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The Impact of AI on Accounting

 The accounting industry moves at a quick pace. If you fall behind the latest trends, you might find that your career and business suffer. One of the new arenas where accounting is changing is AI. Artificial Intelligence offers all sorts of new possibilities and efficiencies for the industry. Below, we explore the impact of AI on accounting and where this could take you professionally. 

Impact of AI on Accounting

The current status of AI and accounting 

AI has already changed the way accounting works in leading businesses. By understanding the current status of AI and accounting, you can pivot towards a strategy that works best for your organisation. For a start, traditional services such as data entry and audits are now being completed by software to save time and money for clients. This can give accountants the time and space to complete more complex tasks, manage the whole process more efficiently and diversify the services they offer. As a result, AI currently offers accounting the opportunity to provide a more holistic service to clients. 

Tasks and processes that AI can do well

Naturally, it’s interesting to consider the types of tasks and processes that AI can help you complete with minimum fuss. For a start, AI can be used to enforce corporate policy. By using AI to scan all the financial documents of a company, you can quickly identify compliance issues and other problems to correct. This can allow you to train employees who are struggling with compliance issues before a significant error is made. On top of this, AI can help you complete the time-consuming monitoring tasks that your business will face every day. By keeping track of all your transactions, you can use AI to analyse your financial behaviour with more clarity. Finally, AI can also help you rapidly detect fraud by scanning all your financial dealings over a long period. 

Combining AI and human brain power

AI works best when balanced with human brain power. Indeed, there are many tasks where the human mind is better suited than the artificial mind. For instance, if you want to better understand a client’s needs and build a relationship, the human mind will be essential. By understanding when best to deploy AI, you can create the optimal strategy for your business. If you’re struggling to formulate the right strategy for your business, you could consider seeking advice from consultants to plot a path forward. 

AI has had a dramatic impact on accounting, but if used appropriately, this can give the industry a real lift. And by following the guide above, you should be all set to use AI to sharpen your business. 

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