Advanced Software Makes Thriving Easier for Professional Finance Students
Software has evolved exponentially in the last decade and even more in the last thirty years. Those evolutions have brought bigger and better possibilities to the world.
In finance and accounting, the evolution of software translates to a smoother process for students earning their professional certifications. It also makes it easier for students to gain experience and learn their profession quickly.
3 ways advanced software helps finance and accounting students
Until true artificial intelligence (AI) exists, software will only be as smart as its programming team. Still, many programmers have created software with features and functions that help finance students thrive.
Predictive scoring on prep exams
Finance students pursuing certifications usually take prep courses to make sure they’re ready for their exams. Exams are tough and studying raw information isn’t enough.
CMA prep courses familiarize students with how the exam is set up, and predictive scoring technology tells students how they’re likely to do on the real exam.
Access to advanced analytics
Data and analytics have always been available, even before software existed. However, performing those calculations manually (even with a calculator) is cumbersome. Finance professionals are far more likely to dive into advanced analytics when it’s processed automatically with the click of a button.
Using advanced analytics in finance provides valuable insight into trends and patterns and can even help auditors spot fraud.
Financial analytics can also help business processes by:
- Supporting strong data-driven decisions
- Helping an organization manage tangible assets like cash and equipment
- Providing the deep insight needed to improve profitability and increase cash flow
- Providing the insight required for reducing wasted resources
- Helping Certified Management Accountants achieve their goals faster
Automatic, advanced calculations
At first glance, software that performs automatic, advanced calculations sounds like old technology. Perhaps it is, but the way it’s used today is highly advanced. For example, an accounting student can create an Excel spreadsheet that automatically calculates exactly how much money a client can expect to have in their bank account every day of the month.
The calculations would be based on completed and expected income and expenses. As long as the client updates their current bank balance, this kind of spreadsheet would serve as an invaluable tool for managing daily finances.
What makes today’s software so advanced?
Many software programs are written in the same programming languages used decades ago. The factor that makes these programs advanced is a combination of how the applications are programmed along with the advancement of other technologies.
For example, the internet created the possibility for cloud-based software. Without the internet and cloud computing, these software applications wouldn’t be as powerful. Cloud-based applications aren’t just simple programs hosted in the cloud. Since they’re running on cloud technology, they have access to resources that allow more complex functions.
Tech has been transforming accounting for decades
New technology has transformed the accounting industry rapidly and drastically. The Journal of Accountancy published stories from several CPAs describing the changes they experienced. Many went from no tech, using 3-ring binders, to using computers. Others went from offline computerized documents to an IoT connected world.
How will tech transform accounting and finance in the future?
The future of accounting technology may already be here. Software companies have already launched mobile applications that use machine learning to understand a person’s spending habits and make predictions and suggestions to help achieve a pre-defined goal. For example, these apps analyze spending habits to help someone save money or buy a house.
This type of software application will be extremely useful in the future if/when true artificial intelligence exists. Currently, AI has no autonomous capabilities and reacts entirely based on programmed input. However, true AI technology would provide heavy support to those working in finance.
Imagine a software application being able to predict a CEO making a bad decision or being able to predict a stock market crash. CMAs would thrive on this kind of intel if it were possible.
Software is waiting for AI advances to take accounting to the next level
Accounting professions have been growing increasingly complex for decades throughout the evolution of technology. However, once true AI exists, accounting and finance will be exponentially transformed forever. Accountants, CPAs, and CMAs will all need to learn new business skills to fill expanding roles, but in the end, we’ll see a degree of accuracy and foresight we can only dream of right now.