No matter how advanced your accounting software, some tasks will always seem tedious. Whether it’s payroll reporting or some type of data analysis, there are a few isolated processes that cause your eyes to glaze over. However, the boom in technology across hundreds of industries has created opportunities for advancement in how professionals do business. Accounting is no exception. Many of the tasks we strongly dislike are now performed by AI, or Artificial Intelligence, and it’s causing a big shift in the way we do business.
In essence, AI extends a computer’s normal input and output programming, allowing computers to make predictions and adapt their responses to certain stimuli—just like a person. In professions that require rote tasks—such as the responsibilities detailed above—AI is replacing human action. Many traditional bookkeeping tasks are already being performed by AI. There are certain AI programs to handle accounts payable and receivable; this service handles much of the work of initiating payments and matching purchase orders. Similarly, AI is currently put to work in automating data entry and data categorization to help accountants and small business owners more quickly analyze broad financial trends.
AI is popping up all over accounting software, and it’s changing the way we do business. Faster, more efficient, and—dare we say—smarter than humans trying to complete these tasks, AI is implemented to save time and cut labor costs. It does, however, require a few adjustments. Prepping for AI will require new skills and ways of thinking. We’ll need to relearn these software before it becomes easier. It will, however, become easier. AI should be viewed as a tool for efficiency. Look for areas of redundancy or bureaucracy in your process, such as automated billing systems and updating financial information. Then, choose your tool from there.