The Impact of Artificial Intelligence in Accounting

The Impact of Artificial Intelligence in Accounting

The powerful combination of big data and artificial intelligence is poised to impact the field’s accounting and financial services drastically. What should you expect? And how can you embrace a more innovative way of working?

Society, as a whole, is creating, collecting, and storing massive volumes of data every day. We have the computing power and storage to accommodate this growth. Now, artificial intelligence, sophisticated algorithms, and machine learning are taking this massive volume of data and creating incredible opportunities for businesses worldwide. In some industries, including retail, agriculture, and customer service, artificial intelligence has taken over various job positions. So what’s in store for the realm of accounting and financial services?

Will artificial intelligence make accounting obsolete?

The simple answer? It shouldn’t. But it’s expected that 800 million jobs could be replaced with the power of artificial intelligence by 2030. However, in the accounting and financial services industry, people will always be necessary to create trusted relationships and analyze the data brought forth through technology. Artificial intelligence, alongside machine learning, can help the accounting and financial services industry complete mundane tasks, such as:

• Tax preparation
• Payroll
• Audit processes
• Invoice categorization
• Risk assessment
• And much more

In fact, artificial intelligence is already built into many common software programs, including those created by:

• Intuit
• Sage
• Xero

But fear not – it’s only the incredibly time-consuming work that will be replaced.

How does artificial intelligence help accountants do their jobs even better?

At the end of the day, artificial intelligence helps accountants do their jobs even better than ever before. They’re able to avoid the time-consuming, manual tasks to focus instead on providing greater value to the clients they serve. Even if machines perform the calculations or create the data, accountants will need to analyze and draw a conclusion. Ultimately, they’re able to benefit from:

1. Better detect fraudulent activity with more thorough, accurate information to protect the firm and its clients.
2. Lower regulatory compliance risks with fewer chances for error in terms of reporting and/or documentation.
3. Greater client satisfaction due to the ability to provide real-time solutions with real-time data backing them up.
4. Simplified corporate policy enforcement with faster analysis of purchase orders, employee receipts, etc. to detect any policy breach.

Don’t fear artificial intelligence in accounting – embrace it. We’re here to help you leverage artificial intelligence to serve your clients better.

Contact Palindrome Consulting: Your Fort Lauderdale IT Support Team. Get in Touch Now.