With the growth in machines and technology, all professions including accounting is under a revolution. It is forecasted by the world’s largest leading management consultancy that about 85% of bookkeeping is under automation.
In the coming time, below four changes will become prominent:
1. No-mistakes compliance and better detection
Softwares generally keep updating themselves and hence are in par with the law. This means since the software keeping upgrading as per the business environment, ensuring the use of such a system will help in no-mistakes compliance. Intelligent machines are also increasingly able to monitor irregularities such as suspicious transactions and spot patterns that suggest a compliance problem much faster than the human eye.
2. Better and efficient workflows and within limits
AI advances and targets automatic data entry and that will be great liberators of accountants’ productivity. Now you can imagine how much time can be saved if the forms are already pre-filled. This would mean, the processes will become more robust and redundant and less prone to human error. Companies such as KPMG invest heavily in robots that can read documents, they haven’t quite got there yet. When receipts and financial information come in for reconciliation from a client, it’s often stuffed poorly, disordered, missing. We’ve still got a way to go before machines can do all the legwork.
3. A role for human partners and outsourcing
For AI to give appropriate reports like automatic reconciliation, data matching, and data analysis, it requires information that is in clean, simple, and machine-readable formats – which is not how humans currently operate. Outsourcing the data entry, the filing, and the comprehension required to make sense of messed up information, partially filled excel files, non-machine readable PDFs and receipts help lay the foundation that allows AI to do its work.
4. Better insights
AI and cloud computing have and made it possible to centralize information that once used to come in between one-and-four times a year at tax timeThis data are now real-time and updates instantly. Accountants will have access to larger data sets than ever before and be able to direct AI to match patterns and generate analysis that has never before been possible. Hence, the best output received from AI is the possibilities it unlocks for accountants to generate new insights.