Artificial intelligence is affecting all sorts of industries, and accounting is no exception. AI may well lead to job insecurity in some professions, but if you’re an accountant, you shouldn’t worry too much. Though technology can automate part of your role, it isn’t going to replace you anytime soon. In fact, through saving time and eliminating more burdensome tasks, accountants will find it easier than ever to please their clients.The general outcome perceived is in saving time, reducing costs, increasing productivity and providing better accuracy. Artificial Intelligence enables the following in the Finance and Accounting industry
Automated data entry
Clearing Invoice Payments
Expense Claim Auditing
Determining Bonus Accruals
Automating workflow approvals
One of the Major changes is affecting compliance, which is seeing the way data is handled and processed become completely automated. This enables the accountants to get precise and accurate data rapidly for every tax report they generate.
Data categorization is also being strongly affected by AI. Bots are now able to determine and categorize all information into different accounts by themselves, which means artificial intelligence is already delivering solo performances in the field. For instance, bots can tell and organize data coming from the same source into different categories
Machine learning is also observable since these bots can learn from various human input to make better judgments and to adapt to accounting professionals’ behavior patterns. Machine learning can provide great opportunities to develop high integrity accounting. Essentially, high integrity accounting is data untouched by human hands. This could potentially eliminate data entry and coding entirely – freeing up time to focus on strategic and advisory tasks.It will make you more proficient, more productive, capable of taking on and handling more clients, while also delivering more value through insight, rather than through long hours of tallying up figures.
The procedural changes that AI is bringing might eventually spark some controversy about how secure things really are with this transition, but since accounting professionals will still remain as the final approvers of all the tasks performed by the AI, they will keep control of any sensitive information they want
AI bring to the accounting world is the shift in the accountants’ mindset. These professionals are becoming so tech-savvy and open to new technology that it’s actually refreshing. This is something that this field really needed for a long time