Artificial Intelligence in Accounting

With a never-ending demand to automatise the human labour, artificial intelligence is the most looked upon segment. With its growing usage in the field of manufacturing and medicine, it has entered the world of Accounting as well.

With companies like Quickbooks and Xero, who already provide Cloud-based accounting have only conquered to automate 75% of the data. Artificial Intelligence helps make the process quick. It further automates and streamlines the bookkeeping process.

Scope of AI in Accounting

1) PAYABLES MANAGEMENT

• It checks the Vendor credit Score based on the transactions made.
• It also checks the Requirement of materials required by the Vendor.
• It automatically tracks Price change from online platforms.
• It sends a reminder to Clients.
• It also can block the client from taking further credit post the credit limit.

2) RECEIVABLE MANAGEMENT

• It retrieves data from your Bank Accounts.
• It keeps track of your Sales Order.

3) BOOKKEEPING

• It does all your bookkeeping effortlessly
• It can also make suggestions for high profitability.
• It provides analysed data in seconds.
• It provides an easy flow of the transaction.
• It can also code your transaction and bifurcate it in various category.

4) FUTURE

• It makes the accounting process an easy task with in-built intelligence.
• It learns through various repetitive tasks.
• Extremely viable for companies who have their business spread in various countries.
• It does not substitute Human Intelligence but definitely brings human intervention to a minimum in the accounting process.

Accountants fear their jobs shall be taken over by robots but human intelligence is irreplaceable. An open mind will help accountants adapt to new technologies and inventions.