satyamkapoor

I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...

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I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.

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Artificial Intelligence will be the future of Accounting

By satyamkapoor |Email | Jan 23, 2018 | 6159 Views

AI had been stuck in labs for decades, however, now it is coming out in the open and transforming every field it touches. From tech to finance, energy or manufacturing, AI is finding applications in all these fields.
Accounting has not seen much innovation unlike most of the other fields in last several decades. The double-entry bookkeeping system was perhaps the last greatest advance in this domain.

That was over 500 years ago!

However, the good news is that applying AI and machine learning technologies to bookkeeping, is becoming a reality with most of the major accounting software vendors (Intuit, OneUp, Sage, and Xero) currently offering capabilities to automate data entry, reconciliations and sometimes more.

In our upcoming report on the future of accounting, we expect that by 2020, accounting tasks - but also tax, payroll, audits, banking - will be fully automated using AI-based technologies, which will disrupt the accounting industry in a way it never was for the last 500 years, bringing both huge opportunities and serious challenges.

Artificial intelligence will not eliminate accountants

"Having machines to do all these tedious and repetitive tasks could sound scary for many accountants because they are also very time-consuming and thus very lucrative," explained Stephanie Weil, CEO of Accounteam, a Silicon Valley-based accounting firm. "However, if the AI system is well configured, it can eliminate accounting errors that are generally hard to find and thereby reduce our liability and allows us to move to a more advisory role."

In an upcoming report, we also tested the automation capabilities of 4 of the most popular AI-powered cloud-accounting solutions available in the market today (OneUp, QuickBooks Online, SageOne, and Xero) and rank them against our Automation Index which evaluates how accurate is the AI in recognizing transactions coming in from the bank that didn't require any user intervention in order to generate the correct accounting.

OneUp proved to be the most effective with an Automation Index rate of 95% after 5 months of use, followed by QuickBooks Online (77%), Xero (38%) and SageOne (30%).

Although machine learning algorithms are quite promising, their accuracy in most of today's solutions still needs a great deal of improvement to avoid accounting errors and really become of use in automation. 

Source: HOB