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Portfolio Project
The current business processes
Industry business processes are essential to ensure a smooth flow from supply chain to
manufacturing to deliver the best quality of goods or service. These business processes have to
be precise as mistakes are intolerable in a highly competitive environment. Business process
refers to a series of tasks performed to achieve the organization objectives and goal. The better
the organization processes, the more influential the organization is in the delivery of goods or
service to their customers. Business processes that eliminate unnecessary costs allow the
organization to retain more profit for its future growth. Integrated approach in the finance and
accounting departments validate and contribute to the strategic value of the organization. Change
in the business environment for implementing new technologies based on data analytics and
artificial intelligence needs a close shepherding through education and experience to guide
innovation and implementation (Sharda et.al. 2020). In adopting new technology, there are
essential factors to consider in the finance and accounting departments to ease communication
understandably to all the stakeholders for a transition to this new technology within the
organization for improvement in the process and control of the technology within the interrelated
function of departments.
The industry the process is utilized in
Finance and accounting are a vital role in driving business growth and strategy. These
processes are essential to perform tasks to help achieve the finance and insurance industry's
objectives and goal. The departments are crucial in most finance and insurance as the teams are
equipped to ensure efficient processes to fulfil the organization's strategic goals and objectives.
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The finance and accounting teams are responsible for maintaining balance in the company's
financial systems, which is the circulation of money managing investments and lending of funds.
The new technology the business should deploy
Finance and accounting teams will be freed up to attend other business duties that are
more useful to increase productivity with the automation of the core processes through the
implementation of robotic information to improve the delivery speed and reduce the margins of
errors, hence reducing the costs of data and compliance management. The organization core
process, including invoicing and expense management, can be automated to reduce the mistakes
and delays in other business activities. The organization needs to have a tax specialist to
determine their tax obligations, which tends to be expensive and time-consuming due to financial
statements analysis for calculating how much tax they need to pay on each transaction.
Development of algorithms for determining the amount of tax to be paid per transaction using
advanced methods in data analytics and the development of artificial intelligence with the
assistance of machine learning helps the business in the local and global market meet their tax
obligation efficiently (Sharda et.al. 2020).
Pros and cons of the technology
The organization with efficient automated technology in the finance and counting
departments to handle tax compliance workload and ensuring deadlines are met through advisory
methodologies are better placed in the market. The computerized processes, coupled with
financial and accounting principles, help generate a turnkey compliance and reporting resolution.
Integration of tax data enables the business to define, collect, and administer tax standards
specific to its goods or services. Drawing from the industry and expertise in tax compliance and
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technology platforms will help the business map policies and design solution and data model
workflows on taxation management tools such as SAP, Oracle, and Saber (Sharda et.al. 2020).
With the process automation in the finance and account, there are many risks present,
which make the organization incur an extra cost. Automation of these business processes led to a
certain level of rigidity in modifying the workflows that need consideration for future
transformation. The versatility and scalability of the automated would present the organization
with a challenge if it were well designed in the implementation stage. Automation of these
processes may require data to be keyed manually (Sharda et.al. 2020). Hence, data are not well
scrutinized for accuracy, and completeness will lead to reports with errors. Different
organizations in the industry will require to have customized their processes to match business
objectives and goals. Changes in tax rates and change of business rules automation of finance
and accounting will require rewriting the algorithms accordingly to avoid errors in processes.
The factors the business should consider to deploy new technology.
Organizations in the finance and insurance have new technologies that are supposed to
help enhance the way organizations carry out their core processes for fulfilling business
objectives. Use of artificial intelligence to the development of algorithms for determining the
amount of tax to be paid per transaction using advanced methods in data analytics and the
development of artificial intelligence with the assistance of machine will require an organization
to consider the credibility in developing technological solutions by identifying a specific problem
(Sharda et.al. 2020). An organization needs to consider finance and accounting teams' skills to
implement and use the technology deployed within their departments. With the use of the robotic
process, data analytics, and artificial intelligence technologies organization should consider the
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ease of developing or building on top of these virtual financial platforms in the future (Sharda
et.al. 2020).
Summary of the findings
The organization practitioners are working with other business to plan and implement
effective processes to maximize resources to increase quality delivery and productivity. Models
for using advance technology and resources are used to enhance the best alternative activities for
re-engineering, implementing the selected software's and efficient tax definition in the business,
and managing business change effectively. An organization provides business with an
accounting system using artificial intelligence with an application of Software as a Service
competency for a business process to scale its global activities for balanced growth,
infrastructure, and agility of customers' demands. However, this has also contributed to
significant job loss due to automation and use artificial intelligence in the business.
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References
Delen, R., Sharda, D., & Turban, E. (2020). Analytics, Data Science, & Artificial Intelligence:
Systems for Decision Support, Global Edition. Hudson, NYC: Pearson Education
Limited.

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