Business

Artificial Intelligence (AI) powered accounting to combat this Pandemic

Accountants have incorporated waves of automation over the past years to improve the efficiency and effectiveness of accounting processes. As of today, technology has not been able to replace the need for expert knowledge-based decision-making accounting professional. Also, the science of accounting is centuries old, but today’s artificial intelligence (AI) and automation technologies are challenging it.

AI is not only a technology that can draw conclusions from large amount of data and adjust its actions based on those conclusions, but it’s also an Intelligent system that can quickly learn in real time and be applied to an entire organization.

Here are few Insights of how AI could be useful for your accounting:

Forecasting & predictive analysis:

With the help of AI, you will be able to get a comprehensive insight for your business without the usual manual time-consuming process and number crunching behind report creation (like Cash flow report). Also, AI integrated with machine learning system enables it to learn from what you do with data and can make its own suggestions for humans, if not act entirely autonomously.

Accounting professionals can use AI to support with business decision-making, based on actionable insights derived from client demographic, past transactional data and other external factors, all in real-time. It will enable to not just look back but look forwards with more clarity than ever before.

Invisible smart assistant (ISA)

Smart assistants’ bots might be able to give you a helping hand. They can act as a first line of customer contact, able to provide clients with the information they need, such as details about outstanding balance, current invoice amount, and etc. AI systems can automatically manage the process of gathering, sorting and visualising relevant financial data in a way that helps the business run more efficiently.  In addition, Smart assistant bots can be utilized for repetitive tasks to be eliminated from an employee’s daily workload and increases the amount of readily available data at one’s fingertips.

Better financial protection and control:

AI can significantly reduce financial fraud and minimise accounting errors, often caused by human mistake. For example, it can detect variances such as duplicate invoices or determine links between seemingly wrong payments and other known financial risks. It can also help to assign expenses to the correct categories, ensuring it doesn’t pay out for incorrect items and AI can handle all these data analyses at high speed. In this way, AI and accountants can work together to provide a more predictive, strategic service using the available data to pick up on potential issues before they arise.

As AI integrates tightly within the organization, information flows into the accounting mix, accountants will also be able to broaden their predictive skills beyond pure financial planning to integrate other areas of the business. For example, if a manufacturer realizes an increase in supplier costs, the AI-powered accountant can predict the likely impact on the business soon. They can advise on the best action to address the potential shortfall before it becomes a critical problem.

In this COVID world, to build a positive vision of the organization’s future, we need to develop a deep understanding of how artificial intelligence can solve accounting and business problems, the real-world challenges and the skills accounting professionals need to work, along with intelligent systems. 

Accounting segments are no different than any other segment when it comes to one thing: needing a competitive advantage to combat this Pandemic.

About Author:

Manickavel Muthusamy

Entrepreneur, Co-Founder & CEO

Expert Solution Technologies Canada Inc.

Toronto, Canada

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Bio -Manickavel Muthusamy is the CEO & Co-Founder of Expert Solution Technologies Canada Inc.

An Entrepreneur with in-depth understanding of Sales & Marketing of IT Services, Outsourcing and Global Delivery, worked with leading MNCs in multiple geographies including India, Canada and USA in his career spanning over 22 years. Currently owning a software firm in Canada helping Small & Medium Size business with a wide range of accounting technology solutions & services

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