In recent years, artificial intelligence (AI) and machine learning technologies have taken centre stage as the future of human life as we know it. From manufacturing to customer service and human resources, AI has been used and prototypes extensively in various applications across industries.
One of the different industries that are benefiting from the AI technology advancement is the accounting industry. Accounting requires meticulous processes, given that it has a lot to do in keeping a tab of all the financial transactions of a company.
How is AI being applied in the accounting industry today?
The accounting industry has thrived with the help of AI through the more efficient generation of valuable data. That has allowed thousands of firms to make better decisions and serve clients.With AI, the field of accounting has been able to evolve, such as with the introduction of double-entry bookkeeping.
AI-infused accounting applications have now become commonplace. Even the smallest of firms can use them for a variety of purposes at an affordable price, such as:
- Automated data entry
- Accounts reconciliation
- Faster report generation
- Real-time data tracking
AI technology has enabled accounting firms to make their processes a whole lot more efficient. Essentially, it creates more opportunities for cost savings, heightened accuracy, greater results,and reduced process duration.
What will the accounting industry be like with the help of AI in 2020?
Based on the current rate that AI is being applied in the field itself, it’s safe to say that 2020 has plenty in store for the accounting industry.
The keyword to watch out for this year is “automation,” as increasingly widespread applications of AI will stay on their path towards eradicating manual accounting work. With a new year just beginning, expect to see various accounting tasks, such as payroll, tax, audits, statements, and banking, becoming more automated one by one.
Will AI end up replacing actual accountants and accounting firms?
Now, this is a question that always gets thrown back and forth between professionals alike out of fear of becoming obsolete. On the contrary, AI technology is here to help accountants, not replace them.
When configured and applied properly, AI technology can cut out a significant chunk of time- consuming tasks well enough to let accountants spend more time on other important matters.
Instead of having to rack your brain over with trying to balance sheets, you can run an AI program to do it for you so that you’ll have more time to strategise.
Accounting processes require keen attention to detail to record and keep accurate data. Since you’re dealing with a company’s financial lifeline, it is crucial to get everything right. With the help of artificial intelligence and machine learning, accounting firms and practitioners nowadays can get even more out of their hard work. It may seem intimidating at first, but AI technology can help every single accounting firm-regardless of size, scope, or niche—to tap further into its potential and provide its skilled professionals with a foundation to do even more.
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