If a company could reduce its costs by 80 percent and time to perform the tasks by 90 percent, would they be interested? Artificial intelligence is making a significant impact in the world of accounting and finance. From saving money, time, and providing insights AI-enabled systems for finance and accounting are the way professionals and their organizations will stay competitive and will attract potential customers and employees.
According to a study conducted by Accenture Consulting, AI is here to yield these results for financial service. Embracing artificial intelligence is vital for finance professionals and accounting companies in order to deliver services to their clients, and to compete with other professionals.
Market growth of artificial intelligence in accounting and finance
The growing need for enhanced audit processes, automated accounting processes, and decision-making power is driving the demand for AI in accounting. According to the latest market reports announced by ReportLinker, artificial intelligence in accounting and finance is anticipated to reach USD 4.7 billion by 2024 at a compound annual growth rate of approximately 48 percent.
Benefits of artificial intelligence in accounts and finance
Mimic human methodology
AI in accounting can help accountants perform different tasks, whereas finance professionals can use this technology to deal with new clients and improve productivity. AI can be used for monotonous work such as reconciliation and data entry, which otherwise takes more time, reduces liability, and eliminates errors. It is a technology that is designed to handle mundane tasks so that accountants will be free to engage in more advisory roles.
Performs multiple accounting tasks
AI in accounting ensures operational efficiency and reduces costs. AI machines automate end-to-end accounting procedures. As automation is accessing every corner of an organization, the financial firms also opt for digital transformation that will gain from the technology developments. The finance and accounting leaders who will deploy artificial intelligence will be ranked in the future of digital transformations.
Let us read through about what AI machines can do in accounting and finance:
Supplier On boarding: The AI-powered systems can screen the suppliers by examining their credit scores or tax details. Artificial intelligence tools and techniques can set all suppliers in the systems without the need for the human brain. In addition, they can also set the query portals to get the required data.
Procurement: Many organizations file their buying and procurement methods on paper. They maintain several records and systems that are not connected. As AI machines use APIs to process unstructured data, the process of procurement tends to be automated.
Pay/receive processing: Existing artificial intelligence-based invoice management systems are helping finance clients to make invoice processing efficient. Digital machines using this technology are learning several accounting codes that best suits each invoice. All this is because of the technological advancements in the accounts and finance sector.
Audits: Digitization in the process of audit tends to enhance the security level. AI is here to let the organizations use a digital tracker; each accessed file can be kept track of. The digital files can ease the audit work rather than searching all paper documents. AI in accounting provides improved accuracy of audits. Artificial intelligence in accounting, auditing, and finance help professionals in recording several financial transactions of the organization. AI-powered audits are accurate and reliable.
AI Chatbots: These are built to solve client queries efficiently. The queries may include several operational tasks such as queries about the credit bills, latest account balance details, statements, latest account balance details, and account status.