AI, OCR, NLP & CPAs: Oh My!

Innovation Insights: How Trullion is trying to revolutionize rev. rec. and lease accounting.

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Innovation Insights
With Donny Shimamoto
Center for Accounting Transformation

Accounting, along with legal, pioneered technology that continues to grow and allows automation of mundane tasks. Isaac Heller, the co-founder and CEO of Trullion, discusses with Donny Shimamoto how AI uses optical character recognition (OCR) and natural language procession (NLP) to read documents like PDFs and Excel, and extracts relevant data, like lease dates, into databases, where they can be used for computations or searching.

MORE on TRULLION: Trullion Lands $15 Million in Series A | Trullion: New A.I. Startup Targets Rev Rec, Lease Accounting

MORE on LEASE ACCOUNTING: Lease Accounting Hits Hard | Lease Accounting Is About to Get Very Real

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Heller and Shimamoto discuss the origins of professional technology, sharing how accounting was the perfect breeding ground for database software. “When you think of Oracle and SAP and Intuit going way back, these were really the pioneers of database software,” Heller says. “It’s as simple as that, you know, the general ledger and the accounts payable and accounts receivable framework fits really, really well in a software model. So, there was kind of this jump out of the gate where we were able to do so much in accounting.”

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Posted on August 3, 2022

Donny Shimamoto

About the Author

Donny C. Shimamoto, CPA.CITP, CGMA, is the founder and managing director of IntrapriseTechKnowlogies LLC, a specialized CPA firm dedicated to helping small businesses and middle market organizations leverage strategic technologies, proactively manage their business and technical risks, and enable balanced organizational growth and development. Donny also works with larger organizations as a trusted business advisor, facilitating organizational strategic planning and execution, IT governance and planning, enterprise architecture, information architecture and assurance, business process improvement, and business intelligence initiatives.

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As the founder of The Center for Accounting Transformation, Shimamoto is leading a movement to change the world for the better by empowering and equipping accountants with the leading-edge tools and techniques.

Donny was the first Certified Information Technology Professional (CPA.CITP) in the State of Hawaii and is one of only four in the state. The CITP credential is a specialty designation of the American Institute of Certified Public Accountants (AICPA), that identifies Certified Public Accountants (CPAs) with the unique ability to bridge between business and technology; meeting the strict requirements for a CPA license as well as additional training and experience in technology strategic planning, IT architecture, business process enablement, system development and acquisition, IT audit and control, and IT governance.

The immediate past chairman of the AICPA’s IMTA Executive Committee, Donny has been both influential and critical in several AICPA initiatives including the development of an IT Competency Model for CPAs, and redesign of the CITP Credential. Donny previously co-chaired the AICPA’s Business Intelligence Working Group, researching and creating practice aids in the area of Evidence-based Management, Application & Data Integration, and Information Assurance. Donny has also been involved in the authoring of guidance published by the AICPA on IT Considerations for Risk-Based Auditing and Enterprise Business Intelligence. As a subject matter expert, Donny is often an invited speaker at national and international webinars and a familiar key-note speaker at national-level conferences.

Donny obtained invaluable knowledge and exposure to a wide range of industries and sectors (retail, hospitality, state government, defense, and higher education) while earning his CPA license as a member of PricewaterhouseCoopers LLP's Business Assurance Services, Operational & Systems Risk Management Services, and Management Consulting Services lines of business. With ITK he has expanded his industry expertise to include not-for-profit (social services, foundations, and membership organizations), professional services, small businesses, technology, and mobile professionals.

Click here for more by Donny Shimamoto

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