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Is Artificial Intelligence The Future Of Accounting?

Is-Artificial-Intelligence-The-Future-Of-Accounting
It’s been long since we have spent time behind developing Artificial Intelligence (AI) Technology so that we can see some sunnier days when it comes for commercial implementation. It has been decades and decades of research and analysis, stuck in labs and wondering whether machines and software can take over a load of inventions and discoveries off our hands. The good news is that Artificial Intelligence is nowhere to be a part of prime-time commercial development and can now handle almost everything. Accounting has been one of the last hit areas where Artificial Intelligence is concerned. It became challenging to handle accounting ever since we have been keeping a record for double Entry bookkeeping – that is keeping a record of profit and loss sections of bookkeeping. By 2020, we would fully automate not only accounting but also other tasks like tax, payroll, audits, banking, etc.

Will AI Remove Accountants For Good?

However, one of the prime concerns raised during the involvement of AI along with accounting software is that will it eliminate the job of an accountant. Nope. But we are talking of saving ourselves all the problems of having to go through manual and intricate calculation and eliminating the manual accounting errors. Already there are many software in the market that make this job simpler. We no longer need to depend upon rational calculations to create our accounting work simpler – neither are we talking of long hours spent after trying to balance the sheet in both sides.

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Accounting abides by the taxation laws of the concerned country and places where there is multi-level taxation involved; complex calculations are pretty much the situation. AI-based software help in such cases.

AI On The Rise:

You cannot spend a single day without the involvement of AI in your daily life. Take into consideration all those online activities like banking, booking, and making payments. Even social media is part of the never-ending competitive technological boom, and though accounting came very late into the scene, we can expect that cloud-based accounting software has made way into the market at a fast rate.

The AI accounting software enables to do a lot of manual calculations, percentages, and decimals to be handled to a higher precision. Of course, depending upon the taxation laws and the country where the software is being used, these variations are easily incorporated. Countries have different taxation systems and bookkeeping methods for which AI is giving seamless blending.

Artificial-Intelligence-Is-The-Future-Of-Accounting

Context Challenges:

AI is pretty much good at most of the tasks that are streamlined and straight forward. However, there are places where context-based changes need to be incorporated for which human touch is essential. In the upcoming few years, these context-based challenges will Be overcome. Places, where data discrepancy in AI accounting software occurs, is where the AI will be able to re-engineer itself and make sure the clients can adhere to the standard accounting nomenclatures. This was an excellent challenge for Data Scientists in the initial years of designing software. That problem is pretty much tackled now, and we are looking at the next couple of years where data handling is precise.

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More Human Time Than Machine:

This may sound very different but the involvement of AI accounting software can actually ensure that there is more time for people to interact with clients and win more business Because of the calculative precision. Since the machine is taking care of most of the work done in the background, we are talking of saving precious people’s time, and that gives us more window to make sure that accountants and staff are able to win more client and increase client-base based on the exactness of the numbers.

Accounting software already goes to a particular second-level calculation, and they can ensure precision to multiple decimal systems. Taxation calculations are dependent upon the number of additional taxes applicable apart from the regular charges. Having taken care of the intricate part of tax calculation and bookkeeping, the software is now looking for perfect crossing out so that debit-credit sections are equal.

Human-AI Interaction:

We are incorporating AI accounting software into mainstream accounting and calculations wherein billing and invoicing too, becomes more straightforward and easy and significant corporates and chains don’t have to depend upon the conventional standalone software that has been in use for Sometime now. Accounting software has helped to make business simpler and expansion easier.

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Experts believe that human advise cannot be replaced. That combined with the data and the advise provided by AI-based software is of better help as data can be predicted for the future and better accounting model can be formed. This helps in creating better financial predictions and knowing more about the entire economic structure and where changes and amendments can be implemented.

Shrushti K. ChawareAbout the Author:

Shrushti K. Chaware Works as a Digital Marketing Executive, at SoftwareSuggest. She is a State Basketball player and always curious to explore new stuff. Currently focusing on keywords like, Accounting Software and Document Management Software. When she is not working hard at work, she can be found writing, reading or just wandering.

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