With the urge to high precision and increased regulation along with the furious demands of clients, it has become necessary for accounting businesses to adopt a new style of the workforce to serve their clients. Accounting companies need a task support system that can simplify their workflow and without demanding anything in return. This new cloud accounting services system requires some artificial resources along with qualified human force – artificial intelligence.
Artificial Intelligence for a Virtual Accounting Company
Artificial Intelligence – a capacity of machine and software to reflect a cognitive intelligence. AI tools imitate the capacity to think, learn and react like a human being. It is a technology that can offer great leverage to the professions where intensive training is required
In cloud accounting, a high level of technical precision and a strong ability to make the right decisions are prerequisites. Accounting companies have to perform various roles for their clients like auditors, tax consultants, payroll manager and much more. Some of the accounting companies’ roles can be simplified with a touch of artificial intelligence where human capabilities are amplified.
CapActix is a live example of an online accounting outsourcing company where artificial intelligence meets cloud accounting. With this amalgamation, 80% of better productivity and efficiency is offered by us. That’s because artificial intelligence is boon for the industry where a large amount of data needs to be processed and analyzed by humans.
What Happens When AI meets Cloud Accounting
When two dramatic technologies of the accounting industry – AI and cloud computing come together, then they leave a very positive and modern impact on the accounting industry. Wondering how? Let’s see the parts of cloud accounting where artificial intelligence can leave its impact.
- Compliance of Accounting Rules
With AI governance, accounting companies can ensure that high standards of rules can be set in the organization and make sure that they are being followed. This stream can help virtual accounting companies in evaluating the performance of their employees and implement HR policies. AI can analyze human behaviour by examining the patterns of their work style. This technology will help accounting firms in establishing some ground rules for their in house and outsourced teams to run the accounting operations smoothly.
- Bliss for Closing Season
Every accounting company has to put extra effort during the season end when they need to access the financial position of their clients. In this process, artificial intelligence can be very useful as it can crunch a large number of data faster than any human being. AI can provide data to accounting companies at the end of the accounting year from multiple different resources, consolidate, and merge it. This will eventually speed up the monthly or yearly close up for companies and they can easily anticipate their current financial resources and make timely decisions.
- Helpful in Filling Boring Paperwork
Accounting companies have to file numerous papers on behalf of their clients, it is a boring task, but mandatory. However, with artificial intelligence, the methods of filling paperwork with different file formats have become super easy. Additionally, data integrated by AI tools can be easily modified by humans as well. AI can process a large amount of unstructured data effortlessly and makes the procurement of paperless work possible. This even enables accounts to easily track prices and change them as per the prevailing market rates at the moment.
- Automation of Financial Management
A perfect implementation of AI with rightly allocated tools can result in the increased productivity and top-notch level of financial resources management. Globally accountants are today using various different accounting software from CRM platforms to business management tools to smoothen their workflow. Now, with the constant evaluation of artificial intelligence number of automation management platforms are launched daily to increase the abilities of accountants. Thus, it is clear that AI will help accounting companies in getting insightful data to effectively manage the resources of their clients.
- Prediction & Forecast
One of the primary responsibility of the accounting firms – to help their clients in forecasting their financial conditions. When AI is integrated into accounting software, then the accountant will be able to share the comprehensive and correct insightful to their clients. With the ease of quick evaluation of the day to day accounting reports, you will be able to better predict the future of your client’s company and can take effective steps before any problems. Cloud accounting is thrived by intelligence because all the data can be collected and accessed from one place instead of different locations that make forecasting fast and accurate.
- Presence of OCR
Optical character recognition isn’t new but AI enhances its accuracy significantly and opens it to new usage scenarios. It has been always possible to extract data from documents with the help of OCR, but with a touch of artificial intelligence, the ability of OCR has gone one notch up.
Computers are the best at processing and analysing numbers, but they can only work on those numbers that are shared by humans. They can’t fathom numbers on the priority basis; human interference is required for this. However, with AI and OCR amalgamation – it is possible to recognize the type of documents and their importance. This means now the computer can easily read information from purchase receipts and arrange them as per your priority and accomplish the entire process without any human intelligence.
- Easy Bookkeeping
Accounting companies have to maintain a large number of accounting books to make final statements. Now, as invoice management software is already powered with artificial intelligence technology – the process of making account receivable and payable has become more streamlined. Accountants don’t need to enter the same entries again and again as AI will automatically handle that. Such as if your client pays monthly office rent $1000, then your invoice management tool will automatically make this entry each month, however, you can alter the amount manually if any changes have been incurred in the amount.
- Clean Auditing
Auditing accounting books have been a challenging task for accounting firms. But, now with the artificial intelligence oriented tools, this process has become breezy for accounting professionals. The digital files can be easily accessed by a designated person who improves the security level of the confidential files and data.
As a result, during the auditing process, auditors don’t need to look up for the storage cabinets to get essential documents. They can easily access digital files of any financial year with few taps. This will increase the efficiency of auditors and empower them to audit entire documents of the company for the present and the past with a 100% accuracy level.
AI is for Cloud Accounting
Artificial intelligence has empowered accountants in multiple ways and given them an opportunity to grow. This technology has lots of layers that can be customized to uplift the grade of the accounting industry with the help of various streams like cloud accounting services, expenses management, AI chatbots and much more.
