AIS: Value Driven Reporting, AI Technologies & Finance Teams

This essay examines the crucial role of Accounting Information Systems (AIS) in achieving value-driven corporate reporting and leveraging artificial intelligence (AI) and new technologies. It discusses how AIS collects, stores, and processes financial data to enhance decision-making, improve a...Read More

Running Head: ACCOUNTING INFORMATION SYSTEM
ACCOUNTING INFORMATION SYSTEM
Name of the Student
Name of the University
Author Note

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Introduction
Accounting Information System
Accounting information system (AIS) is a type of system that helps in collecting and
storing the financial & accounting data and then process the data into final decision-making
process. It is a computer based system that easily tracks the accounting activity. The finance
teams works with AIS system in order to create a high level of accuracy related to financial
record keeping. This system is used to easily access the financial data and securely keep the
required information for future decision-making process.
Discussion
Role of AIS in Achieving value driven Reporting
Corporate Reporting system is focused on efficient presentation & disclosure of the
financial reporting. This reporting system is bounded with corporate responsibility and
corporate governance & follow the international regulations. It deals with financial reporting
that can helps the management for better decision-making process for the stakeholders. This
means that, the reporting process is done by concerning the organisational stakeholders. They
are focused on enhancing ethical values & respect towards their communities and
environment into their reporting system (Ibrahim, Ali & Besar, 2020). Therefore, in order to
sustain the above requirements, the companies are focused in generating more accurate
information for efficient communication and accountability in the business process. They are
strictly following the International Financial Reporting Standards (IFRS) in order to
efficiently report the accounting process (Alnajjar, 2017).
Accounting information system plays a very important role in order to add value to
the reporting process. It effectively collects and stores the information related to all the
financial activities of a business and then record the business transactions into journals and

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ledgers. After recording the information, it supply the information into financial statements
and managerial reports for making decisions. This system makes sure that it accurately record
and control the data in the process. This computerised system consists of various
computerised programs for data process and contains all the hardware to operate the software
and internal controls of the system are made of various security measures to protect the data.
The data is limited to only authorize one and all the sensitive information system is protected
(Fitrios et al., 2018). The information in the system is efficient for meeting the contractual &
operational obligations.
Therefore, accounting information system consists of people, procedures, data,
software and information technology that helps in adequately control the organisational data
& provide safeguards to their assets. This system helps in value driven corporate reporting
process by involving various subsystems of organisation. This includes; financial cycle,
expenditure cycles, human resources, production cycle and revenue cycle. Information
related to above subsystem is identified, measured and communicated for efficient reporting
in financial statements (Hosain, 2019). It aligns the information technology with
organisational culture & strategy in order to add value to the business. It improves the
efficiency, capability of decision-making and helps in effective supply chain process. This
system is designed according to the organisational culture. Hence, in future accounting
information system will be able to make strategies for the business.
Software- QuickBooks is an accounting software that is used by many of the small
business today. This is an online software that can automatically do the transactions. It can
report profit & loss account, Balance sheet and cash flow statement and help the mangers to
record day to day transactions, invoicing, billing, budgeting and inventory management.

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Companies like Miller, Cooper & Co Ltd, Fashion Nova are some of the United State
based companies who uses QuickBooks online to perform their accounting process (Financial
Management. 2020).
Role of AIS in making artificial intelligence and new technologies
Accounting information system consists of information technology and computerised
software that helps the corporate accountants in making long-term strategic planning. Hence,
it aligns the information technology system with the organisational strategy. In future, the
information technologies will be developed to better developing the organisational strategies
and creating an opportunities for the business. Accounting information system will
implement new technologies to improve the accuracy and reducing the cost of business
operations. Artificial intelligent is automatically processing the data in administrative and
accounting field (Sutton, Holt & Arnold, 2016). The data from these technologies can easily
be recognised from the respective sources. Therefore, AIS system will play a very important
role in developing artificial intelligent and new technologies so that the innovation in new
technologies will be more expertise and more value for business transformation. The system
will be able to do flexible process on monthly and quarterly basis. The new innovations will
be focused on increasing the transparency of audit report process (Souza, 2018). The
digitalization tracts will be able to secure the data & files, increase accuracy of the
information. Other functions like expense management, accounts payable & accounts
receivables, procurement will be done with different file formats and machines will integrate
all the data in an easier way (Shank, et al., 2019).
Types of Artificial Intelligence in Business
At present, business is using various artificial intelligence in current business are
cloud computing, SAP software, block chain and data analytics. Data analytics helps to

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determine the future insights of the business. SAP software is used for many purpose starting
from purchasing to vendor management in a single platform. Block chain tracks all the
transactions online and controls the operations. Cloud computing provides data analytics
services to the business.
Real example- Walmart is using blockchain technology to track all the data related to
their food globally. It captures its real time data of every single product and at every point.
The company identifies the issues related to food tracks like tracing of outbreaks, customer
risks and issues in supply chain (Blockchain-council.org.2018).
Transformation of the finance workforce
Innovations of new technologies and increasing the level of competition is
continuously changing the management practices and helps in creating new opportunities for
the business. The financial functions are continuously evolving for adding value to the
business activity. The financial teams are continuously evolving (Kosterich & Weber, 2019).
It is expected from the Chief Financial Officers and their team members to develop various
innovative approaches in order to create value to the financial process. They are more
effective in properly measure the organisational performance in order to create more
accountability and easily make the complex decisions.
The financial workforce are evolved into clearly understanding the digitization
opportunities of the company (Dhir, 2019). Financial organisations are more consistent to
look towards digital skills with the combination of automation programs. In order to integrate
this requirements in their financial operations, the financial workforce are replacing the
traditional financial models with more flexible models that can help in meeting the challenges
of digitalization business (Tobgye, 2018). They are also focused on building new talent and
leadership for efficient handling of financial operations.

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Therefore, financial members must adapt the technological skills to create a long-term
value. Today, the financial members are facing various problems like privacy risks and
meeting the requirements with respect to technology change. This is due to increase of
demand of more and more information for meeting the changing needs of the society. This
increase of demand will bring a new accounting skill for the financial team members. They
need to understand the efficient use of artificial intelligence in their skills (Chanias, Myers &
Hess, 2019). Hence, the financial leaders are more concerned to increase this efficiency by
focusing on more creative people and hiring more talented candidates with new talent.
In order to work in a financial departments, the increasing demand of new talent will
help me in developing my new skills. It will help me in building new capabilities by making
digital innovations in different areas. I will be more aware of the new innovations are
expertise in my field (De Mauro et al., 2018). Most importantly, it will help me in stimulating
my thinking power in order to more creative research. It will also build the management
power by increasing the vision power for analysing the data. This skill development will help
me in building my career and help to create more opportunity for the business.
Conclusion
Therefore, it can be concluded that accounting information system is very important
for accurately doing the transaction process system. This system manages all the strategic
system of a business in order to do an efficient financial planning system. It is very helpful
for the financial members in order to do financial decisions like budgeting, financial
forecasting and many more. The use of computer software and technologies helps in efficient
auditing and financial analysis of the business transactions. In the growing competition of
digitalization, this system will be embedded with more advanced artificial intelligence and
new technologies for automatically managing the financial data of the business. This new

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innovations will increase the transparency, accuracy of the financial transactions. The data
will be more secure, confidential information are efficiently stored in files and hence, will
deliver a value-driven reporting. Therefore, the financial members will be more focused in
search of new skills and talents that will help in building these innovations and helps in
making complex decisions of the business. This will also help the young financial executives
in building their capabilities and management skills and helps in building my career.

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References
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