How Artificial Intelligence Is Revolutionizing Accounting
AI
30Sep 2021
Artificial intelligence, also known as AI, is now a fixed term in everyday language use and is also becoming increasingly important in the business world. An impression that also emerges in PWC's Global CEO Survey Barometer. 63% of the executives surveyed state that they ascribe artificial intelligence a greater potential for social disruption than once did the Internet revolution. If the potential for changing our everyday lives is already so great, what does it look like for the business world? What influence will Artificial Intelligence have on processes in development, production, finance and accounting?
What Does Artificial Intelligence Mean In The Financial World?
Due to the various possible applications, artificial intelligence cannot be clearly defined, or only with difficulty. In common parlance, Artificial Intelligence (AI) is a complex algorithm that is able to imitate human behavior in a specific or general area. Human thinking is transferred to a machine, which enables it to work intelligently; however, this machine remains unconscious at this point in time.
This means that the AI is able to learn from its mistakes and enriches process knowledge. AI technology is based on machine learning or deep learning processes that offer a wide range of functionalities and possibilities. As a result, artificial intelligence can find its own solutions to problems without help. Although there is still something futuristic about it, artificial intelligence plays a role in today's society on several levels.
Artificial Intelligence At The Service Of The Finance Department
We are now familiar with all application examples of at least one AI technology. Voice assistants such as Alexa and Siri, which provide answers to our questions on the basis of intelligent voice recognition, or vacuum cleaner robots that maneuver through our apartment without major problems thanks to algorithms. The intelligent image recognition, which supports the recognition of people in images on social networks, has also arrived in our everyday lives. For companies, in addition to new product lines, AI also offers the opportunity to streamline entire processes and make them more efficient. Artificial intelligence could offer advantages, especially in finance departments, where travel expense reports are time-consuming and forecasts for the coming year have to be made on the basis of complex data.
The Advantages Of Using AI In Companies
As with many technological advances, companies have quickly used artificial intelligence to significantly improve their market position and process efficiency. This technology enables routine tasks to be optimized and certain work steps to be carried out automatically, which is of interest to companies of all industries and sizes.
1) Artificial Intelligence helps to make the right decisions
In an increasingly competitive market environment, companies must make strategic decisions based on available and relevant information. Negative effects of a strategy that is based on inaccurate data are usually easier visible and are the beginning of a business downward slide.
In conjunction with big data, AI can help ensure that the correct and important information is selected from the mass of raw data. After all, Artificial Intelligence supports a company in capturing and understanding the diverse data from micro and macro contexts.
In connection with other processes, machine learning technology offers interesting possibilities, such as:
- Predict future behaviors by giving decision makers access to multiple scenarios.
- Real-time detection of anomalies in processes, e.g. in the administration of travel expense reports.
- Analysis and interpretation of strategic data.
With the help of AI technology, managing directors maximize the probability of making the right decision and can optimize the efficiency of the company.
2) Artificial Intelligence Saves Time
According to the annual Red Letter Days for Business report, employees in the UK spend approximately 400 million days a year doing time-consuming tasks. A lot of time that is lost in administrative tasks and is actually urgently needed for value-adding tasks. Artificial intelligence can lead to blatant time savings here by independently handling time-consuming, monotonous tasks.
One of those tasks that occur in accounting and that add little value to the finance department is managing travel expense reports. An AI technology like the Expensya application can solve this dilemma and make your life easier. Expensya is based on a self-learning, intelligent recognition technology and is able to bring its users 80%-time savings through automated entry, creation and processing of business expenses.
3) Artificial Intelligence Minimizes Errors
The saying: "To err is human" speaks volumes. It is inevitable that people will make mistakes. Typing errors, duplicate entries or overlooked input fields have already happened to most people. Machines have the great advantage that such inconveniences can be avoided. By using artificial intelligence, companies can promote high-quality, error-free work. The automated execution of tasks makes the processes more fluid and minimizes congestion in the workflow, in contrast to processes that are carried out manually.
The administration of travel expense reports is generally prone to errors. A study by HRS and GBTA showed that an average of 19% of travel expense reports were incorrect. This rate is mainly due to the manual management of this process, where employees enter their expenses by hand.
AI solution canautomate the administration of travel expense reports and minimizes the risk of errors through intelligent detection technology that records all relevant invoice information in a matter of seconds. With a good AI solution, it is enough to take a photo of your receipt and send it to us for validation. This solution enables companies to simultaneously apply spending policies and automate their expense management. This makes paper documents superfluous and you benefit from conclusive, legally compliant digital archiving.
Ultimately, all companies strive to optimize their results and their processes. Artificial Intelligence can help you achieve this goal. Hyperlink InfoSystem can assist you with excellent AI solution.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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