leveraging
, 186
Digital transformation
, 3
Dissection of interactive ecosystem
, 214
Distributed systems
, 67–68
Document analysis and management
, 164
Document content, advanced analysis of
, 163
Downloadable content (DLC)
, 212
Dynamic analysis, interactive dashboards for
, 107
Dynamic data interaction
, 105–106
promoting
, 113
utilizing pivot tables in accounting
, 106
Dynamic data updates, facilitating
, 101
Dynamic financial reporting
, 144
Dynamic monetization strategies
, 213
Earnings per share (EPS)
, 98
Efficiency
, 118, 152
Efficient data sorting and filtering
, 122
Efficient reporting
, 152
Employee empowerment with RPA
, 76
Empowering accountants for strategic roles
, 152
Encapsulation
, 126
Enhanced accuracy and confidence
, 118–119
automation and efficiency
, 118
customization and flexibility
, 118
facilitating comprehensive audits
, 118–119
Enhanced analytics with RPA
, 76
Enhanced communication, leveraging digital tools for
, 186
Enhanced customization
for deeper insights
, 107–108
facilitating periodic review and comparison
, 107
interactive dashboards for dynamic analysis
, 107
and precision
, 117
Enhanced data accuracy and security
, 121
Enhanced data integrity
, 119
and reliability
, 69–70
Enhanced efficiency in routine operation
, 206
Enhanced fraud detection and compliance
, 202
Enhanced operational efficiency
, 70
Enhanced scenario analysis
, 120
Enhanced security and backup
, 27–28
Enterprise Ethereum Alliance
, 10
Enterprise resource planning systems (ERP systems)
, 4, 66, 133, 137
Environmental, social, and governance (ESG)
, 42, 61
criteria
, 178
metrics
, 77
Error identification and correction, simplified
, 119
Ether and smart contracts
, 19–20
Ethereum (blockchain platforms)
, 15, 19–20, 39
and accounting
, 20–21
automation of accounting processes
, 20–21
challenges and concerns
, 21
concept of
, 19–20
future implications of ethereum in accounting
, 21
integration
, 21
key differences between bitcoin and
, 20
origin of
, 19
real-time reporting
, 20
simplifying audit trails
, 20
Etherisc (blockchain-based insurance platform)
, 15
Ethical considerations in data analysis
, 43–44
Excel
accelerating data processing speeds
, 124
advanced data filtering and retrieval
, 113
advanced data querying
, 111
allocation and attribution of expenses
, 108–109
applications of SQL in excel for accounting
, 115
automated data updates
, 122
automating data refresh and management tasks
, 113–114
bridge between data and strategy
, 127
bridging gap between database management and data analysis
, 112
budgeting and forecasting
, 120–121
cash flow monitoring
, 109
as catalyst for innovation
, 127
common challenges and solutions
, 96
competitive edge in data mastery
, 127
consolidating data from multiple sources
, 101
consolidating multisource data
, 122–123
customer account management
, 97
customization and flexibility
, 121
customization and personalization
, 104–105
customized reporting
, 111
customizing data for niche requirements
, 124
customizing data retrieval
, 102
customizing data retrieval for varied analyses
, 116
data segmentation and comparison
, 105
data validation
, 98
detailed reporting and data visualization
, 115–116
dynamic data interaction
, 105–106
easing cash flow management
, 99
efficient data sorting and filtering
, 122
enabling advanced analytical functions
, 124
enabling comprehensive data analysis
, 104
encouraging culture of continuous learning
, 126
enhanced accuracy and confidence
, 118–119
enhanced customization for deeper insights
, 107–108
enhanced data accuracy and security
, 121
enhanced data integrity
, 119
enhanced scenario analysis
, 120
enhancing audit preparedness
, 102
enhancing budgetary control
, 99
enhancing collaborative efforts
, 102
enhancing data governance
, 123
enhancing data integrity
, 104
enhancing data integrity and consistency
, 101
enhancing data query capabilities
, 112
enhancing data security
, 111
enhancing data security and integrity
