AI in Accounting
What is AI?
Artificial Intelligence is the hot new program in which a question or task can be assigned to a bot and it is programmed to amass the information and present it in the way you have asked it to. AI has brought facilitation to the repetitive areas of accounting, with the constant need for reports and number generating, the assembly of these lists can be quite time consuming. AI is capable of taking the simple requests with little information, and immediately produces exactly what you need. Soon, AI will be able to complete more complex tasks liken the Code Free accounting that Xero is working on which we will talk about in a minute. Accounts payable and accounts receivable functions will also be able to be handled from start to finish, easing the workload of bookkeepers and accountants.
Xero’s Code Free Accounting: This version of cloud-based accounting is the next step towards streamlining the process. This function removes the need for manual coding, which is the culprit of most errors in final numbers, and in turn opens up the channel of productivity to allow for more business.
Chata.io: This query App is a good example of AI. The App answers questions, for example, from QBO. With each new question the App learns and improves for future questions. Computer learning is related to AI so each time you specify on different needs, your answers will be more and more tailored to what you have previously asked for.
Watson AI (IBM): This AI computer system is already being used to advance scientific research. By inputting data collected from doctors and scientists, diagnoses have been made at a fast enough rate that cancer patients have had received their answers sooner than before.
Dryrun Cash Flow: Using the Dryrun application offers you an easy way to forecast your cash flow, it takes your current and past numbers and projects your future months based on that performance. Saving you from making dozens of spreadsheets that can be difficult to look at.
AI is allowing accountants to focus on higher value tasks like advising and tax planning, and leaving the arduous report generating and code inputting to the computer. While we are still a ways off from databases like JARVIS in the Iron Man series, this is leaps and bounds ahead of what the previous generations could have imagined.