(ai). Virtual Private Network (VPN): A VPN allows remote access to an organisation’s private network by extending it securely across a public network, such as the internet.
Along with developments such as email and online conference/meeting software, VPNs have been instrumental in facilitating remote working. This can be applied to an accounting firm or finance department in an organisation, such as Apex Solutions, to allow staff to work from home, or any other location with an internet connection.
Remote working allows for a more flexible approach to work, which is beneficial for employees, for example, in terms of motivation, and cost-saving for the organisation, for example, due to the lower requirement for physical premises.
The ability to access the network remotely would also mean that files can be easily accessed from anywhere at any time, for example, an accountant, such as Jane Mensah, can access a client’s files during meetings at their premises in Kumasi. This would make the meeting more productive, limit follow-up work, and allow the accountant to provide a better service to the client.

(ii). Chatbots: A chatbot is a computer programme that has been designed to interact in a similar way to a human. They may be accessed via a digital assistant, or directly in an organisation’s website and/or app.

Applications of chatbots are generally found in customer-facing areas where support might be required. A major application within the financial sector is found in the banking industry, such as at Zenith Bank. Many banks use chatbots to deal with customer queries in an effective and efficient manner. In many cases, they can resolve the query outright. This provides a fast and effective solution for customers, as well as freeing up the time of the employees who no longer have to answer standard queries. This allows them to focus on more complex queries, again improving customer support through reduced wait times and a better service.

Where queries cannot be resolved, the chatbot is able to accurately direct the query to the right department or individual.

(iii).

Artificial Intelligence (AI): AI refers to computer systems that carry out tasks that involve judgment that would usually require human intelligence.

There are many potential applications of AI in the accounting profession, predominantly around the automation of straightforward, repetitive manual processes. For example, software that automatically codes transactions and posts it directly to the ledger at Apex Solutions.

Automation of this time-consuming manual process would result in significant time savings in the finance department. This would free up finance staff, allowing them to focus on more complex aspects of work that require higher levels of judgement, therefore enabling them to provide a better service to the organisations for which they work.