The developing interest for accurate, compelling and advantageous business support tools has seen a rise in solution driven innovations from payment, banking and budgeting applications, to desktop work area arrangements.
Presently, in the time of artificial intelligence (AI), organisations everything being equal and sizes can get to innovation that arranges for professional accountants and business owners from investing a long time on regular monetary and bookkeeping undertakings.
As AI keeps on getting force in the accounting space, professional accountants have a chance to increase the value of their customers and go up against a more advisory job.
Fortunately, AI won’t be replacing human accountants, in any event no time sooner rather than later. AI is an energising prospect for independent venture accountants since it enables them to focus around their knowledge based duties, assigning the repetitive assignments to the robots.
Instead of wasting the time with dull tasks, such as, data entry, accountants can concentrate their efforts on all the work that requires a human touch, such as, analysing and interpreting data and utilising that data close by human instinct to make taught choices on how the organisation to continue.
Furthermore, AI can possibly make accountants more efficient and productive.
Reaffirming the growth potential of AI in accounting, Vice-President and Principal Analyst at leading global technology research firm Atherton Research, Jean Baptiste Su, notes that research on the future of accounting highlights that by 2020 accounting, tax, payroll, auditing and banking tasks will likely be fully automated using AI-based technologies.
So why should South Africa’s SMEs, big corporates and accountants tap into the power of AI? Here are top four ways of incorporating AI to advance financial processes.
1. Makes accounting basics accessible
Not everyone has a head for figures, but machines do. So, let them crunch the numbers for you. Online accounting tools, such as QuickBooks Online, use AI capabilities to alleviate your workload by limiting repetitive tasks, and can help you make smarter financial decisions.
2. Improves efficiencies and delivery turnaround
AI can also perform large-scale tasks that would be virtually impossible for humans to complete in a timely manner.
3. Increases accuracy
In a traditional bookkeeping setting, accounting mistakes may go unnoticed. AI can detect errors immediately, ensuring that your books are always accurate. Machines may also be able to provide real-time financial insights, which often take accountants extra time and effort to discover.
4. Improves compliance
AI can detect inaccuracies and flag improper submissions for removal or human approval. This real-time auditing would be quite tedious for human accountants. Using machine learning, AI can learn the company’s policies and analyse data in bulk to ensure that there are no discrepancies.
Leading the way in transforming the accounting sector and encouraging the industry to welcome AI and – in turn – advance their financial processes.
AI helps to solve a lot of the day-to-day challenges encountered when running a small business. It enables you to work better, smarter, and more efficiently in so many ways – and is now more accessible than ever.