From Artificial Intelligence to Accounting Intelligence Summary (Accounting Today)

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Accounts Payable (AP) Automation

– a process that is roughly 20 years old has come a long way and then some. As part of their Voices series, Accounting Today discusses the ways in which AP automation has streamlined accounting processes and maximized finance departments. From 2012 to 2016 venture capital funding for AI companies has increased nearly tenfold, demonstrating a seismic shift in how organizations today are focusing their finances.

Depiction of venture capital funding increasing since 2012
Image Credit: Accounting Today

AI Going Small

More than ever before, small and medium-sized businesses (SMB) are experiencing the overhaul to new business models. Process algorithms have become smarter, more agile, and can accommodate a wider array of variables than in previous years. The ability of AI machines to learn from their human counterparts and increased access to cloud-based systems has blown down the door previously open to only large-scale enterprise firms.

Empowering Finance Professionals

AI platforms can now quickly adjust their abilities to code documents based on identified needs and process gaps without a consistent human presence. This capability can range from direct interaction with clients through the use of chat bots (you can learn more about them here if you are curious) to observing human keystrokes.

As AI systems develop greater intelligence and utility, the more liberated from “task-to-task” thinking finance professionals can become. This enables them to add higher levels of value to their organizations by thinking critically and creatively, as opposed to whether their spreadsheets are properly formatted.

 

Read the full article “From Artificial Intelligence to Accounting Intelligence” here.