Researchers at the University of Florida (UF) seek to streamline the accounting process with myinvestiGator, an intelligent online accounting tool that skims through data such as financial statements and returns results based on simple questions.
UF created the project with MindTree and developed the system with the input of staff and faculty. According to University of Florida News, UF created the tool to keep track of its research funding. So far, the tool is gaining momentum among UF researchers.
According to a University of Florida article, myinvestiGator is an online accounting tool that analyzes data in real time and answers questions like “How much money do I have left?” and “Can I afford to hire another graduate student this summer?”
Work on myinvestiGator began in 2010, and the software is growing more popular with researchers as it enters its second phase of development. The staff views the software as more scientific in nature than other accounting software, calling myinvestiGator a “scientific discovery tool” that allows researchers to focus less on accounting and more on their work.
Stephanie Gray, director of the Division of Sponsored Research, says the researchers use the tool to track “research dollars,” which acts as an online banking tool for investigators to keep track of various accounts. “Researchers have all these pots of money, all with different rules, all with different deadlines, and they wanted a better way to keep track,” said Gray in the article.
If software like myinvestiGator can achieve the same results as an accountant, some would say the need for accountants is diminishing. But according to the Monster.com 2012 Financial Services Job Conditions Report, the accounting field is expected to grow by over 190,000 workers within the next decade despite innovative software like myinvestiGator. Monster attributes the increase to economic growth, stricter regulation, and closer attention required to corporate books.
The focus is not on quick results, but rather attention to detail and the ability to use expert accounting knowledge for work in areas like international acquisitions and lending regulations.
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