5 Ways Artificial Intelligence Can Help Finance Teams Be More Proactive
Incorporating automation and artificial intelligence into your accounting routine can lead to proactive management and better business decisions by making essential and mundane tasks more efficient. While there are countless ways that AI-powered accounting software can help accounting professionals manage the business and be proactive leaders within their companies, the most prominent include understanding key business drivers, achieving financial goals faster, quickly reacting to necessary changes, and making time to focus on growth initiatives and forward-thinking agendas.
Better Understand Key Business Drivers
Taking a proactive approach to accounting can help to identify areas in the business where profits are generated. The cash flow of the business and the areas where the business can gain profits are easily translated through real-time accurate reporting delivered through AI-powered software.
Complete Bookkeeping Tasks Faster
Operating a business is fraught with issues that can delay or stop a company from achieving its goals and growth initiatives. Many of these issues are finance-related. Artificial intelligence-powered accounting software automates redundant back-office tasks like expense management and accounting, transaction categorization, and revenue reconciliation resulting in accurate financial reports in real time. Automation of back-office bookkeeping tasks allows for more time to focus on identifying sales trends or customer growth; while real-time accurate reporting reveals possible areas of financial growth and identifies opportunities where assets and profits can be increased by realizing other revenue lines.
Easily Identify Necessary Structural Changes
Fast, accurate and reliable information arms business owners with the necessary information to make structural or operational decisions on the spot – an absolute must-have in running a proactive business. With real-time financial reporting delivered instantly by AI-powered accounting software, a company’s leadership team can easily assess the financials for multiple business locations simultaneously, understand the current cash flow position, and uncover areas where money is spent unnecessarily at any time on any day. This type of business intelligence minimizes issues and allows accountants and business owners to react quickly rather than waiting for monthly generated reports to determine if structural or operational changes to the organization are needed to ensure the long-term financial health of the business.
Minimize the Time and Money Spent on Audits
AI-powered software enables accountants to be proactive by reducing time spent on audit requests between small business owners, accountants, and auditors. Accounting teams that are well organized are less likely to be billed extra time by auditors for hours worked. Docyt is your secret weapon – giving you the upper hand during physical audits and even when renegotiating contractual costs with your auditors.
Focus on Major Business Events and Transactions
Lastly, AI-powered software handles manual and mundane data entry tasks, which gives accountants more time back to focus on strategic activities for the business. Now they can better prepare for major financial transactions such as acquiring business loans and participating in strategic planning to grow the company. Accountants are often in the position of handling these types of transactions in real time, which can be tricky; however, using AI in accounting processes will help benchmark, track, and improve the outcome of any major event.