, 114
enhancing data visualization
, 105
enhancing decision-making
, 116
enhancing efficiency with VLOOKUP
, 96–97
enhancing granularity of analysis
, 110
enhancing interactivity and user experience
, 115
enhancing scalability of data operations
, 113
enhancing scenario analysis
, 106
enhancing strategic decision-making
, 109
enhancing strategic value
, 125–126
enhancing visibility and accountability
, 108–109
ensuring data security and compliance
, 124
ensuring scalability and adaptability
, 125
expense tracking
, 108
expense tracking and management
, 99–101
expense verification
, 97
exploring power of pivot tables
, 104–105
facilitating continuous improvement
, 103, 121
facilitating data connectivity and synchronization
, 114
facilitating data integrity and accuracy
, 106
facilitating data integrity and consistency
, 122
facilitating dynamic data updates
, 101
facilitating historical data analysis
, 124
facilitating ratio analysis
, 98
facilitating real-time data access
, 111
facilitating real-time reporting
, 104
facilitating scenario analysis
, 110
facilitation of historical analysis
, 120
financial analysis
, 97
financial forecasting
, 109
flexibility in design and presentation
, 115
forecasting and budgeting
, 108
handling large-scale data analyses
, 123–125
identifying opportunities and risks
, 110
improved security
, 119
improving collaborative analysis
, 106–107
improving data integrity
, 112
improving financial analysis
, 103
improving visual representation of cash flow data
, 110
intersection of technology and financial expertise
, 126
leveraging SQL in
, 110–111
managing payrolls and compensation
, 121–122
mastering VLOOKUP in
, 95
multidimensional financial analysis
, 116–117
navigating future with excel proficiency
, 126–127
navigating through complex data relationships
, 114–115
navigating through future challenges
, 126
optimizing performance with indexed queries
, 123
performance analysis
, 107
period-end closing and reconciliation
, 117–118
precision in data retrieval
, 120
preparing for data-driven future
, 125
promoting dynamic data interaction
, 113
reducing operational costs
, 103
report customization and flexibility
, 103–104
reporting and communication
, 109
revenue tracking
, 97
simplified error identification and correction
, 119
simplifying account reconciliation
, 102
simplifying complex data transformations
, 123
simplifying complex datasets
, 101–102
simplifying financial modeling
, 99
streamlining auditing processes
, 99, 106
streamlining budgeting process
, 120
streamlining collaborative data analysis
, 125
streamlining compliance
, 119
streamlining data queries
, 111
streamlining data synchronization
, 123
streamlining large-scale data analysis
, 114
streamlining reporting process
, 116
streamlining retroactive pay calculations
, 122
streamlining workflow
, 113
supplier invoice reconciliation
, 97
supporting complex analysis
, 112
supporting data-driven investment decisions
, 98
tailored payroll reports
, 121
time-saving in reporting process
, 103
transaction tracking and audit trails
, 119–120
utilizing VLOOKUP in accounting
, 95–96
VLOOKUP in financial analysis
, 98
VLOOKUP syntax and usage
, 96
Expense tracking
, 108
augmenting reporting robustness
, 100–101
enhancing analytical depth
, 100
identifying trends and anomalies
, 108
and management
, 99–101
navigating complexities of expenses
, 100
real-time accuracy and relevance
, 100
streamlining approval workflows
, 100
Expense verification
, 97
Expenses, allocation and attribution of
, 108–109
Extensibility
, 133
External data
, 56, 175, 177
broader business environment
, 176
synergy in combining internal and
, 176
Extract, transfer, and load process (ETL process)
, 65, 68–69, 71
in context of accounting information systems
, 68
importance of real-time ETL in accounting
, 68
security and compliance in ETL processes
, 68–69
synergy of relational databases and
, 69–70
EY
, 14
