Hey there, accountants! We understand that the accounting field is forever changing, and keeping up with the latest technologies—in addition to policies, rules, and regulations—feels like a full-time job. Want to know how to use AI in accounting to level up your accounting game in less time and with fewer errors? Docyt has put together 12 beneficial ways for you to use AI that can change the way you operate your business and streamline your accounting processes.
How to Use AI in Accounting
Eliminate Manual Data Entry
The first step in using AI in any automation process is digitization. Using OCR technology, receipts, invoices, bank statements, etc., are converted to digital files with extractable fields of data. The data from these documents is dropped into their respective positions within the platform form, saving massive amounts of time and reducing errors tenfold.
Generate Real-Time Financial Reporting
Use AI to generate real-time financial reports automatically. Having access to current and time-sensitive resources greatly improves the ability to make sound business decisions.
Streamline Expense Management
Use AI-powered applications to automate expense management practices. It can fully automate transaction categorization, flag unusual data, and help manage expense reimbursement. Think of it as having an assistant to monitor all hours of the day and night.
Enhance Financial Forecasting with Predictive Analytics
Predict future trends by uncovering and understanding historical trends. AI is a valuable tool when considering new market growth, making an informed assessment of possible new initiatives, or knowing when to change strategy on a dime.
Optimize Tax-time Preparation
AI can speed up and simplify tax time by assisting with tax law research, ensuring that you take advantage of all potential deductions, avoiding any compliance issues with automated continuous reconciliation, or fully automating your entire accounting workflow to position your business to always be audit-ready.
Manage Bill Pay, Invoice Processing, and Vendor Management
Integrate AI to automate invoice processing, streamline ACH payments to vendors, and manage bill pay with user access controls. This will allow you to juggle payment timing and maintain the ability to float cash if needed.
Detect and Reduce Fraud
Protect your clients, company, and guests by scanning transactions with AI to detect patterns and anomalies that identify fraud risks.
Manage Sales Tax
AI-powered automation will track and calculate sales revenue directly from your POS and calculate sales tax estimates. This helps eliminate concerns about statutory compliance.
Provide Superior Client Support
Implement an AI-powered chatbot to ease the load of frequently asked customer concerns, support onboarding, or swiftly resolve matters related to transactions and documentation.
Always be Audit-ready
Implement AI-powered accounting tools to rapidly cross-reference big data sets, determine relevant trends, detect potential flags, fully automate accounting workflows to eliminate errors that trigger audits, and always be compliant therefore, audit-ready.
Integrate Systems Easily
AI creates a seamless integration process with other systems used by you and your clients. For example, the integration of your CRM, ERP, and banking platforms. It is essential to ensure that you have not only a smooth flow of data but also a clear and holistic view of the business’s financial health.
Stay Ahead of Compliance Regulations
AI helps you stay ahead of regulations by providing data security, answering compliance-related questions, and automating bookkeeping in accordance with general accounting standards.
And there you have it! Twelve ways to use AI and twelve more reasons to incorporate AI in your accounting practices today! AI-powered accounting tools, like Docyt AI, will provide more than just automating your repetitive back-office tasks. They will provide you with deeper insights, afford you the time to spend on developing growth strategies, and always take a proactive approach across all business units.
