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July 2023 LeaseQuery Accounting Tech Summit Recap

Throughout this event, thought leaders discussed how technology impacts day-to-day accounting tasks and frequently asked questions surrounding artificial intelligence (AI) within the accounting industry.

Summit Session Details

Session 1 – How to Transform Your Finance & Accounting Operations Without Disruption

Stefan van Duyvendijk – Accounting Operations Evangelist at FloQast
Tom Kelly – Director of Product Marketing and Management at Oracle NetSuite Global Business Unit
Abdi Ali – Senior Technical Accounting Manager at LeaseQuery

In the opening session, members from FloQast, NetSuite, and LeaseQuery came together to discuss the motivating factors and industry pressures driving CFO technology considerations. During this presentation, we provided insights into the issues keeping CFOs awake at night, explored how technology is revolutionizing the accounting profession, and identified the biases to address when implementing technology to effect a finance and accounting transformation.

Objectives:

  1. Gain awareness of the professional pressures and challenges CFOs face when considering a move toward digital transformation
  2. Recognize the best strategic approaches and practices to apply in support of financial and accounting transformation when implementing technology.
  3. Understand how to appropriately utilize technology for accounting transformations to not impact an organization’s level of control over its financial processes.

Session 2 – Not One and Done: Lease Accounting After Transition

Sam Hart – Technical Accounting Manager at LeaseQuery

During this session, LeaseQuery reviewed the policies, processes, and internal controls for organizations to consider incorporating for lease accounting post-transition to ASC 842. Throughout the presentation, we explored the various new challenges and benefits involved with your ongoing lease accounting and how those may impact the business. Best practices for executing common lease transactions, month-end and year-end close also were discussed. We wraped up by reviewing considerations for ongoing lease accounting compliance, including lease accounting training and solution maintenance.
Objectives:

  1. Identify key opportunities and obstacles unique to post-transition lease accounting
  2. Describe best practices to establish effective month-end and year-end close policies and procedures
  3. Review steps to take to maintain the completeness and accuracy of your chosen lease accounting solution

Session 3 – The Impact of AI in the Financial World

Rob Drover – Vice President – Business Solutions, Marcum Technology
Daniel Forner – Director of Product Management, LeaseQuery
James Dinardo – Business Operations Manager, Sovos
Thomas Callaghan – Director of Data Science, Crowe LLP

Artificial Intelligence (AI) is on its way to becoming a valuable tool for multiple business functions, accounting and finance included. During this session, panelists discussed their views regarding how AI impacts day-to-day accounting operations, considered the ways AI can enable finance professionals to do their job with ease, and deliberated whether AI can replace the human element needed to perform certain roles.

Objectives:

  1. Identify how AI can assist finance and accounting teams with certain daily or repetitive tasks
  2. Explore the advantages and disadvantages of using AI for various business operations
  3. Recognize that while AI is beneficial, there are some elements of the job only a finance professional can provide

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