How Implementing AI in accounting is changing the face of the Accounting industry

Artificial intelligence (AI) is becoming a part of our lives at an astonishing speed. We are interacting with AI technologies every day, often unknowingly. From Alexa, smartphones and Google search engine to ATMs, AI is ubiquitous in our daily lives. AI is impacting various industries, including accounting. Accounting firms are racing to embrace AI to avoid paper check, paper invoice, slow accounts receivable processes and collecting on ageing receivables.

AI is a significant upgrade from automation driven by conventional computer software in which it can self-teach, evolve and adapt to its environment without human intervention. Unlike conventional computer software, AI in accounting is flexible enough to work with fuzzy data as facial expressions and handwritten notes. Let's see how the implementation of AI in the accounting process automating the analogue process impacting the accounting industry.

Automation through AI and Cloud Computing

Most businesses have already shifted their infrastructure into the cloud. Resources such as AI and the cloud are likely to become more commonplace in corporate ecosystems. If one is building a career as an accounting professional, the individual has to be familiar with these terms that can help the professional to prepare for the future of business and accounting.

As an accounting professional, one can expect to use accounting artificial intelligence and the cloud to compute massive amounts of data in less time. AI can amass data and find patterns and anomalies, so the accounting professional and his co-financial workers can make better-informed decisions.

The cloud also delivers unknown security of data that could make it more appealing for accounting professionals. Securely storing financial data can make a firm less vulnerable to impingement and liability, and using artificial intelligence for accounting to the equation could fasten processes allowing the accounting professionals to concentrate on fewer unnecessary tasks.

Automatic Report Generation

Backed by natural language generation (NLG) technology, accounting reports can now be generated automatically. NLG translates data and charts into a language that humans can easily understand. It also personalises a report for a specific customer. Forbes reports, Germany-based Commerzbank now uses artificial intelligence to produce equity research reports. The technology has taken over 75% of the work of a human equity analyst.

Automation in Auditing

Auditing, typically, is an expensive and time-consuming process. Hence, an audit's scope relies on sampling. Leveraging AI, continuous auditing on a large dataset is becoming feasible. Instead of being at the downstream of accounting and considering a subset of accounting data, the auditing process can be active continuously, analysing the entire data set and finding errors as they take place.

Drive Constant Improvement

Real-time configurable reports and dashboards provide an accurate and 360-degree view into financial data and outcomes, enabling teams to continually monitor the quality and efficiency of accounting and finance operations. By leveraging additional export capabilities, pivot tables, and dashboard visualisation, staff can dig into valuable data to identify opportunities to process further improvement. Modifications can be examined thoroughly in a mirrored production ecosystem to assess the impact of changes effectively to provide proven value to the organisation.

Enhance Productivity

By applying automation to repetitive, manual, and time-intensive processes, teams are relieved of the daily tasks that reduce engagement and inhibit their capability to concentrate on creating value and optimising accounting service delivery. With more time for analysis, accounting and finance can hone their skills and become more agile to meet the changing requirements of the business to address the increasing demands and complexity now and in the future.