Artificial Intelligence is revolutionizing the way business operations are done. The evolution of technology has helped businesses streamline most of their manual and repetitive tasks. And it’s the same in the accounting department; modern-day accounting is reshaping the life of accountants. Cutting-edge technology minimizes the most common accounting risks while keeping day-to-day operations streamlined.
Many businesses are leaving behind traditional accounting methods and adopting AI solutions to help them transform. Additionally, according to experts, the implementation of artificial intelligence can reduce costs by up to 80%. Also, it reduces the time taken to perform accounting tasks by 80 – 90%. Specifically, if you are struggling with the inaccuracy of critical accounting tasks, embracing AI can address most of your concerns.
Sounds about right? Let’s explore 5 accounting tasks that can be streamlined with AI.
How Can Artificial Intelligence Help With Accounting?
Accounting is a critical department of every organization that directly deals with business finances. Therefore, with the help of AI, you minimize the risk of making crucial errors that can negatively impact your revenue. Additionally, by embracing AI before your competitors, you can expand your portfolio of services. This allows you to upskill your current staff and unlock more opportunities to help your business scale.
Still not convinced? Here are all the important accounting operations that artificial intelligence can help with.
1. Bank Reconciliation
It’s a common yet critical task of every accounting department, where bank statements are matched with accounting records. This process is done to find out any duplicates or correct any missing entries. Thus, AI can help bank reconciliation processes by generating automated accuracy while saving time for accountants.
Through this method, businesses can detect fraud and invalid entries in real-time and minimize risks that affect their revenue. Additionally, with AI-rich accounting software, you can automate and streamline bank conciliation tasks for your business and your clients as well. Considering this ease, businesses embrace and bring AI-rich solutions in their firms with Xero implementation to help them get powerful accounting capabilities available at their fingertips.
2. Expense Management
Large-scale businesses spend too much on different business aspects in their routine. Thus, it can be hard for your managers to review every submitted receipt to ensure all the spending is appropriate. Fortunately, AI-rich accounting software can help you automate your expense management hurdles.
This helps your employees minimize the manual paperwork and focus more on strategic tasks that can help you scale. Cutting-edge technology helps you to eliminate the need to track spending with paper receipts. Accountants can simplify their tasks by simply uploading receipt pictures in the software, and it will submit expenditures to the books. Additionally, this keeps all your current and previous expense data in one software and allows you to access it anytime.
Payroll is the most common and tedious accounting task of every organization. Accountants and managers get exhausted from traditional pen-and-paper payroll methods. Additionally, if you have a large-scale organization, it’s also hard to manage and store a record of employee’s payrolls. Thus, using electronic accounting software ensures your records are stored safely.
Additionally, payroll managers can seamlessly make deductions, apply taxes, and calculate employees’ work hours. Moreover, AI can help you calculate employee net pay and release payments accordingly. This frees the maximum of your manager’s time and eliminates the need to spend days creating payrolls.
4. Accounts Payable
Accounts payable means all the pending payments owed by your business; this can include subscriptions, rent, vendor invoices, bills, etc. Manual accounts payable require a lot of processing time, which can affect your relations with your partners. However, with AI, you can automate these processes and ensure all the payments to your partners are made on time.
This helps you maintain healthy relationships with your partners, customers, and vendors. Artificial intelligence can help accounts payable in various ways, such as adding transactions to software, initiating payments, and automating invoice approval processes. This also helps minimize the chances of making crucial payment errors that can cause companies setbacks.
Accounting departments can process various payments on a daily, weekly, and monthly basis. Whether they are about in-house employee payrolls or made to your external connections with accounts payable. However, with so many different processes being managed from one single department, it can be hard to manage and organize data.
Auditing, on the other hand, is important for companies to help them refine their strategies and make required changes. Therefore, auditing relies on accurate data to help you figure out the existing gaps in your department. Thus, by getting Xero implementation in your accounting department, your data is housed inside one cloud-based location, which ensures it is available at your fingertips anytime you need it.
How Can You Enhance Your Accounting With AI?
Reshape your accounting department for good and enhance your employees productivity. Automate tedious accounting operations while ensuring maximum data accuracy. Contact now to get an AI-rich accounting solution tailored to your business needs.