Assisted Accounting: The Impact of AI on Accounting

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Artificial Intelligence ( AI ) and Machine Learning ( ML ) are terms that are increasingly used in business vocabulary. In recent years, these areas of technology have had a profound impact on a wide range of sectors, particularly in the development of intelligent systems to increase productivity, operational efficiency and profitability of companies.

The accounting sector is no exception, following the same trend in the search for AI-based solutions capable of automating and streamlining processes in the analysis of accounting information. According to statistics described in financesonline :

79% of companies consider that the use of AI technologies in accounting is a key factor in increasing productivity, making them more competitive;

90% of accountants believe that adopting cloud-based digital israel whatsapp number database is a key differentiator for the future success of companies. Traditional accounting methodologies are no longer sufficient to keep companies competitive;

Accounting companies and professionals are increasingly investing in emerging technologies that allow them to automate the processing and analysis of accounting information such as invoices, payments, audits and various other management processes.
There is still some fear among accounting professionals that emerging AI-based technologies could replace them. However, there is no reason to fear these technologies. Their purpose is simply to make work easier, increase efficiency and minimize analysis errors in the many routine accounting processes. This way, professionals can focus on the tasks that really matter and generate value for their clients.

The accounting field is undergoing a transformation, with accountants increasingly taking on the role of consultant:

In advising and searching for the best technological solutions for data processing and analysis;

In the analysis and description of results;

In the development of business strategies;

In guidance and decision making.
Assisted Accounting: what are the benefits of Artificial Intelligence technologies?
Artificial Intelligence’s contribution to accounting goes beyond simply automating processes. At its core, AI algorithms learn to identify patterns in data, and the knowledge gained is used to make predictions or make appropriate decisions in the context of the data. There are several areas of accounting where these technologies are already being applied by management and accounting firms. One example of this is PRIMAVERA’s ROSE AS platform , which aims to provide a disruptive solution to its clients.

Below are some of the areas where AI mechanisms are increasingly playing a leading role in accounting:


Automatic document reconciliation
This is one of the most promising areas in accounting and one in which companies have invested the most. If you are an accountant, you know that in order to reconcile the information contained in a simple invoice, it is necessary to analyse two or more documents. In the simplest scenario, it is necessary to analyse the invoice data and the bank records, to check whether elements such as the date, identification and value of the transaction match in both documents. Manually reconciling hundreds or thousands of documents is an extremely time-consuming process. This is where advanced AI systems are an added value, as they automate the entire process. In short, structured and unstructured documents feed AI models, which in turn, using image and text recognition techniques (natural language processing) learn to capture, contextualise and classify the information of interest without previously specifying any template or layout . Subsequently, other models are tasked with finding relationships between the information extracted from the various documents, in order to map and associate this same information and thus reconcile the various documents.


Smart financial forecasts
With the current market dynamics in various business sectors, companies need to always be one step ahead of their competitors. To this end, it is important for accountants to be able to quickly and assertively tell their clients what they can expect from expenses and revenues in the short, medium and long term. AI technologies allow forecasting models to be created in a short space of time, simultaneously relating numerous business variables and other extrinsic factors. By feeding these models with new data on a regular basis, they can quickly identify changes in behavior and thus adapt to new realities. This allows forecasting errors to be minimized and decision-making and investment accuracy to be increased.

Anomaly detection and identification of causal factors
Many accounting processes involve checking, analyzing, cross-referencing, and validating data. In addition to being important to process large volumes of data in a short space of time, it is essential to identify errors before the income or cash flow statements are published and to detect the occurrence of anomalies that may affect, either positively or negatively, the company's income and expenses. Sometimes, it is the small details that allow for changes in business strategies and provide a competitive advantage over competitors. For this reason, it is crucial to have intelligent systems that can quickly identify, predict, and alert deviations from the normal behavior of data. But even more important is to know the cause(s) of a given anomaly. Through AI systems, we can create models that can simultaneously analyze multiple variables and thus determine the abnormal events that may have occurred and that contributed most to the occurrence of the observed anomaly.