Modern Accountancy is Inevitable; but Not Predetermined

Modern accountancy is both inevitable and imminent. However, it is not predetermined. Instead, modern accountancy will be shaped by the decisions made in the coming years. By making informed choices, we can avoid and prevent undesirable outcomes concerning the needs of business professionals such as accountants, auditors, and analysts.

This information contributes to helping you making those informed choices. That is my current best synthesis of my work from the past 26 years. That overview and the few connected pages, about 10 pages, is the best that I can put together at this point in time.  Perhaps you can do better.

Traditional spreadsheets like Excel have served accountants well for the past 44+ years.  And traditional spreadsheets will continue to serve professional accountants for years to come for certain specific tasks and processes.  But given the increased volume and complexity of information new tools are necessary and because of technologies such as structured information, artificial intelligence, blockchain-based digital ledgers, and other such useful technologies; new tools with new capabilities are very possible.

That said, beware of the snake oil salesmen.  There is a lot of AI snake oil out there.  There are a lot of snake oil salesmen out their trying to separate you from your hard earned money.  Be an informed buyer.

As legendary Canadian hockey star Wayne Gretzky put it, "I skate to where the puck is going, not to where it has been."  This is where I see the hockey puck and I am going to use my stick to slap that puck in this direction.

Accounting does not need to be tedious, repetitive, mundane, monotonous for professional accountants.  Computers can, and will, make many tasks and processes more palatable. Teaming of humans and computers will free humans to focus on the high value added activities which they do best. Computers will focus on the repetitive grunt work.

Additional Information:


Comments

Post a Comment

Popular posts from this blog

Microsoft CEO: "AI Agents will Replace All Software"

Image
We have entered the "agentic era"; the era of the agent or intelligent software agent . Others refer to this as the "algorithmic economy".  Maybe think many very intelligent  microservices  exchanging information with each other and can work globally. In an interview with BG2, Microsoft CEO Satya Nadella predicts that (paraphrasing) SaaS (software as a service) is dead and that AI agents will replace all software. The entire interview is the first link in "Additional Information" below.  These three videos provide a focused look at this statement: LinkedIn post including short video AI Insights Explorer video  (Microsoft CEO Predicts: "AI Agents Will Replace ALL Software") Microsoft CEO's Shocking Prediction: "Agents will replace ALL software" Here is my personal interpretation of what Satya Nadella is saying and what it means.  First, Nadella says that we are "on the brink of a monumental shift".  I agree with that statem...
Read more

New Tool for Accountants, Auditors, Analysts

Image
A new type of tool will be available (is becoming available) to support professional accountants.  This tool is somewhat similar to the traditional electronic spreadsheet but it works differently and provides different capabilities to professional accountants. This new tool will supplement the arsenal of tools available to accountants, auditors, and analysts. This new tool is semantic oriented, model-based, and a global standard technical format.  To describe this tool in the past I have used the terms " modern spreadsheet " and " professional knowledge graph " and " deductive apparatus " and " semantic oriented accounting and audit working papers " and " knowledge product " and " logical spreadsheet " and " logic programming " and " logical digital twin of financial reports ". This new type of tool will help usher in modern accountancy . In this new era, machines will support accountants, auditors, and ana...
Read more

Named Graphs

Image
A named graph is a concept in the Semantic Web architecture where a set of Resource Description Framework ( RDF ) statements (a graph) are identified using an internationalized resource identifier ( IRI ). This allows for descriptions to be made about that set of statements, such as context, provenance information, or other metadata. In an RDF database, a named graph is essentially a subset of data that has been given a unique label (referred to as a name). A graph database can contain multiple named graphs alongside its default graph, and each fact can be present in or absent from any graph. Named graphs form a patrician of information that can be used. Named graphs are useful for managing sets of RDF data within an RDF store, enabling fine-grained access control, and managing chains of provenance for pieces of data. Additional Information : Named Graphs (ScienceDirect) Graph Search Algorithms: Developer's Guide Named Graphs, Chapter 5. Data Management Patterns Wolfram, Nonahed...
Read more