Adoption of AI is productive for the Accounting and Finance industry as it make accountants and CPAs more efficient and productive and results in lessening of the number of hours spent on admin tasks would eventually allow them to provide more value to their clients.
Using Image Recognition and NLP , EulersLab have developed solutions which automatically process invoices ,PO’s ,PI’s and reimbursement. This not only offload the manual data entry works that accountants have to do but also makes entire auditing process smooth.
While automation is one aspect ,there are other solutions wherein EulersLab have been working using AI in helping accountants.
1) Planning and strategic consulting
AI is now offering capabilities for automating data entry, reconciliations, and more. If a machine could finish all the tedious, repetitive and time-consuming jobs that would enable accountants to move towards an advisory role and focus on providing higher value service to their clients.
2) Data review rather than data entry.
AI has enabled data to be handled and processed thoroughly. Accounting professionals can acquire fast and reliable data in every tax report they generate quickly. No wonder, they don’t waste their entering data into the systems anymore. They can spend time reviewing it and offering better accuracy in the process.
3) Deeper employee engagement.
AI can empower your accounting staff by finding those jobs they find more enjoyable. Recruitment and retention won’t be an issue when machine-intensive processes take over the accounting industry.
4) Spot Trends & Identify Anomalies
AI enabled systems can analyze huge amount of data and can spot Trends. Also AI systems with training can be made equipped to find patterns in Financial Data and find anomalies for further investigation thereby making auditing smooth.
5) AI Chatbots
AI Chatbots can answer queries regarding account balances ,status on accounts and more.