Reasons to Introduce AI into Accounting
First thing’s first, what is it?
AI, or artificial intelligence, refers to machine processes that simulate human thought and hold the ability to process, analyse, and make decisions on data. Sounds simple enough, right? Here are some reasons why it’s time for you to introduce it to your accounting processes.
1. Save time
A common worry is that adopting AI automation is slow, and time-consuming. This is actually not true! Sure, back when it was first introduced, automating these processes was about as fun as pulling teeth. However, it’s come quite a way since then...and today’s market for this kind of tech is incredibly exciting, offering affordable tools and apps that integrate seamlessly to accounting systems.
So, now we’ve debunked that theory, let’s move on to how it can save you time. Think of the most menial tasks that you and your colleagues have to complete. Our guess is that data entry, classifications, and reconciliations were high on your list. No, we’re not psychic, it’s just we feel your pain. Our plug and play back-office function takes over these tasks, meaning you can save mounds of time and get to the important stuff.
2. Upskill your team
Another common reason why AI is avoided is because of the concern that it’ll make certain jobs redundant. This, however, is also untrue! You’re simply freeing up space for your office to work on and improve their skills surrounding value-added tasks, such as reporting, forecasting, and budgeting. AI is very handy, but it’s no replacement for a sharp accounting mind.
3. Reduced error
The beauty of automating these processes is that AI doesn’t get bored or tired like we humans, meaning it doesn’t run the same risk of human error. AI eliminates those month-end stress sessions, trying to chase down and correct tiny errors that are understandable...now doesn’t that sound great?
4. Better reporting
So, you’ve saved time on dull tasks, reduced pesky human error, and upskilled colleagues in value-added practices, what next? Well, with all this information ready and waiting for you in one place, you can run reports a lot more easily, and with greater insight.