Artificial Intelligence (AI) is already making a strong impact on our lives, whether we acknowledge it or not. Businesses around the world are adapting the AI-empowered processes to stay afloat of the competition.
Accounting businesses are no exception to the AI evolution as well. So far, accounting functions have combined AI with existing technology to improve automation processes mainly. However, artificial intelligence has a broader role to play.
AI will not only help accountants automate much of their routine tasks, but it will enable them to make smart decisions. Accountants will be in a position to process large volumes of data. Moreover, they will turn that data into useful business insights to make intelligent strategic decisions.
Our experts at Pransform have evaluated the top 5 ways AI can transform your accounting business.
1. Data Analysis and Forecasting
One of the core aspects of accounting is analyzing data. Data insights use human intervention and will always continue to do so. However, artificial intelligence will empower computers to process a large volume of data quickly.
Cloud computing and machine learning combined will create an enormous impact. An accounting business will be able to process large data volumes. Moreover, you’ll be able to turn data into valuable insights.
Similarly, forecasting is at the helm of the accounting business. Analysis of past data becomes useful only when it enables businesses to forecast accurately. Artificial intelligence will empower businesses to create accurate forecasts.
AI tools like machine learning and cloud computing will ensure data will be accessible and collated. You’ll be able to create a bigger impact for improving your clients’ businesses using these tools.
2. AI will Turn Chatbots into Smart Assistants
It is another use of AI that we have already witnessed. Almost every modern business website comes with a chatbot these days. Accounting businesses use these chatbots for serving their clients by offering basic business information.
An emerging role of AI is to improve these chatbots and turn them into smart assistants. Some companies like Google and Apple are already making a mark with smart assistants.
Soon accounting businesses will be able to use these AI-powered smart assistants. It will help accountants to perform their core job. Routine tasks such as providing information on monthly tax calculations would be performed by smart assistants.
3. AI-Empowered Audits
Digital audits are becoming a new normal. Artificial intelligence will drastically improve the digital auditing function. However, it will require the digitization of businesses at first.
As businesses will process an enormous amount of data, auditing will require substantial time and effort. AI-empowered tools through machine learning will enable auditors to process these large numbers of documents.
AI-Empowered audit systems can support compliance and auditing tasks through monitoring documents. Error and anomaly detection will be faster and efficient. Hence, audits would become efficient.
4. Improved OCR Solutions
Optical Character Recognition (OCR) uses information extraction tools. The out-of-office accounting function can make use of OCR technology to extract information from recorded documents.
Artificial intelligence will improve the OCR tools considerably. It will enable accounting functions to process historic records and transform them towards digitization. Accounting documents contain numbers. OCR with improved AI tools will make the process faster.
It means AI will improve OCR capabilities. It will allow accounting businesses to offer better services to their clients. The document reviews and analysis for audits will also improve significantly.
5. Efficient Client Management
With artificial intelligence offering tools such as machine learning and cloud computing, client management will become more efficient. Accounting businesses will be able to process large volumes of data and serve a large number of clients.
Accounting businesses would be able to outsource some of the current routine tasks to AI tools such as smart assistants. The software will become more efficient and enhance the performance of accounting and auditing functions.
In a nutshell, AI will make accounting businesses grow faster. Instead of putting an out-of-office board or holding clients back, accounting businesses will serve them timely.
Artificial intelligence is already creating an impact on accounting businesses. AI-empowered tools will make accounting and auditing functions even smarter. Thus, service providers will improve their client management considerably.