3 Ways AI Will Improve the Lives of Accountants in 2020 & Beyond – What to Know

In the past decade, artificial intelligence (AI) has come far from being mere science fiction. It has established itself as one of the primary movers for evolution across industries. 

From automotive manufacturing plants to digital customer service programs, there’s no denying that AI continues to take on a more important role. It may be easy to say that every industry has progressed significantly through its application of AI. One of the sectors that have seen greater changes in their operations is accountancy. 

Accounting’s stint in using AI technology initially began as a sort of experiment that was geared for optimisation. Researchers wanted to see how machine learning would fare with the number-oriented process and key firms were looking to lift off some of their operational loads. After extensive periods of application and testing, however, more and more accounting firms and business owners alike have been seeking the help of AI technology to aid their financial operations. 

Clearly, AI technology has shaped the way business owners and accountants alike perform their accounting duties. However, there’s one particular concern: How will artificial intelligence impact accountants?

Contrary to popular belief and rising fears that AI will replace accountants fully, AI technology is set to contribute an even more positive impact in their lives. If you’ve been meaning to take the leap towards adopting AI technology in your accounting practice for better results, here are a few advantages worth taking into consideration:

A rise in the availability of convenient prediction and forecasting solutions

Various applications for the accounting industry are set to experience greater boosts in their operations through the use of enhanced prediction and forecasting solutions. 

In spite of the fact that AI could easily set any business or accountant back a fortune just a few years ago, a wider range of affordable and efficient options are set to hit the market for 2020. With the use of integrated AI, you’ll be able to fulfil the demands of your clients or business better. You can also provide quality services by generating comprehensive and accurate data-oriented insights. Convenient prediction and forecasting solutions can also help build a stronger reputation for your firm. 

More accurate and efficient anomaly detection services

Throughout the time that you spend servicing the needs of your clients, the stream of information that you’ll need to deal with can become repetitive to the point that you may end up overlooking certain anomalies. Fortunately, going through copious amounts of data and reports to spot certain anomalies doesn’t have to be as exhausting as it used to be any more. That’s thanks to the anomaly detection that comes with AI technology. By simply outfitting your operations with the use of an AI-powered anomaly detection tool, you can spot all types of anomalies in a faster and less effort-laden manner.

The advent of AI-powered smart assistants

One of the most important developments in accounting-focused AI technology that’s set to hit the mainstream in the next few years are AI-powered smart assistants. In addition to calculating numbers and compiling reports, AI technology can be used to create a more positive impact on the lives of accountants by handling certain key tasks, such as:

  • Providing clients with various information that they need for their operations (such as current tax liability, financial statements, and performance reports)
  • Facilitating various tasks on behalf of accountants (such as servicing their clients, requesting for payment, or sending reminders for required documents)
  • Answering any questions that potential clients may have about an accountant’s list of available services or their capabilities

Final words

Through the use of artificial intelligence technology, the accounting industry is set to experience monumental changes to the way it operates and services the needs of clients in the long run. If you’re looking to capitalise on the wealth of opportunities for your business or accounting firm to succeed tremendously in 2020, then it’s ideal to watch out for the three aforementioned upcoming developments.

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