Recent advancements in artificial intelligence (AI) technology have caused people to wonder if machines could eventually replace human workers. Many industries are utilizing automation, but human oversight is still needed to run and apply AI-based machine learning systems. Automation can make our lives easier in the workforce through increased productivity and efficiency, but humans possess intangible qualities that cannot be easily replicated by machines – especially in the accounting world.
Many people view accounting as an industry that’s slow to change. However, this narrative couldn’t be further from the truth. Accountants go through rigorous academic and professional licensing programs prior to becoming CPA certified. Upon receiving a CPA license, professionals must take continuous professional education (CPE) credits to maintain their standing. Accountants must also attend conferences, take online courses, and adopt new technologies.
Automation in the accounting industry is expected to grow 30% annually in the next five years. Accountants should utilize accounting automation to improve efficiencies and drive strategic focus.
How Accountants can Use Automation
Accounting is often seen as an antiquated industry filled with number crunching, balance sheets, and monotonous daily tasks. However, machine learning is now beginning to automate accounting tasks, making life easier for accountants.
Machine learning is a branch of artificial intelligence (AI) that uses data and algorithms to mimic human behavior. Over time, machine learning can gradually learn advanced techniques and improve accuracy for better results. Accountants are now using machine learning to automate and expedite various daily tasks.
Accounting automation uses machine learning to automate mundane, repetitive bookkeeping tasks. Sophisticated automation can be used to handle data entry and provide real-time visibility into expenses, revenue, and profitability. Over time, machine learning can learn the ins and outs of your business through powerful artificial intelligence (AI).
Many people are already using machine learning to provide value in their daily lives. Some notable examples include:
- Autonomous driving: self-driving vehicles are becoming more autonomous. Over time cars can learn how to function with limited human oversight.
- Facial recognition: phones use facial recognition for tagging photos or accessing applications without passwords.
- Voice recognition: phones use voice recognition and can be trained in a way that mimics human interaction.
- Product recommendations: websites can learn user behavior and make recommendations catered to brand or product preferences.
Machine learning is becoming increasingly more commonplace in today’s technologically advanced world – accounting is no exception. Docyt is changing the way accountants handle and manage their job duties.
Docyt Makes Life Easier for Accountants
Accounting automation can help business owners focus on important tasks rather than mundane bookkeeping. That’s where Docyt steps in. Docyt learns your business using powerful accounting automation and artificial intelligence (AI).
Let’s say you’re a business owner reviewing your manager Jim’s recent expense report. After taking a look at his transactions from a recent trip, you notice a breakdown of meals and other credit card charges. You find a line item expense from a coffee shop and have to manually categorize it by transaction type. Then you have to call him up to request a receipt before matching it back to the bank transaction. Five other employees were also on the trip and each one has roughly 50 transactions. Suddenly, you realize it’ll take several hours to reconcile each and every expense. Luckily for you, Docyt is there to help.
Let’s revisit our last example, but this time you have Docyt. Since you already performed an initial setup providing Docyt with bank account login credentials, Docyt has pulled all of Jim’s transaction data from the bank and credit card accounts. You train Docyt on how to code each transaction while matching them to respective invoices, receipts, and other supporting documents. Since you and your employees have used Docyt for a few months, the AI now understands company spending habits and categorizes and codes each transaction automatically. Each transaction has automatically been posted as journal entries in the accounting ledger. All the while, profit and loss (P&L) and balance sheets are being continually updated. No more requesting receipts as your employees have already uploaded them to Docyt, saving you countless hours in the workday.
Docyt’s accounting automation software retrieves data and organizes it into actionable workflows. It collects information, categorizes it, and provides continuous updating and reconciliation of your accounting software. As a result, accounting automation makes life easier for accountants and business owners.
How Accountants Can Leverage Automation
Advancements in automation are helping tech-forward accountants and bookkeepers automate more of their daily work. Docyt helps them shift the focus away from manual, repetitive tasks so they can focus on more strategic work.
Leveraging the power of automation helps accountants and bookkeepers become more efficient. If you’re looking to automate your bookkeeping tasks – you’ll need the right tool to help you along the way.
To learn how Docyt can automate your accounting, set up a free consultation with us today.