HARNESS THE POWER OF GENERATIVE AI FOR ACCOUNTING AND FINANCE

Module 1: Introduction to Generative AI in Finance and Accounting

1. Icebreaker & Overview of course objectives
2. Understand key terms in AI like Deep learning, Machine learning, Natural Language Processing (NLP) and neural networks
3. Benefits of AI in the accounting and finance industry
4. Introduction to Artificial Intelligence tools and how Large Language Models (LLMs) like ChatGPT work
5. Overview of other AI models like Claude, Google’s Gemini, Microsoft Co-pilot and their applications in finance
6. Integration of AI with Excel, ERP systems, and Business Intelligence (BI) platforms
7. APIs and automation tools (Power Automate, Zapier, Python scripts)
8. Real-world examples of AI applications in finance: fraud detection, reporting, forecasting

Module 2: AI applications in accounting operations tasks

• Automation of financial reports such as income statements, balance sheets, and performance summaries
• Automation of bookkeeping tasks with AI.
  • Use of AI tools to streamline invoicing and expense tracking.
  • Reconciling bank statements using AI-driven tools.
  • Time-saving tools: Automating financial data entry, report generation.
  • Learning activity: Input the sample of financial data into ChatGPT to categorise costs, expenses or generate commercial invoice.

Module 3: Financial Reporting with Generative AI

• Using ChatGPT to generate financial statements: Income statement, balance sheet, and cash flow.
• Creating financial reports – Prompt templates for finance
• Customizing AI prompts for different report types.
• Learning activity: Create a financial report based on a given set of financial data.

Module 4: Finance Analysis and Data Analysis with AI

• AI for variance analysis and decision support.
• Learning Activity: Historical financial data input into ChatGPT to generate a basic financial forecast or trend analysis.

Module 5:  Using AI for forecasting and simulation

• Introduction to AI-based data analysis: Identifying trends, anomalies, and
• opportunities.
• Example of Use of AI for budgeting and financial forecasting. Predict future financial outcomes based on AI-generated models using real-time and historical data.

Module 6: AI for Advanced Financial Modeling, Simulations and Fraud Detection

Using Generative AI to build financial models like Capital Expenditure (CAPEX) and assessing project investment feasibility

• Discounted cash flow (DCF), NPV and calculating ROI.
  • AI-powered scenario analysis: What-if modeling and risk assessment.
  • Generating simulations for different financial outcomes – best case scenarios and worst case scenarios
• Learning Activity: “Create a Financial Model” for assessment of investments options

AI for Fraud Detection and Risk Management

• • How AI can identify financial fraud patterns in transactions.
  • Using AI to perform real-time risk assessments.
  • Predictive analytics for detecting financial anomalies and fraud.
• Learning Activity: “Fraud detection challenge” – detect unusual spending and costs accounting entries.

Creating Custom AI Solutions for Accounting Tasks Monthly and Yearly Deliverables

• How to prompt ChatGPT to create customized solutions for specific finance tasks (e.g., tax preparation, audit assistance).
• Automating tax calculations, financial reconciliation, and audit preparation.
• Using ChatGPT to generate financial summaries for review meetings.
• Group Discussion learning activity

Module 7: Ethical Considerations and Best Practices

• • Understanding the ethical implications of using AI in accounting and finance.
  • Ensuring compliance with data privacy regulations (GDPR, CCPA).
  • Best practices for integrating AI while maintaining transparency and accountability
• Group Discussion activity

Module 8: Group learning – Mini project

• Create an AI-powered solution for a realworld accounting/finance task (e.g., automate a monthly report)