Artificial Intelligence in Accounting Software

by Janet Talley | Apr 1, 2020 | Cloud, ERP Software, Accounting System

artificial intelligence in Accounting software

Software developers are incorporating Artificial Intelligence in Accounting and ERP systems to make data processing and analysis more efficient than ever. Artificial Intelligence is a concept that has been around for some time but is becoming more prevalent in the modern world. The future of AI is a mixture of exciting and terrifying, depending on your perspective. For ERP and Accounting applications, AI falls into an exciting category.

Modern Accounting and ERP Software

Artificial Intelligence in accounting and ERP software are incorporating AI and Machine learning within the core offerings. Gartner Research estimates that as much as 80% of emerging technologies will have AI as a key component by 2021.

Accounting and an ERP system has always used complied data to make basic predictions using reporting tools. AI uses this data to provide real-time recommendations based on multiple sources of data. Machines can quickly see patterns and anomalies over a large volume of data. Gartner says that CIO’s seeking to transform their organizations digitally must include AI within their postmodern ERP strategies.

Voice Recognition and Virtual Assistant

Some of the ways that AI is designed within modern ERP and accounting systems are by utilizing voice recognition and virtual assistants. Apple’s Siri, Amazon Alexa, Microsoft Cortana, and Google Voice are all examples of virtual assistants. Using natural language input and voice recognition, these assistants can provide us with information such as departmental expenses and perform tasks such as approving bills for payment.

Analytics and data

AI can also provide advanced analytics. AI can work with massive amounts of data compiled from all different sources, enabling real-time accurate data insights, making predictions, and suggesting the next steps.

Forecasting data

AI can be used for forecasting by processing historical data and making predictions for the future. Reducing the cost and manual efforts of forecasting and provides more accuracy. AI can even analyze trends and seasonality. Some ways we have seen this implemented is the scanning or photographing vendor bills and expense receipts. When scanned, the system automatically reads vendor names, amounts and even items that are stored in the system. 

Ability to Automate Finances

AI for financial management might include automatic quarterly and monthly processes where reports are verified for accuracy, and ledgers and sub-ledgers are compared for inconsistencies.

User interaction

Machine Learning lends itself to smart searching, with systems having ongoing learning based on the user’s interaction. If a user asks a question, the system analyzes whether their question was answered, or if they continued their search. It looks at user trends to provide better answers to searches in the future.

AI includes the process of learning, reasoning, and self-correction without human intervention. Contact us today or check out some of our other blogs that discuss accounting and erp software.