8 Learning accounting and finance
Md Sahid Hossain, Postgraduate Research Student, Accounting, United Kingdom
I have used GenAI in various contexts, primarily focused on automating tasks, enhancing productivity, and generating insights in the fields of finance, accounting, and business analysis. One of the main applications was streamlining financial calculations and analyses, such as generating financial ratios (e.g., liquidity, profitability, and leverage ratios) based on provided data. This helps accelerate reporting and decision-making processes for professionals working with large datasets. Additionally, I have used GenAI to assist with creating financial reports and statements, including generating balance sheets, income statements, and cash flow statements, thereby reducing the manual effort required for drafting such documents.
In another context, GenAI was used to support financial forecasting and tax optimization strategies by generating insights based on historical financial data. By automating routine tasks and providing quick calculations, it freed up time for finance professionals to focus on strategic decision-making. Overall, GenAI helped provide real-time support and enhance decision-making by delivering quick, data-driven insights, thereby contributing to more efficient financial management and analysis processes.
I have used GenAI in various ways to improve efficiency and support decision-making, particularly in the areas of finance and business analysis. For instance, I leveraged GenAI to automate financial calculations, such as determining key financial ratios (like current ratio, return on equity, and debt-to-equity ratio) based on user-provided data. This automated process allowed for quicker financial assessments and freed up valuable time for in-depth analysis.
In another instance, I used GenAI to help generate financial reports and statements, such as balance sheets, income statements, and cash flow statements. By providing the necessary inputs, I could quickly draft these documents, which significantly reduced manual work and improved accuracy. Additionally, I applied GenAI for budgeting and financial planning. By using it to generate and optimize budgeting scenarios based on income and expense data, it allowed for better financial forecasting and scenario analysis. GenAI also helped with financial forecasting by generating insights from historical data, suggesting tax-saving strategies, and guiding users on how to optimize their investments. Overall, using GenAI allowed for faster, more data-driven decisions, and streamlined routine tasks, increasing both productivity and financial accuracy.
GenAI’s ability to generate detailed explanations and step-by-step solutions for complex subjects helped solidify my grasp of difficult topics
GenAI has been immensely helpful in my learning by providing immediate access to diverse information and simplifying complex topics. For example, in areas like finance and accounting, GenAI helped clarify intricate concepts, such as financial ratios, investment strategies, and tax regulations, by explaining them in easy-to-understand terms. It also provided real-time assistance in solving problems and calculations, which reinforced my understanding through practice.
Moreover, GenAI’s ability to generate detailed explanations and step-by-step solutions for complex subjects helped solidify my grasp of difficult topics. For instance, when learning about financial modelling or budget forecasting, I could input various data points, and GenAI would walk me through the processes of building models, interpreting results, and making informed decisions. This hands-on approach was invaluable in translating theory into practical knowledge.
Additionally, GenAI acted as a tool for research assistance, enabling me to gather relevant information on specific subjects quickly. This saved time compared to traditional methods of learning, such as searching through textbooks or academic papers. The ability to ask follow-up questions and dive deeper into areas of interest allowed for a more personalised and efficient learning experience. Overall, GenAI has enhanced my learning by providing quick, clear, and interactive insights, fostering a more effective and engaging way to explore new subjects.
