Artificial Intelligence (AI) has its place. But is it time for machines to replace human labor?
For so long, the concept of Artificial Intelligence (AI) has been linked to science fiction and Hollywood movies. So many works of fiction and film are hooked to AI where Terminators and advanced chatbots dominate the human race.
But now that AI is being spearheaded by internet giants like Microsoft, Google, and Amazon, what does the future hold?
A 2015 report based on a handy calculator from NPR, using research from the University of Oxford revealed that accountants have a 97% chance of losing their jobs as machines take over.
What this study says is that accounting services are highly susceptible to personalized automation through AI. In this post, we’re going to show you how the integration of AI into your business can be beneficial.
Application of Artificial Intelligence (AI) in Finance and Accounting Services
By definition, Artificial Intelligence (AI) refers to the development of computer systems capable of performing tasks that require human intelligence. Such tasks include decision making, speech recognition, and visual perception.
AI programs are thus able to solve problems that we normally solve using our natural intelligence. And since AI involve computerized simulations, they are likely to perform work with higher speed and accuracy than humans.
AI systems employ algorithms that enable them to improve performance over time as they get access to more data.
The accounting sector, for instance, given its heavy reliance on a mass amount of data is a prime candidate for automation offered by AI.
Many businesses have already implemented AI systems to crunch numbers and perform data analysis. For example, stock traders are now using Kensho, an intelligent computer system to predict market changes.
Given the nature of accounting tasks and procedures, it is clear that most of them can be automated.
Here are some key AI capabilities that can be implemented in an existing accounting software.
Record Sorting and Data Entry
Record keeping and data entry are a major part of the accounting services docket. An intelligent system such as Receipt Bot makes accounting and bookkeeping super easy.
Receipt Bot uses AI and Computer Vision Technologies to extract and sort data. It can also assign accounting categories with accuracy and update your accounting software.
Accounting chatbots are now on the rise, thanks to Amazon Alexa and Siri like capabilities.
Categorizing and Coding
Categorizing and coding can be quite challenging to accountants; thus it was the first area to get an AI makeover.
Receipt Bot offers a feature that allows bookkeepers to record expenses without categorizing or coding. Xero also recently announced a functionality for revenue code prediction.
The Bottom Line
Though currently there is no AI for reconciliations, advancement in the field of AI has not reached its zenith.
It’s just a matter of time before we see the entire accounting docket taken over by intelligent computerized systems.
However, human advisors like accounting professionals will still retain their relevance.
Have you used any accounting chatbot to ease your business operations? We would love to hear your experiences in the comment section below.