All of a sudden, it feels like artificial intelligence (AI) is the topic that everyone is talking about. Whilst it’s not completely new, the technology has exploded onto the business scene recently thanks to new platforms that make it accessible and free for everyone. This has left people feeling divided: will AI take our jobs? Or is it a tool to be wielded like a computer or a calculator?
No matter how you feel about AI, there’s no denying that it can be useful when it comes to managing and understanding data – a key part of any finance professional’s job. It’s no surprise then that the accounting sector is one of the biggest adopters of AI, only just behind the IT and legal industries. In this post, we explore exactly how this new tech can be beneficial.
Pull out bigger picture information
Finance professionals often handle large amounts of data on a daily basis, and as such, it can be hard to get a clear picture of exactly what state the business is in. Whilst spreadsheets can help you pull out key figures, AI can take this one step further, doing financial analysis and modeling for you, as well as mapping out a variety of different scenarios with ease.
AI can be used to make data-driven decisions, allowing you to identify potential opportunities and risks. Whilst it may be possible for your team to do this manually, AI significantly speeds up the process, and reduces the risk of errors that may skew the data.
Automatic categorization
Managing expenses is an important part of the job for a finance team, but it’s not always easy. Even if you give employees clear instructions on which code to use for their expense claims, or which category to log it under, they may often forget or get it wrong in the rush to get their receipts submitted before the end of the month.
AI can help by automatically categorizing expenses for you, removing the lengthy manual task of allocating codes to expense claims that are missing them. Depending on the software that you use, this tech may even be able to suggest a category to the user at the time of submitting the receipt, reducing the number of incorrect and missing entries in the first place.
Automatic invoicing and reporting
Raising invoices and running monthly reports can be a dull, repetitive task – but they don’t need to be. AI can create custom reports and invoices with ease, based on information that you already have in your accounting system. Not only does this reduce the risk of errors, but it can increase efficiency, meaning that your customers get their reports and invoices faster. In turn, this may increase their customer satisfaction and make your business seem more professional and reliable.
Work with technology
It’s natural to feel apprehensive about new technologies, especially when they can do parts of your job for you with astonishing speed. However, it’s important to remember that AI is just part of the picture when it comes to a finance department. As we’ve discussed, it can be a useful tool, freeing up your time to focus on matters that need human input – so make sure to make the most of it.
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