Accounting and AI: Exploring AI and Machine Learning using Excel

Description

Artificial Intelligence (AI) and Machine Learning (ML) are transforming the landscape of accounting and finance, allowing professionals to derive deeper insights from data, automate repetitive tasks, and make informed decisions. Organizations that do not embrace new developments in AI run the risk of being left behind. One survey found that 83% of accountants have experienced AI in their workday.

This practical workshop is designed to introduce accounting and finance professionals to the foundational concepts of AI and ML, with practical applications using the familiar tool of Microsoft Excel. Participants will explore key AI/ML techniques, including data mining, anomaly detection, and predictive analytics, and learn how to integrate these into everyday workflows to enhance data-driven decision-making.

Programme Outline

Introduction to AI and Machine Learning in Excel

• Overview of AI/ML concepts and terminology
• Understanding algorithms and Black Box AI
• Practical introduction to AI/ML tools in Excel

Data Mining and Data Exploration

• Basics of Data Mining in finance and accounting using Excel
• Data quality and the concept of "Garbage In, Garbage Out" (GIGO)
• Tools for data exploration, including PivotTables and feature engineering

Advanced Techniques: Anomaly Detection, Correlation Analysis, and NLP

• Techniques for anomaly detection and correlation analysis in Excel
• Introduction to Natural Language Processing (NLP) and tokenization
• Applications of NLP in financial data analysis

Predictive Analytics and Model Validation

• Building simple predictive models using data mining techniques
• Feature engineering and model validation in Excel
• Practical examples and applications in accounting and finance

This workshop qualifies for 7.0 CPE hours in Information Technology (Category 5).

What you will learn

• Understand the fundamentals of AI and Machine Learning and how they can be applied in accounting and finance
• Perform data mining and exploration tasks in Excel to uncover insights from financial data
• Detect anomalies and patterns in financial transactions using Excel-based tools
• Build basic predictive models and validate them for practical use in finance
• Integrate advanced AI techniques like Natural Language Processing (NLP) into data analysis workflows
• Apply Excel for practical AI/ML tasks, leveraging its capabilities for automation and insight generation in accounting and finance.

Prerequisites

Participants should ideally have a fundamental knowledge of Excel.

Laptop Requirements

Participants should bring along their laptops for this session. Excel 365 and above would be preferred.

Target Audience

• Accountants and financial analysts seeking to understand how AI and ML supports data analysis and reporting efficiency
• Finance managers and executives who want to use AI/ML for better business decision-making
• Auditors and compliance officers interested in using AI/ML for fraud detection and compliance analysis
• Anyone in accounting or finance looking to explore AI and machine learning concepts with a practical focus on Excel

Expert Speaker

Dr Lim Thou Tin

Dr. Lim is a business graduate from the NUS. He holds double masters in information systems and knowledge management with further postgraduate qualifications in systems analysis, intelligent systems, marketing, management consulting and training. He has a doctorate of business administration from Southern Cross University with research interests in information systems and business modelling. He is also a certified business intelligence professional with specialisation in business analytics.

Dr Lim’s work experience includes working in large Singapore companies to MNCs in senior corporate, IT and project management positions. As a management consultant and practitioner, he has facilitated organizational initiatives / projects over a span of more than 15 years in the region, including Australia, Singapore, Malaysia, Mauritius, China, India, Indonesia and Thailand.

Dr Lim continues to be involved in senior management education at local tertiary institutions, teaching information and accounting topics at degree and postgraduate level with research and publishing interests in knowledge management and business intelligence.