Accounting and Finance Digital Transformation

As technology evolves, we inch closer to a time when artificial intelligence (AI) will become prominent in our daily lives. There are few industries that will remain untouched, if any. Rather than fear for our jobs, we need to learn how technology can help us become more efficient. Let’s talk about some of the ways that AI will help the accounting and finance industry streamline workflows and evolve.

Machines Will Supplement, Not Supplant Humans

Machines Will Supplement, Not Supplant Humans AI is helping accounting and finance grow to new heights. calls AI “A critical source of business value-when done right.” By leaving monotonous accounting tasks to an extremely efficient machine, you can take on more, higher-end clients and duties. This can easily drive-up expansion and profit margins. There’s already a number of duties that machines are capable of handling. The functionality and availability of these technologies will grow rapidly as time progresses. Let’s take a look at some of the technologies you should watch for to help your business. Account Reconciliations — Wouldn’t you love to kiss reconciling accounts goodbye? The time is near! This is one skill set that can easily be handled by AI. Vendor Setup — New suppliers can be vetted and incorporated into your system without human interaction. Depending on your protocol for vendors, this can include gathering tax details and even running credit checks. Payables & Receivables — There are AI-powered management systems capable to taking over this process. Get everything automatically lined up to be reviewed and processed with the click of a button. Month End Closure — Not only will your monthly closure process be more accurate due to the reduced human error aspect, but it will also be faster due to the efficiency of the technologies. Chatbots — Often, chatbots can handle basic client interactions such as proving account information and bill due dates. This allows humans to focus more on complex tasks and problem-solving. Machines are capable of analyzing immense amounts of data, with accuracy unmatched by humans. By leaving AI to deal with thoughtless repetitive tasks, humans can focus on more meaningful and advanced issues. As technology continues to develop, it’s important to stay on the cutting edge and adapt to maximize business potential. For more information visit