Summary:

In this episode of Insurance Unplugged, Lisa Wardlaw and Mary Embleau, Controller MagMutual, delve into the complexities of accounting, particularly in the insurance industry. They discuss the nuances of operational accounting, the challenges of data management, and the importance of understanding out of order transactions. The conversation highlights the differences between subledgers and ledgers, the transformative role of AI in accounting processes, and the future of accounting talent. They emphasize the need for real-time data and transparency in financial reporting, advocating for a more engaging and fulfilling approach to accounting roles.

Takeaways:

Accounting is often misunderstood as just debits and credits.

Operational accounting involves complex data management.

Out of order transactions can complicate financial processes.

Subledgers provide detailed support for general ledgers.

AI can significantly reduce suspense balances in accounting.

Transforming accounting roles can lead to more fulfilling work.

Event-based accounting can enhance real-time financial insights.

Transparency in financial data is crucial for effective decision-making.

The detail in accounting is what makes it valuable.

Curiosity and continuous learning are essential in accounting.

Sound Bites:

"Out of order transactions are a common issue."

"The subledger supports the general ledger."

"AI can help reduce suspense balances."

"Event-based accounting is the future."

"We need transparency in financial data."

"The beauty of accounting is in its detail."

"Be curious about new accounting approaches."

Keywords:

accounting, operational accounting, AI in accounting, subledger, ledger, event-based accounting, insurance industry, data management, financial reporting, technology in finance

Thanks to our sponsor IRYS InsurTech for bringing this industry discussions to our listeners.