An expanding employee benefit: personal financial planning with expert systems

Article Abstract:

Many companies are offering financial planning as a benefit to their employees since expert systems have greatly reduced the cost per employee of offering such a benefit. Companies are finding it necessary to offer personal financial planning due to the complexity of the tax codes, the popularity of cafeteria employee benefit plans, and the increasing importance of nonsalary compensation and pension benefits. Personal financial planning covers such areas as retirement, investments, income tax, insurance, and cash and debt management. In addition, personal financial planning programs offer advice to employees towards choosing the best nonsalary and benefit options. When selecting an expert system to use to implement a personal financial planning for employees, companies should base their decisions on the system's flexibility, the form of data input, and the system's reliability. A list of expert systems currently available on the market is included.

Planning, Financial planning, Employee benefits

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Neural networks enter the world of management accounting

Article Abstract:

Neural networks are artificial intelligent systems that are increasingly being applied to several financial management functions. For example, they are presently being employed to predict future sales and prices, computing future costs, and establishing future schedules and costs. They are also being used to check transactions to identify likely cases of fraud. Moreover, neural networks are now becoming effective tools for investors and investment companies in managing their stock investments. In addition, they are being applied to such tasks as credit granting, property valuation and cost engineering. Whatever their applications, neural networks require users to develop a desirable level of technology skills to be effective. Management accountants and financial managers will be ensured of their long-term employability if they master the use of neural networks.

Electronic Computer Manufacturing, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Artificial Intelligence Systems, Computer networks, Neural networks, Technology application, Artificial intelligence

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Expert systems for management accountants

Article Abstract:

Expert computer systems (ESs) can aid managerial accountants by handling high-volume transactions that typically require decisions before they can be entered. Areas being adapted to ES application include internal and external audit systems, income tax preparation, and financial and estate planning. ESs are superior to human accountants because of their: permanence of expertise, reproducibility, and consistent behavior. The systems also are less expensive to develop and maintain than conventional systems, and they allow for the real-time updating of changes because rules are not in computer codes. Instead, the rules are located in easily accessible data bases.

Accounting and auditing

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