Can artificial intelligence have a positive impact on corporate accounting?

Artificial intelligence is already used in many spheres of activity and has polarized public opinion. While some see it as the promise of a better future where machines will free people from arduous tasks, others perceive it as a rival that will make countless workers lose their jobs.

The impact of artificial intelligence on the accounting sector, and more particularly on companies, is therefore worth assessing.

Artificial intelligence for simple and repetitive tasks

Thanks to the implementation of AI in corporate accounting tasks, basic accounting entries are fully automated as soon as invoices are scanned. Software tools make it possible to detect all the necessary elements in the documents and record them directly in the accounting records.

The productivity benefits are enormous, with a gain of 30% often mentioned by the big names in professional accounting support technologies. In addition, the risk of human error associated with manual entry is reduced.

AI provides accurate projections

Increasingly reliable and adaptable algorithms take enterprise accounting to the next level. Artificial intelligence tools now offer a wide range of options for in-depth analysis of corporate performance and the ability to create accurate projections. These forecasts are useful indicators for accountants in their role as advisors to their clients.

AI transforms jobs related to business accounting

The rise of artificial intelligence has a direct impact on the accounting professions. With the digitization and deployment of intelligent IT protocols, we are witnessing a sea change in the accounting profession. Bookkeepers and data entry clerks, small hands at the beginning of the accounting chain, are facing threats to their jobs. These people therefore need to develop new skills to remain in the industry.

At the same time, new professions within firms are also emerging with the involvement of engineers and data analysts. As a result, financial processes are constantly improving. They are perfecting data analysis and extraction to enable accountants to focus more on consulting and building strong client relationships.

What to bear in mind about artificial intelligence in accounting

Combined with new technologies, software and the digitization of professional activities, artificial intelligence can automate part of the accounting process, such as document entry operations. It also cross-references as much information as possible to approach zero risk. This is done by studying management behaviours and identifying unusual or risky transactions to combat fraud.

At the same time, AI will never be able to listen to and advise the clients of public accounting firms or the accountants themselves. Which is why if you want to benefit from personalized corporate tax & accounting services and advice, you should contact passionate people like the T2inc.ca team!