Unpacking AI A look at how each layer of this transformative
technology is being used in accounting and finance
Artificial Intelligence (AI) Machine Learning (ML)
The overarching technology that enables machines to A subset of AI that allows systems to learn from historical
mimic human intelligence, helping automate tasks and financial data and improve their predictions and
enhance decision-making processes in accounting. decision-making without being explicitly programmed.
These models can detect fraud and anomalies, manage risks and
AI can analyze large datasets and provide insights,
improve compliance and audit quality.
predict financial trends and automate routine tasks.
Deep Learning (DL)
A more advanced form of Machine Learning, that uses
layered neural networks to analyze complex financial data
and identify patterns that traditional algorithms might miss.
Models and networks that can analyze and interpret complex financial
documents to provide valuable insights for tax planning and audit processes.
Generative AI (GenAI)
Generative AI creates new, synthetic data and content
by learning from existing data, offering accountants
creative ways to analyze and present information.
Tools that aid in drafting emails, detailed tax reports and audit
documentation as well as valuable marketing assets.
Large Language Models (LLMs)
Specialized GenAI systems trained on vast amounts of text data,
enabling them to understand, generate, and analyze human language,
making it easier to process and interpret financial documents.
LLMs excel in summarizing extensive tax legislation and financial
reports and can generate insights, client service chatbots and more.
Bots
Intelligent virtual assistants that can automate repetitive tasks,
allowing teams to focus on higher-value work.
Bots can handle things like invoice processing and reconciliation,
payroll, accounts payable and accounts receivable, answering client
queries or conducting preliminary audits.
© 2024 CPA.com. All rights reserved. CPA.com and the CPA.com logo are trademarks and service marks of Learn more at
CPA.com. The Globe Design is a trademark of the Association of International Certified Professional Accountants
and is licensed to CPA.com. All rights reserved. CPA.com/GenAI
