AI accounting – exploring the future of Artificial Intelligence

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By now, you’ve likely heard the buzz about Artificial Intelligence (AI) and the profound impact it’s predicted to make on just about every industry across the globe. In the one-year period between 2016 and 2017 alone, adoption of AI technology increased by more than 60%[1], with the majority of businesses now saying that they have already implemented AI solutions.

Culturally speaking, it seems there’s been a profound shift in the way that people view AI as well. As more industries introduce AI functionality, the public’s understanding of the benefits increases, as do approval rates. A recent study by the University of Oxford found that the majority of individuals surveyed “somewhat or strongly supported the development of AI”.

Where in years past we might have been skeptical of a “robot’s” ability to complete some of our most pivotal financial tasks, many of us have come to understand that not only can AI complete these tasks, it can actually do so with greater efficiency and accuracy than a human.

AI and Accounting
AI technology utilizes intelligent machines that are programed to complete repetitive tasks extremely quickly. AI solutions can process enormous amounts of data in a very short period of time, while also reducing errors, and identifying and resolving issues.

For Accounting professionals, advancements in AI have allowed us to shift the more mundane accounting functions (such as payroll, auditing, and tax preparation) to these new technologies. This has not only increased our efficiency, but also our accuracy and the identification and early flagging of issues. And where some industries have been reticent to celebrate AI advances, surveys of Accountants have shown[2] that although 68% believe that their role will change in the future as a result of automation, 96% of us are confident about the future of accountancy, and our role as professionals within the field. Why is this?

Good advice is priceless
While having the ability to crunch numbers has always been a central skill in Accounting, any great Accountant will tell you that the most rewarding part of our job is not merely calculating percentage points, but the advisory capacity that goes hand-in-hand with the role.

At Zeifmans, our business has been built on the foundation of relationships, and for decades we’ve sought to understand our clients’ needs and create innovative, custom solutions based on that understanding. While AI can assist us in gaining greater accuracy and efficiency, it cannot interpret and analyze the data with the big-picture perspective of personal story.

Do you want to retire early? Pass a business along to your daughter? Are you preparing for an IPO, or operating in a new market like recreational Cannabis? All these personal details should act as the essential foundation for any taxation or accounting strategy in order to ensure that you achieve your unique goals for the future.

AI allows us to not only improve our own efficiencies, but to make our clients’ businesses run more efficiently as well. When we combine the detailed data produced by AI with the distinctly human power of connection, we’re able to produce financial solutions that push our clients through to the next level of success, while preserving wealth for years to come.

Curious about how your business can benefit from the use of AI technology in your accounting processes? Reach out to us today to learn more.

[1] Tech Republic, “61% of businesses have already implemented AI”, https://www.techrepublic.com/article/61-of-businesses-have-already-implemented-ai/

[2] Market Wired, “Global research reveals accountants welcome technology and automation for administrative relief”, http://www.marketwired.com/press-release/global-research-reveals-accountants-welcome-technology-automation-administrative-relief-2208078.htm