How accountants can embrace Artificial intelligence; the next big think
Artificial intelligence (AI) is intelligence exhibited by machines. It is a field with a long history but currently is actively growing with applications in many industries and sectors. Google predicts that it is the next big think.
Many business in different sectors around the world already use robotic process to automate the process of data in daily basis.
As in other sectors of the economy, AI can be implemented also in the Accounting industry.
As financial reports are getting more complicated, AI can be used to produce these complex data reports in less time, saving valuable time for the accountants and eventually help to keep the cost down for their accounting firms and their clients.
AI can not be a real threat for accounting workforce as the technology can give actual value when it will be used along with the human knowledge.
How accounting firms can employ the Artificial intelligence technology? Here are three ways:
1) Help to analyse data in more effective way
AI can automate the process of gathering and analyzing data and audit evidences in a more effective way in order to provide auditors better capabilities of using these data inputs to predict problems before even affect the economic reports of their clients.
AL can read data of thousands contracts and agreements very quickly and provide to auditors the valuable data according the criteria that were set.
2) Better value of service to clients
The use of AI in accounting can help accountants to answer clients’ questions in less time by effectively reducing the time needed for research and calculations. AI assistants can keep vast amount of previous searches and studies and provide the relevant answers to clients helping this way the accountants to provide better service to their clients and increase the productivity of their job.
3) AI can help in marketing automation for accountants
Accounting firms can invest in marketing automation in order to track visitors behavior on their website and instantly provide them with the content that are most interested in.
This is an automatic process that can act as an advisor working 24 hours a day. Marketing automation may increase the possibilities for accounting firms to get new clients when they visit their website.
As technology advances, accounting firms have to invest in automation that span their entire operations. Accounting industry must adapt to the global technological changes to become more competitive, reduce their operations cost, increase their productivity and provide better value to their clients.
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