Advantages of Adopting AI in The Business Accounting Industry

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Advantages of Adopting AI in The Business Accounting Industry

CFO Tech Outlook | Friday, October 08, 2021

Implementing AI for accounting operations in business can help employees perform better by focusing on more critical tasks.

FREMONT, CA: Artificial intelligence is quickly becoming an essential component of more companies' day-to-day operations, with AI chatbots and product recommendation engines already in use. According to a PwC research, 72 percent of business decision-makers believe that deploying AI allows their workers to focus more on other important and creative tasks. Major accounting companies have started recognising AI's promise in the commercial accounting industry and investing billions of dollars in adopting and creating new AI and data analytics technologies.

The adoption of AI is transforming the finance business by offering several benefits like:

Advanced financial insights and on-time reporting

Financial statements are often given a few weeks after the month ends because of the time it consumes for data entry, reconciliation of bank statements, and preparing accounting records to compile financial reports. AI helps finance professionals save time on month-end close procedures, allowing them to complete and distribute monthly financial statements more quickly. AI can even automatically deliver next-level insights into a company's financial data when utilised with machine learning and natural language processing technology.

Drives business growth

When AI is used in the financial sector, it gives users access to more accurate and up-to-date data. However, a consequence of AI is that it promotes company growth. A company can go from reactive to responsive by having real-time access to precise financial data. Businesses can make adjustments instantly rather than waiting until the end of the month, quarter, or year to make changes. Artificial intelligence (AI) has a great impact on how businesses are conducted. Human oversight and financially skilled team members are still required to make high-level strategic financial decisions. AI also enables companies to better manage and control money by allowing them to create a more efficient and strategic finance team and boosting their access to data.

Better accuracy and faster processes

Manual data entry is slow and prone to errors when done by humans, which is one of the key features of traditional bookkeeping and accounting. Using AI, machines can accomplish jobs and make superficial judgments faster and more accurately than people. AI can complete these jobs with better efficiency and accuracy with minimal human oversight, allowing for faster access to correct data that can be utilised to inform business decisions.

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