Machine learning is changing how accountants do their jobs and the tasks they need to handle. Here\u2019s what you need to know about this technology and how you can use machine learning for accounting.<\/span>\u00a0<\/span><\/p>\n <\/p>\n \u00a0 \u00a0<\/span><\/p>\n To give you a thorough understanding of why accountants must embrace machine learning, we\u2019ll talk about:<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Before we proceed, let\u2019s make things clear first:<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Machine learning is not a threat to the accounting profession.\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Since time immemorial, the use of tools has always been a part of every accountant\u2019s job. Our never-ending quest for convenience has led us to the invention of the most useful tools we know to date. Just think of the good \u2018ol abacus, calculator, Excel, and your favorite accounting software.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n What is clear is with each invention, there is one constant element: <\/span>humans.<\/span><\/i><\/strong>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Without humans who find these tools useful, who are knowledgeable of using them, and who actually use them, these tools won’t last long.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n In other words, it\u2019s not about a question of whether machine learning and other artificial intelligence (AI) tools can do your job right now. Instead, it\u2019s about you keeping up with these innovations so you can offer more value to the clients you\u2019re working with.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Machine learning, by itself, cannot replace human judgment and critical thinking skills. When used with caution, it can be a <\/span>good addition to your workflow<\/span><\/a> due to its ability to pull out information, find complex data patterns, and make predictive choices. In other words, artificial intelligence, when paired with human intelligence, will help the latter work smarter.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Understanding what machine learning is, its accounting applications, limitations, and the skills you need for it are the best ways to take full advantage of this technology.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Let’s start with the basics.<\/span>\u00a0<\/span><\/p>\n <\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Machine learning (ML) is a computer program\u2019s ability to learn new data and perform complex tasks without explicit programming. As a branch of artificial intelligence (AI), it\u2019s capable of imitating intelligent human behavior and performing tasks autonomously.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n If it sounds too technical, let\u2019s simplify its explanation using this scenario.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Imagine that you\u2019re a fresh graduate who started an entry-level corporate job. Despite having formal education, you still need to learn the ropes of your new role. Think of various industry regulations, corporate lingos, communication styles, business tools, and standardized company protocols. Taking it all in can get overwhelming and you’re likely to make mistakes along the way.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n At the beginning, an experienced employee will need to train you. Through this, you can keep up with your tenured colleagues and ensure that you’re doing your job correctly. With each day that you absorb new information and become more exposed to your responsibilities, you’ll become more independent at doing your job.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Machine learning also works this way.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Like a newly hired employee learning about how the company works, ML relies on existing data patterns (i.e., the knowledge of an experienced employee) before it can figure out and accurately provide the information the user needs (i.e., complete the tasks independently).\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Depending on the data it consumes \u2014 including the way it\u2019s modeled, trained, and tuned \u2014 machine learning can perform <\/span>3 main functions<\/span><\/a>:\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Incorporating these ML functions into accounting software and business intelligence tools can result in streamlined accounting processes. Through its proper use, you\u2019ll no longer spend long hours doing manual tasks. You can instead shift your focus to higher order duties, which can be more beneficial to your long-term career trajectory.<\/span>\u00a0<\/span><\/p>\n![\"An](\"https:\/\/www.dvphilippines.com\/hs-fs\/hubfs\/_JJF9014%20(1).jpg?width=1434&height=600&name=_JJF9014%20(1).jpg\")
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What is machine learning and how does it work?<\/span><\/strong><\/h2>\n
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