The digitized business environment has witnessed the integration of AI into most of the core departments of enterprises. Particularly, AI has revolutionized fields like finance and accounting, which are vital for every organization across different verticals. Forward-thinking entrepreneurs are embracing AI-enabled systems to remain competitive, as these intelligent systems provide valuable insights and save their time.
Prioritizing data safety and the efficiency of operations, leading companies have already switched to cloud accounting services. Along with IoT and AI, cloud accounting is one of the key features that define Industry 4.0, highlighting the pivotal role of AI in shaping the future of accounting and finance.
How does AI streamline finance and accounting?
AI significantly automates processes involved in accounting and financial tasks. This liberates as much as 80% to 90% of the time for your workforce, as technology handles mundane operations. Automation not only significantly reduces the time spent on repetitive tasks, enhancing output quality by minimizing human error, but also provides a sense of relief to your team, allowing them to focus on more strategic and value-added activities, thereby reducing their workload and increasing their job satisfaction.
Almost all accounting functions have been automated by AI, from banking to audits and payroll to tax. This has significantly transformed business operations. AI not only enhances output and productivity but also ensures greater auditability and transparency. It reduces time-consuming tasks that were manually handled in traditional organizations. With the power of machine learning (ML), finance professionals can now accurately forecast financial statements based on historical data, providing a solid foundation for decision-making and potentially revolutionizing the way financial planning is done.
On the other hand, Robotic Process Automation (RPA) is used by accounting heads to handle repetitive tasks efficiently. These include analyzing documents and vast amounts of data, eventually relieving your financial team from non-core tasks.
Crucial applications of Intelligent Automation and RPA in accounting
Have a look at the key applications of RPA and intelligent automation in accounting:
- Processing documents in real-time: AI uses natural language processing and computer vision to process documents. Accounting professionals benefit from real-time reports, which help them to make proactive decisions.
- Automated authorization: AI processes and automates document authorization, which improves different internal accounting processes. It streamlines tasks like invoicing, procurement, preparing expense reports, and accounts management.
- Detecting fraud: Powerful ML algorithms have been designed to analyze vast amounts of data to identify potential fraud. These algorithms flag issues to be reviewed, thereby preventing loss of revenue.
7 Ways to Use AI in Accounting and Finance
1. Processing payables and receivables
2. Onboarding suppliers
3. Procurement processes
4. The scope of auditing
5. Managing cash flow
6. Expense management
7. Chatbot support
Outsource finance and accounting services to experts
With most of your competitors embracing cloud accounting technologies, it’s time to streamline your operations. The most cost-effective approach is to outsource finance and accounting services to established service providers like the IMC Group. With outsourced accounting and financial services, you can entrust experts to streamline your process, reduce costs, and drive the growth of your business. While the professionals take care of your finance and accounting services, you can focus on your core competencies and achieve success. A professional team will leverage AI and other leading technologies to ensure a flawless accounting system for your organization. Seek expertise when it matters the most and embrace the growth trajectory.
