Artificial Intelligence (AI) has become a transformative force across various sectors, including the accounting industry. AI technology is reshaping traditional accounting practices — how financial data is processed, analyzed, and utilized. From streamlining repetitive tasks to data analytics, AI is helping accounting and financial firms service more SMB clients, with fewer resources.
Automation of Routine Tasks
AI-based Language learning models (LLM) such as ChatGPT and Bard have become somewhat mainstream. For most professionals, these two platforms are a gateway to entering the world of AI.
While simple tasks like email content generation can be automated through AI, complex accounting scenarios cannot be catered to by current LLM platforms, The CPA Journal covered the use of LLMs in the accounting industry and concluded that it is still ‘a work in progress’. The truth, however, is that these languages are evolving at a quick pace, and may be even more valuable in accounting processes sooner rather than later.
Use of AI in Accounting
Accounting firms, banks, and wealth management firms are investing in technology powered by AI, alongside Machine Learning and RPA to automate their processes and enhance efficiency.
Recent studies have shown that most accountants use AI to compose emails at the least. Automating accounting tasks and using AI to facilitate procedures are gaining traction within the industry as well.
AI algorithms can help automate accounting tasks accurately and quickly, freeing up valuable time for accountants to focus on more strategic activities, like strategic planning, and client advisory. This is especially important as the number of CPAs entering the accounting industry is at a decline.
Advanced Data Analysis
AI and automation powered analytics tools are revolutionizing how accountants view and interact with financial data. Platforms like interVal can uncover hidden opportunities within SMB’s financial data. Unlock actionable high-margin opportunities with the platform which can help business owners grow their companies, and their accountants to initiate conversations around more investments and services.
Accountants and their SMB clients can sift through vast amounts of data to uncover meaningful insights and trends that were previously inaccessible or hidden. Whether it's identifying potential risks, detecting anomalies, or predicting future outcomes, these tools are enabling accountants to provide deeper and more actionable insights to their clients. Uncovering opportunities with advanced data analysis is still a developing phenomenon. As AI evolves, better opportunities can be uncovered in a shorter time.
By leveraging Artificial Intelligence, accountants and their SMB clients can anticipate market trends, optimize resource allocation, and mitigate financial risks effectively — and consequently, accountants trained in AI are in high demand. Book a demo with us and learn how interVal can help you service your SMB clients better.