Finance, vital role of forecasting in
, 197
Financial analysis
, 97, 195–196
addressing complex financial issues
, 196
with data-driven insights
, 206
enhancing decision-making in finance
, 195
forecasting
, 197–198
improving
, 103
in-depth analysis of financial data
, 195
integrating social media data with
, 165–166
streamlining budgeting and forecasting
, 196
VLOOKUP in
, 98
Financial data
, 101
analysis
, 132
Financial expertise, intersection of technology and
, 126
Financial forecasting
, 109
predictive analytics for
, 52, 202
Financial fraud
, 2–3
Financial insight extraction
, 132
Financial landscape
, 100
Financial management, advancements in
, 208–209
Financial modeling
, 132, 154
simplifying
, 99
Financial reporting
and planning
, 167
smart contracts and
, 11
Financial transactions, automating
, 13–14
Flexibility
, 26–27, 118
Forecasting
, 3, 108, 120–121, 132, 197–198, 215
advanced forecasting techniques
, 197–198
challenges in statistical forecasting
, 198
key statistical models in
, 197
need for statistics in modern accounting
, 198
vital role of forecasting in finance
, 197
Fortnite
, 44
case study of
, 44
Foundational strengths
, 69
Fraud detection
, 206
Ally in
, 2
revolutionizing
, 206–207
FreshBooks
, 28
Game developer
, 216
Game development cost analysis
, 214
Game pricing, optimizing
, 212–213
Gaming financial management, role of quantitative analysis in
, 212–213
Gaming revenue, shifting paradigms in
, 213
General Data Protection Regulation (GDPR)
, 31–32, 67, 69, 124
Globalization
, 53–54
Gradual implementation strategy
, 167–168
Granularity of analysis, enhancing
, 110
Hands-on workshops
, 156
HIPAA
, 69, 124
Historical analysis, facilitation of
, 120
Historical data analysis
, 124
Human resources (HR)
, 15
In-depth analysis of financial data
, 195
In-depth content analysis
, 163
In-game economies
, 212–213
In-house resources
, 167–168
Incident response plan
, 35
Indexed queries, optimizing performance with
, 123
Inferential statistics
, 134, 191–193
combining descriptive and
, 192
Information systems
, 65
in accounting
, 65–66
convergence of accounting and technology
, 71
enabling scalability and futureproofing
, 70
enhanced data integrity and reliability
, 69–70
enhanced operational efficiency and strategic decision-making
, 70
extract, transfer, and load process
, 68–69
facilitating real-time analysis and reporting
, 70
foundational strengths
, 69
importance of continuous learning
, 71
relational databases
, 66–68
shift toward data-driven decision-making
, 71
strategic competence for accountants
, 71
synergy of relational databases and ETL processes in accounting
, 69–70
Information technology (IT)
, 2, 23–24, 34, 78
project managers
, 3
Information value chain
, 54
Insider threats
, 33
Insurance claim processing
, 15–16
Insurance companies
, 15–16
Insurance industry
, 15
Integration
, 133, 175
of Alteryx
, 152
of ML
, 202
with tools
, 137
with traditional accounting systems
, 43
Integrity
, 114
Interactive dashboards
, 58, 136
for dynamic analysis
, 107
Interactive ecosystem, dissection of
, 214
Interactive financial reports
, 144
Interactive reporting
, 142
Intercompany transactions, blockchain and
, 12
Internal controls, smart contracts and
, 11
Internal data
, 56, 175, 177
synergy in combining external data and
, 176
Internet
, 23
Internet of Things (IoT)
, 56, 177
in accounting
, 56
advent of IoT in accounting
, 177
applications of IoT data in accounting
, 177–178
challenges and opportunities with IoT in accounting
, 177–178
four 4 Vs of data
, 178–180
future of IoT in accounting
, 178
Interoperability
, 44–45
Interrelation
, 175
JSON files
, 55
Key performance indicators (KPIs)
, 60, 144, 196
Large-scale data analyses
, 123–125
Leasing, smart contracts in
, 14–15
Leveraging technology for data analysis
, 57–59
blockchain in transaction verification
, 59
cloud accounting and real-time collaboration
, 59
descriptive statistics
, 57
digital assistants and customer service
, 59
