Artificial intelligence (AI) could take many industries, including accounting, into a new era. Accountants today still often rely on manual or semi-digital processes and spreadsheets to process financial data. But there is good news. With the advent of AI, accountants can use machine learning algorithms to analyze data faster and more accurately than ever before.
Efficiency, quality and compliance: the holy trinity for the accountant?
One of the key benefits of AI for accountancy is its ability to process large amounts of data quickly. For example, an AI system can analyze thousands of transactions and identify trends and patterns that an accountant might miss. This can help accountants make more informed decisions, detect errors or fraudulent activity and make more accurate financial projections.
Another benefit of AI in accounting is its ability to automate routine tasks. While there is already a great deal of automation in the industry, there is still room for improvement. By using AI for mundane tasks such as data entry and reconciliation, accountants can focus on more complex, value-added tasks.
Or, they finally have time to train for that marathon.
In addition to these benefits, AI can also help accountants stay abreast of the latest regulations and compliance requirements. For example, an AI system can be trained to identify changes in tax laws and ensure that a company’s financial records are compliant.
Our ClearFacts platform is also taking its first steps in AI
ClearFacts, Isabel Group’s preaccounting solution, is launching a free new feature based on AI. This new confidence level shows the accountant a fidelity level of the booking proposals. And this is unique for the Belgian accounting sector.
“We add a fidelity code that shows the accuracy of the booking proposal. To do this, ClearFacts uses machine learning. Recurring invoices, for example, get a very high score with full star, and so the accountant knows that the check can be a little faster again. After all, efficiency gains are our company mission,” says Tom Vanhoorne, VP Business Solutions at Isabel Group.
In summary: AI in accountancy lead to greater accuracy, time savings and compliance. And AI is not standing still. As AI continues to evolve, we will likely discover even more innovative ways it can be used to transform the accounting industry.
And now on to that marathon?