AI and automation technology can be immensely beneficial to accountants in a number of ways. It enhances efficiency and accuracy, frees them up to focus on more strategic aspects of their roles, and makes them better at meeting client needs. Furthermore, this technology reduces costs while improving the quality of service they offer.
Automating Data Processes: As companies increasingly move financial data to the cloud, accounting professionals can expect more automation of routine tasks such as bookkeeping, data entry, and reporting. This trend is especially pertinent to small and midsize businesses where budgets and staffing are typically tight.
Big data + analytics: Accountants can utilize AI to rapidly process and analyze large amounts of data at speed and scale. It also provides actionable insights that allow them to optimize their workflows and make smarter business decisions.
Reporting and Data Visualization: AI-powered financial reports can be accessed in real-time, giving accountants constant access to key metrics. No longer do they need to wait until the end of the month or quarter for their reports, responding immediately to changes in the business and making strategic decisions that help them meet their targets.
Auditing: Machine learning tools can make auditing more efficient by “reading” documents, categorizing them, recognizing trends, and flagging potentially problematic areas. This leads to more precise audits with faster turnaround times for audit results.
Financial Planning and Analysis (FP&A): Accountants creating FP&A reports often need to verify the accuracy of their data. While this can be tedious and time-consuming, machine learning tools can flag inaccuracies, decreasing the chances of costly errors made by accountants.
Predicting Financial Behavior and Risk: AI-powered models can identify non-intuitive correlations that could have a major effect on finances, providing accountants with more accurate risk assessments.
Utilizing virtual reality and financial reporting: As more businesses rely on AI for decision-making, accountants may need to learn how to utilize VR or other augmented reality tools in order to explore their data in creative new ways. Doing so can also enable them to present findings more persuasively to stakeholders and communicate information more accurately.
Although many aspects of accounting have already been automated, it’s essential for accountants to remember that artificial intelligence (AI) will continue to shape how they do their job and serve clients. To stay ahead of the competition, accountants must stay abreast of technological advances and discover how these tools can benefit both their clients and career prospects.