integration of AI and RPA
, 58
machine learning in anomaly detection
, 58–59
predictive analysis in accounting
, 58
regression modeling and advanced analytics
, 57–58
text mining
, 57
visual data representation and interactive dashboards
, 58
Machine learning (ML)
, 28–29, 36, 49, 51, 75, 86, 199, 201
in accounting
, 201
adapting to AI-driven Future
, 207
advanced financial analysis
, 206
advancements in financial management
, 208–209
advent of ML in accounting
, 201
AI and ML in accounting education
, 62–63
algorithms
, 2
in anomaly detection
, 58–59
automation of routine tasks
, 205
breadth of applications
, 51
breadth of ML
, 205
as catalyst for change in accounting
, 207–208
as catalyst for growth
, 210
categories and subcategories of
, 204
categories of
, 203
challenges and considerations in implementing
, 202–203
challenges and ethical considerations
, 61–62
changing landscape
, 209
continuous learning and adapting
, 50
continuous learning and skill upgradation
, 53
customized and predictive financial solutions
, 50
data quality and integration
, 202
data security and ethical considerations
, 52–53
4 Vs of data
, 56–57
from data to decisions
, 201
deep learning
, 205
definition of
, 203–204
distinguishing
, 51
embracing new era in accounting with ML
, 208–210
emergence of innovative ML applications
, 208
empowering financial analysis with data-driven insights
, 206
enhanced efficiency in routine operation
, 206
enhanced fraud detection and compliance
, 202
enhanced predictive capability
, 208
ensuring compliance and ethical standards
, 207
ethical implications and role of accountability
, 50
evolution of AI and ML in accounting
, 49
evolution of ML in accounting
, 208
evolving with
, 205
fraud detection
, 206
future of ML in accounting
, 207–208
future-forward approach
, 209
globalization and cross-border transactions
, 53–54
grasping spectrum of ML in accounting
, 205
historical context
, 51
importance of data in accounting
, 54–55
in-depth overview of
, 203–204
inevitable integration of ML in accounting
, 209
insights
, 203
intersection of AI, ML, and accounting
, 52
intersection with big data
, 51–52
leveraging technology for data analysis
, 57–59
ML applications in accounting
, 202
impact of ML in accounting
, 205–206
models
, 197–198
neural networks and deep learning
, 51
NLP in customer service
, 52
overview of
, 50–51, 203
practical applications of AI and ML in accounting
, 60–61
predictive analytics for financial forecasting
, 52, 202
proactive fraud identification
, 207
redrawing professional landscape
, 207
revolutionizing fraud detection and compliance
, 206–207
role of AI in audit and compliance
, 52
semi-supervised learning
, 204–205
shaping future of professions
, 203
skill development and ethical implications
, 202
subdivisions in ML techniques
, 204–205
synergy of traditional and technological skills
, 49
transforming accounting through automation and analytics
, 206
translating analysis into strategic communication
, 59–60
types of data relevant to accountants
, 55–56
Management discussion and analysis (MD&A)
, 162, 182
Market opportunity analysis
, 165
Matplotlib
, 130
Mergers and acquisitions (M&A)
, 42
Metaverses, comparing NFTs to existing
, 44
Microsoft Excel
, 95
Mitigation approaches, potential challenges in AI adoption and
, 91–92
Model complexity and interpretation
, 198
Modern accounting, expanding role of Alteryx in
, 151
Monetization strategies
, 214–215
evaluation
, 215
Monte Carlo simulations
, 135–136, 198
Multidimensional analysis
, 117
Multidimensional financial analysis
, 116–117
adaptable analysis frameworks
, 117
enhanced customization and precision
, 117
facilitating comprehensive understanding
, 117
supporting advanced forecasting
, 117
Multifactor authentication (MFA)
, 32–33
Multiple sources, consolidating data from
, 101
Multisource data
, 122–123
National Association of State Boards of Accountancy (NASBA)
, 6
Natural language processing (NLP)
