How AI can help accountants be more productive

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One of the primary concerns surrounding the topic of artificial intelligence is that it will result in jobs being done by algorithms rather than people.

While those fears certainly have merit, we’re still a ways off from having people losing jobs en-masse.

In fact, AI in today’s context can be useful especially when it comes to business.

In particular, AI is helping accountants be more productive according to director of marketing at QuickBooks, Brandon Wilson.

“Fortunately, AI isn’t going to be replacing human accountants, at least not any time in the near future,” says Wilson.

“AI is an exciting prospect for small business accountants because it allows them to focus on their knowledge-based duties, leaving the repetitive tasks to the robots. Rather than wasting time with tedious tasks such as data entry, accountants can focus their efforts on all the work that requires a human touch, such as analysing and interpreting data and using that information alongside human intuition to make educated decisions on how the company should proceed,” the director adds.

For a small business AI can open up a wealth of benefits that would otherwise require an employee.

As Wilson explains, there are four ways that AI can help improve financial and accounting processes in small businesses and business at large to be quite honest.

These are:

  • Makes accounting basics accessible – while counting numbers can be daunting for a human its simple for a machine. Let AI handle repetitive tasks so you can focus on important stuff.
  • Improves efficiencies and delivery turnaround – AI is able to process far more information than humans in a much faster time frame.
  • Increases accuracy – the fact of the matter is that humans make mistakes. AI can help spot those mistakes before they become costly.
  • Improves compliance – Using machine learning, AI can learn the company’s policies and analyse data in bulk to ensure that there are no discrepancies.

AI helps to solve a lot of the day-to-day challenges encountered when running a small business. It enables you to work better, smarter, and more efficiently in so many ways,” says Wilson.

The great thing about the current obsession with AI is that it is worming its way into more and more products including QuickBooks.

Technologies such as AI will ultimately change the way we work and some jobs are going to disappear as machines are found to do them better than humans.

Right now we have an opportunity though, we can use AI to improve our processes so that we can start exploring new skill sets for folks to pursue when AI becomes more widespread.

[Image – CC 0 Pixabay]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.