Accounting was once a person, a pen, and a ledger, but things have evolved and become a little more complex since then. Technology has now become an integral part of our daily lives, expediting almost every process and collecting every data point. The field of accounting is utilizing technology by taking advantage of artificial intelligence (AI) and robotic process automation (RPA) to create a more customizable experience for clients and to expedite processes across the industry.
ARTIFICIAL INTELLIGENCE (AI)
Artificial intelligence is being used by accountants to create a more customizable and tailored experience for clients. This technology is being implemented in chatbots, virtual clones, digital voice assistants, and in so many other modern technologies. According to Deloitte Insights, Nordic bank Nordea is using AI in chatbots that interpret questions sent by clients and deliver relevant automated responses. Another instance of this new technology being utilized for accounting can be found in the UK-based Metro Bank. Metro Bank launched an in-app service to users that tracked clients’ spending patterns. The app would then prompt people to make their subscription payments, warn them of unusual spending on their account, or share anything of interest to the client based on their financial behavior. AI’s uses are numerous from detecting first signs of fraud, to tracking unusual activity, to providing clients with relevant and pressing information.
ROBOTIC PROCESS AUTOMATION (RPA)
Robotic process automation is another technological innovation designed to mimic human activity and keystrokes to complete a task. These “digital workers” provide a lower risk than traditional automation while also providing improved accuracy, increased speed, and greater productivity than traditional workers. Through these bots, accountants have been able to automate most repetitive and labor-intensive tasks. This new automation of tasks has freed time for accountants to focus their attention on more challenging and unorthodox problems. Once bogged down with endless calculations, accountants had limited time left to strategize using that data. Today, accountants can shift their attention to strategic uses of the large amounts of data they can now access quickly. This technology can also seamlessly integrate with AI, machine learning, and data science.
Technology is changing the workforce and making all of our lives just a little bit easier one formula at a time. The field of accounting has found a way to adopt technology for their own needs creating the future of finances.
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