, 52, 86, 159, 182
in customer service
, 52
Neural networks
, 51
Non-fungible tokens (NFTs)
, 6, 39, 41
in accounting
, 41–42
auditing and assurance services for
, 43
catalyst for technological advancement in accounting
, 47–48
challenges ahead
, 45
collaboration and standardization
, 48
comparing NFTs to existing metaverses
, 44
diving deeper into NFT ecosystem
, 47
ecosystem
, 47
educational and training impacts
, 46
ethical and regulatory considerations
, 47
ethical considerations in NFT accounting
, 43–44
ethical perspective
, 48
future implications of NFTs for accounting
, 45
human touch
, 48
integration with traditional accounting systems
, 43
interoperability and true digital ownership
, 44–45
new era of digital asset valuation
, 46
tax implications and reporting
, 46
transactions
, 41
NumPy
, 130
NVivo
, 161–162, 164
continuous support and evaluation
, 167
detailed customer feedback analysis
, 166
enhanced audit and compliance reviews
, 166
financial reporting and planning
, 167
fostering collaboration and innovation
, 169
gradual implementation strategy
, 167–168
impact on decision-making and reporting
, 169
key features of
, 161–162
leveraging online and in-house resources
, 167–168
using NVivo in accounting
, 161–162
practical examples of
, 166–167
preparing for data-driven future
, 169
role of NVivo in accounting
, 162–166
strategic business decision support
, 166–167
structured training approach
, 167
training and implementation of
, 167–168
transforming data interpretation
, 169
Online resources
, 167–168
OpenPyXL
, 130–131
Operational costs, reducing
, 103
Pandas
, 130
“Pay-as-you-go” model
, 26
Payment Card Industry Data Security Standard (PCI DSS)
, 34
Payrolls
management
, 121–122
smart contracts and
, 11
Performance analysis
, 107
Period-end closing
, 117–118
Personalization
, 104–105
Phishing scams
, 32
Phishing schemes
, 36
Pivot Tables
, 95, 106–107, 109, 125–126
exploring power of
, 104–105
Players
AI specialists
, 4
Ally in fraud detection
, 2
behavior and demand prediction
, 215
changing skill set
, 5–6
CPA evolution
, 6–7
cybersecurity experts
, 3
data scientists
, 2
database administrators
, 3
ethical aspects of player data analysis
, 215
evolving role of accountants in technological landscape
, 5–6
forecasting and strategic support
, 3
intersection of accounting and technology
, 6
IT project managers
, 3
lifecycle value assessment
, 214
need for continuous learning and adaptation
, 6
role of data scientists in decision-making
, 2
role of technology consultants
, 4–5
software developers/coders
, 3
in technology
, 1–2, 4
Power BI
, 141, 146–147
for accountants
, 143–145
advanced data integration and transformation
, 143
applying power BI in accounting
, 143
basics of
, 143
budgeting and forecasting
, 144
collaboration and sharing
, 144
customization and flexibility
, 144
dynamic financial reporting
, 144
enhancing audit processes
, 144
integration and accessibility
, 146
navigating data-driven era with
, 141–142
Precision in data retrieval
, 120
Predictive analysis in accounting
, 58
Predictive analytics (PA)
, 52, 144, 152, 154
for financial forecasting
, 52, 202
Predictive financial solutions
, 50
Predictive modeling
in Alteryx
, 132
techniques
, 132
Predictive questions
, 173–174
Prescriptive analytics
, 154
Prescriptive questions
, 173–174
Price/earnings ratios (P/E ratios)
, 98
Proactive fraud identification
, 207
Process automation(see also Robotic process automation (RPA))
, 136–137
Process optimization
, 155
Professional expertise in forecasting
, 198
Propy
, 14–15
Python (programming languages)
, 129, 131, 133
for accountants
, 129–130
in accounting
, 131, 133
auditing enhanced by
, 132
automating accounting operations with
, 132
basics of
, 129–130
comparison of R and
, 137–139
data analysis and financial insight extraction
, 132
financial modeling and forecasting
, 132
integration with other tools
, 130–131
integrations and extensibility
, 133
