Now more than ever, accountants need to care about AI.
We hear it in the news. Generative AI is disrupting a multitude of industries from education to entertainment – the jury is out as to whether that’s a good thing. AI’s positive impact on the accounting industry, however, is undeniable. By automating redundant back-office tasks, artificially intelligent accounting software plays an important role in revolutionizing the industry for accounting teams and small business owners alike.
What does Generative AI mean to accountants?
Through automation, generative artificial intelligence can improve efficiency of accounting tasks and analyze large volume of data quickly with less chance of human error. For example, Docyt accounting automation software streamlines your expense management and accounting workflows, generates real-time financial reports, automatically categorizes transactions, and identifies anomalies and patterns that could be key indicators of accounting fraud. Automating these functions with the help of artificial intelligence (AI) elevates the output of the business by increasing back-office efficiency, minimizing human error, expediting financial reports, optimizing the accounting workflow, and freeing up time for accountants to be proactive and focus on better data interpretation.
#1 – Gain Business Intelligence and Valuable Insights
Artificial Intelligence (AI) and automation help accountants uncover new and relevant business intelligence. Cloud-based accounting platforms are moving beyond transaction automation toward analysis. They are learning from the historical entries made by accountants or small business owners. As a result, machine learning offers accounting professionals detailed information from large data sets and real-time financial reporting. This provides accountants with a direct sightline into the company’s financial health whether the business has one or multiple locations. Accountants are now in the position to be business advisors. With better insights into the company’s financial health in just a matter of minutes, they can proactively drive the business.
#2 – Increase Productivity and Proactivity
AI-powered accounting software frees up time for accountants to focus on being proactive and, at the same time, increases accuracy and productivity. As the machines work on data organization and data entry, accountants can get out from behind the redundant back-office accounting tasks to pursue other business needs. For example, generative AI can manage time-consuming tasks like writing out an analysis of your financial reports often necessary in the preparation for significant financial transactions like restructuring, strategic reviews, or acquiring business loans. Major financial events like these are usually navigated in real-time, which traditionally takes accountants time to prepare for, but with the help of Artificial Intelligence (AI), accountants can do real-time accounting. They can easily track, benchmark, and interpret the organization’s financials ahead of time.
#3 – Minimize the Burden of Time-Consuming Month End Closings
With the help of artificial intelligence, reconciliation is continuous. Accountants can rely on updated financials to make adjustments throughout the month rather than waiting for it until the end. This process results in closing the books quickly and accurately before month end and distributing pertinent financial information to the management team to make timely adjustments.
Docyt is a business solution that extends an intelligent hand to accountants. With Docyt’s real-time reporting and automation, you can make faster decisions learning from the data and spend less time managing it. Docyt’s AI-powered software is continuously improving and growing with you while learning from your data and invisibly handling back-office accounting tasks through automation.
Docyt is here to help you optimize your accounting practices in your business. Get your free consultation today