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How AI is transforming accounting and finance tasks

Posted by Kanika Sinha

October 26, 2021    |     3-minute read (493 words)

Artificial intelligence is bringing a renaissance to business accounting and finance. Because the technology increases efficiency, it can dramatically affect a company’s bottom line. 

In short, AI lets skilled professionals redirect their attention away from time-consuming, repetitive tasks to opportunities where they can deliver more value as opposed to crunching numbers. 

Let’s take a closer look at the individual benefits AI delivers for businesses’ accounting and finance management:

Boosts accuracy of financial records

Errors are inevitable with manual bookkeeping and accounting processes. But just one seemingly small mistake risks damaging a business’ performance. AI streamlines such processes and reliably completes important tasks such as data entry, invoice processing and bill payments so your financial records are more accurate.

AI’s ability to post, consolidate and reconcile data from a number of sources in turn speeds up businesses’ monthly and quarterly closing processes. Business professionals get the numbers faster, so they have more time to think about what to do with the data.

Similarly, an AI-powered invoice management tech can eliminate the cumbersome job of traditional invoice processing. Manual data entry, approval workflows and auditing are replaced by a streamlined accounts payable system.

Improves expense management

Reviewing and approving expenses for compliance with company policies is arduous for accounting teams. Leveraging AI to read receipts, audit expenses and alert respective teams when a possible infraction has occurred simplifies expense management.

Gives quick financial insights

Along with improving the accuracy of basic bookkeeping and accounting tasks, AI can identify financial insights based on company data. Business leaders have ready access to the finance information they need, enhancing data-driven decision-making. 

AI’s 24/7 financial insights and business metrics represent one of its most profound benefits for finance management. For example, leaders can use it to come up with better marketing strategies and make necessary adjustments as they transpire.

Speeds up audits

Leveraging AI lets auditors analyze a larger number of transactions, data and documents at warp speed. Risk identification, fraud detection and other tasks can be executed in a much shorter timeframe than is possible with a traditional manual review.

Instead of wading neck-deep through data and documents, auditors can optimize their time to interact with CFOs, managers, audit committees or company boards.

Resolves finance queries efficiently 

AI chatbots can be used to address common finance-related customer queries such as account status, balances and billing due dates. Automating these conversations through AI not only saves time and money, but it also lets businesses deploy their workforce more efficiently. 

Allows finance professionals to be better advisers

With AI taking over time-consuming, labor-intensive and mundane but vital tasks such as data entry, receipt tracking, transaction categorization, processing reconciliations and the like, accounting and finance experts can take on a more proactive and strategic role in the business. 

Finance professionals are freed up to tackle more meaningful work, such as financial modeling and analysis, to provide an improved and in-depth understanding of business trends and performance.

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