interoperability
, 130–131
libraries and frameworks
, 130
in regulatory compliance and reporting
, 132–133
simplicity
, 130
syntax
, 130
Qualitative data
, 56
Quality
, 155
Quantitative analysis
in action
, 215–216
in dynamic industry
, 212
game development cost analysis
, 214
in gaming financial management
, 212–213
integrating text mining with
, 182
monetization strategy evaluation
, 215
optimizing game pricing and in-game economies
, 212–213
player lifecycle value assessment
, 214
revenue recognition and analysis
, 214
user behavior and demand forecasting
, 214
in video game accounting
, 214
in video game accounting
, 214–215
Quantitative data
, 56
Questions
, 172–174
descriptive
, 172–173
diagnostic
, 173
predictive
, 173
prescriptive
, 173–174
QuickBooks Online
, 28
R (programming languages)
, 129
accessibility and adaptability
, 133–134
for accountants
, 133, 135, 137
audit and risk analysis
, 136
comparison of Python and
, 137–139
data import and export
, 134
data visualization and reporting
, 136
educational and training environments
, 137
financial modeling and simulation
, 135–136
fundamentals of
, 133–135
graphics and visualization
, 134–135
integration with tools
, 137
powerful analysis and computation
, 134
process automation
, 136–137
reproducible research
, 134
scalability
, 135
taxation and compliance
, 136
utilizing R in accounting
, 135, 137
Ransomware attacks
, 33
Ratio analysis, facilitating
, 98
Real estate transactions
, 16
Real-time accuracy and relevance
, 100
Real-time analysis and reporting, facilitating
, 70
Real-time collaboration
, 59
Real-time data access, facilitating
, 111
Real-time data collection
, 177
Real-time ETL in accounting, importance of
, 68
Real-time financial dashboards
, 144
Real-time reporting
, 20, 104
Reconciliation
period-end closing and
, 117–118
process
, 103
Regression analysis in accounting, implementing
, 184
Regression model
, 183–184
challenges and considerations
, 184
exploring regression models in accounting
, 183
implementing regression analysis in accounting
, 184
utilizing regression models for strategic decision-making
, 184
Regression modeling and advanced analytics
, 57–58
Regulatory compliance
, 61
and cybersecurity
, 32
Regulatory reporting
, 136
Reinforcement learning
, 203–204
Reinventing payroll processing
, 15
Relational databases
, 65–69, 71
application in accounting
, 67
cloud-based and distributed systems
, 67–68
in compliance and auditing
, 67
and ETL processes in accounting
, 69–70
Rental agreements, smart contracts in
, 14–15
Report customization and flexibility
, 103–104
Reporting
, 109
enhancing
, 164
time-saving in reporting process
, 103
Return on investment (ROI)
, 90
Revenue recognition
, 215
and analysis
, 214
Revenue streams
, 215
Revenue tracking
, 97
Ripple effect of NFTs
, 42
Risk analysis
, 136, 144
Risk assessment
, 61, 132, 136
Risk detection
, 165
Risk management
, 155
and opportunity identification
, 165
Robotic process automation (RPA)
, 73–75, 205–206
and accounting tasks
, 75–76
audit and compliance
, 52
challenges and considerations
, 76
changing narrative
, 74
considerations and potential challenges in RPA implementation
, 79–81
digital shift in accounting
, 73
and evolving role of accountants
, 81–82
experts
, 5
implementing RPA in accounting
, 78–81
integration of
, 58
impact of RPA on accounting field
, 75–76
scalability
, 70
scope of discussion
, 74
steps for successful RPA implementation
, 78–79
strategic edge of RPA-driven accounting
, 77
strategic imperative of
, 73
transformative effect of RPA on accounting
, 76
Robust security protocols
, 35
Root cause analysis
, 173
Sampling
, 132
Sarbanes–Oxley Act
, 31, 67, 69
compliance
, 67
implications
, 32
Scalability
, 26–27
of data operations
, 113
ensuring
, 125
Scenario analysis
, 106, 110, 144, 154
Scikit-learn
, 130
SciPy
, 130
Seamless data integration
, 143
Seamless integration
, 152
Security
, 119
enhancing
, 14
in ETL processes
, 68–69
Semantic analysis
, 159
Semi-structured data
, 55
Semi-supervised learning
, 204–205
Sentiment analysis
, 165
Simulation
, 135–136
Skill upgradation
, 53
Smart contracts
, 10, 12–13
in accounting
, 13–14, 17
automating financial transactions
, 13–14
automating royalty payments
, 16–17
broadening scope
, 14–15
enhancing security and trust
, 14
enhancing transparency in crowdfunding
, 15
ether and
, 19–20
evolution of smart contracts in accounting practices
, 11
expense reporting and reimbursement
, 16
and financial reporting
, 11
insurance claim processing
, 15–16
and internal controls
, 11
in leasing and rental agreements
, 14–15
and payroll
, 11
potential challenges
, 12
real estate transactions
, 16
real-world examples of smart contract applications in accounting
, 14–17
reinventing payroll processing
, 15
streamlining auditing and compliance
, 14
streamlining insurance claims processing
, 15
Social media
analysis
, 164–165
integrating social media data with financial analysis
, 165–166
Software developers/coders
, 3
SQL
, 114, 117–118, 125–126
applications of SQL in excel for accounting
, 115
integration
, 113
leveraging
, 110–111
Statistical auditing, addressing challenges in
, 194–195
Statistical forecasting, challenges in
, 198
Statistical methods, improving audit quality through
, 194
Statistical sampling, enhancing audit efficiency with
, 193–194
Statistics
, 191, 193, 198
adapting technological advances
, 199
descriptive statistics
, 191
embracing statistics in accounting
, 191
ethical considerations and data integrity
, 199–200
growing significance of statistical analysis in accounting
, 198–199
inferential statistics
, 191–193
integrating statistics for comprehensive financial insight
, 199
necessity of statistics in contemporary accounting
, 190
need for statistics in modern accounting
, 198
paradigm shift in accounting
, 200
power of statistical analysis in accounting
, 189–190
role of statistics in accounting
, 193–198
role of statistics in evolving accounting practices
, 199–200
Strategic business decision support
, 166–167
Strategic communication, translating analysis into
, 59–60
Strategic competence for accountants
, 71
Strategic decision-making
, 70, 199
enhancing
, 109
utilizing regression models for
, 184
Strategic decisions with visual insights
, 142
Strategic edge of RPA-driven accounting
, 77
Strategic impact of AI on accounting profession
, 88–89
Strategic imperative of RPA
, 73
Strategic landscape
, 3
Strategic support
, 3
Strategic Tax Planning
, 154–155
Strategic value
, 125–126
Streamlining audit and compliance processes
, 163–164
Streamlining auditing processes
, 99
Streamlining budgeting
and forecasting
, 196
process
, 120
Streamlining collaborative data analysis
, 125
Streamlining compliance
, 119
Streamlining data queries
, 111
Streamlining data synchronization
, 123
Streamlining insurance claims processing
, 15
Streamlining large-scale data analysis
, 114
Streamlining reporting process
, 116
Streamlining retroactive pay calculations
, 122
Streamlining workflow
, 113
integration
, 156
Structured data
, 55–56, 174–175
Structured Query Language (SQL)
, 95
Structured training approach
, 167
Supervised learning
, 203–204
Supplier invoice reconciliation
, 97
Supply chain management
, 14
Supportive learning environment
, 156
Sustainability
, 61
Synchronization
, 114
Synergy
in combining internal and external data
, 176
of relational databases and ETL processes in accounting
, 69–70
of traditional and technological skills
, 49
Tableau
, 141–142, 146–147
for accountants
, 145
in accounting
, 145
advanced visualization and user experience
, 146–147
navigating data-driven era with
, 141–142
Tailored payroll reports
, 121
Tax calculations
, 136
Tax compliance and planning
, 154–155
Tax Data Management
, 154
Tax implications and reporting
, 46
Tax software
, 4
Taxation
, 136
Technological advancements in cybersecurity
, 36
Technological landscape, evolving role of accountants in
, 5–6
Technology
, 6, 8
intersection of financial expertise and
, 126
Technology consultants
, 4–5
BI analysts
, 5
blockchain specialists
, 4
cloud specialists
, 5
data privacy professionals
, 4
RPA experts
, 5
Temporal data
, 55
Text mining
, 57, 181, 183
emergence of text mining in accounting
, 181–182
with quantitative analysis
, 182
techniques and tools
, 182
Textual analysis in accounting
, 159–161
future of
, 160–161
Third-party vendors security
, 33
Time efficiency with RPA
, 75
Time series analysis
, 136
Time-saving in reporting process
, 103
Traditional accounting systems
, 20
integration with
, 43
Traditional payroll methods
, 11
Transaction tracking
, 119–120
Transaction verification, blockchain in
, 59
Transformative landscape
, 89
Transparency in crowdfunding, enhancing
, 15
Trend analysis
, 103
True digital ownership
, 44–45
Trust
, 14
Unstructured data
, 55–56, 174–175
Unsupervised learning
, 203–204
User Acceptance Testing (UAT)
, 78–79
Variance analysis
, 98
Vertical Lookup (VLOOKUP)
, 95
in Excel
, 95
syntax and usage
, 96
utilizing VLOOKUP in accounting
, 95–96
Video game accounting
, 213
challenges and opportunities in
, 211–212
economics of
, 213
harnessing quantitative analysis in dynamic industry
, 212
practical applications of quantitative analysis in
, 214–215
quantitative analysis in
, 214
shifting paradigms in gaming revenue
, 213
venturing new digital frontiers
, 211
video game ecosystems
, 213
Video games
, 211
analysis of costs and profitability
, 212
challenges and ethical considerations
, 215
companies
, 215
data security and privacy
, 215
ethical aspects of player data analysis
, 215
exploring varied revenue stream
, 212
player behavior and demand prediction
, 215
revenue recognition and forecasting
, 215
understanding unique financial dynamics of
, 212
Visibility
, 108–109
Visual data representation
, 58
Visual representation of cash flow data
, 110
Visualization
Alteryx for accountants
, 145–146
choosing right tool
, 142–143
choosing right tool
, 147
communicate insights more effectively
, 148
enhance decision-making processes
, 148
enhancing analytical capabilities in accounting
, 142
foster culture of data literacy
, 148
improve efficiency and productivity
, 148
making strategic decisions with visual insights
, 142
navigating data-driven era with Power BI, Tableau, and Alteryx
, 141–142
Power BI for accountants
, 143–144
Power BI vs. Tableau vs. Alteryx
, 146–147
stay ahead in data-driven world
, 148
tableau for accountants
, 145
tools
, 141
VLOOKUP
, 100–101, 103, 125–126
enhancing efficiency with
, 96–97
in financial analysis
, 98
practical applications of VLOOKUP in accounting
, 96–97
Volume, velocity, variety, and veracity (4 V)
, 56, 178–180
balancing Four Vs in accounting
, 179–180
of data
, 56–57
Workflows
, 78
automation
, 136–137, 152
Xero
, 28
XML files
, 55
- Prelims
- Chapter 1 The “Players” in Technology: Accountants' Role and CPA Evolution
- Chapter 2 Blockchain: Smart Contract Applications
- Chapter 3 Cryptocurrencies: Ethereum
- Chapter 4 Cloud Computing: Transforming Accounting in the Digital Age
- Chapter 5 Cybersecurity
- Chapter 6 NFTs – Comparing to Existing Metaverse Like Video Games: Fortnite
- Chapter 7 Artificial Intelligence and Machine Learning
- Chapter 8 Information Systems: Relational Databases, Extract Transfer and Load, etc.
- Chapter 9 RPA
- Chapter 10 Artificial Intelligence
- Chapter 11 Excel: VLOOKUP, Pivot Tables and SQL
- Chapter 12 Programming: Python and R
- Chapter 13 Visualization: Power BI, Tableau and Alteryx
- Chapter 14 Organization: Alteryx
- Chapter 15 Textual Analysis: NVivo, etc.
- Chapter 16 Approach: Question → Data → Analysis → Communication
- Chapter 17 Statistics (a Brief Review) and Why You Need Them
- Chapter 18 Machine Learning
- Chapter 19 Quantitative Analysis: Right Now, the Closest Tie-in to Accounting Would be for Video Games and Their Ecosystems
- Bibliography
- Index