Accountants Look to Artificial Intelligence As Clients Get More Demanding

In fields like accountancy and medicine, artificial intelligence is seen as a great savior to humanity -with regard to handling repetitive and seemingly complex tasks. But to security and a few other areas of applications, experts think it would cause havoc in case of misuse.

Accountancy firms to be particular are busy investing in AI and automation initiatives to help staffs with mundane tasks. The need is so open in some situations that businesses fail to deliver their mandate to customers.

Recent Findings

Source: cbafaculty

Repetitive tasks have been found to consume more than 60 percent of accountant’s time, and now reports show that half of the accountants wish to adopt or have already engaged AI and automation techs to assist, as client demand remains steady.

The study which involved people from almost all over the world, by Sage, found out that over 80 percent out of 3,000 accountants were being pressured by clients to improve their service delivery or extend their scope of service. Slightly above 40 percent of the customers asked for the introduction of consultancy and advice services.

As a quick solution, there are things that an accountancy firm shouldn’t be hesitant to solve, especially when it comes to the mentioned needs, consultancy and advice. They can simply mimic what NatWest did, by introducing an agent to handle high demand boring tasks. That is, the U.K. based bank is using a special AI-powered chatbot to offer financial advice and answers to common questions -to help fasten queues.

More to Meeting Client Demand

In the research, close to 50 percent of the accountants said they would like to automate number crunching, diary management and the most time consuming of all: data entry. On the same note, three quarter showed great attraction to AI, to have it assist time-consuming responsibilities and automate involving tasks with recurring patterns.

As more people discover the real worth of intelligence services, it’s highly anticipated that more firms will embrace the AI technology. But as of now, Sage’s VP, Kriti Sharma stated that most accountants think AI is an automation tool.

The Future of Accountancy

Source: cdn

In the near future, accountants will be deploying AI to scale their operations. “They’ll be able to review huge numbers of transactions in minutes if not seconds and accomplish tasks that would have otherwise taken hours doing manually or with the traditional computers. They’ll spot abnormal patterns and anomalies with ease,” said Sharma.

Well, to be realistic it’s also obvious that the approach will shake the industry like it has been with the introduction of AI to other white-collar fields. A good example is how lawyers are now using intelligence platforms to identify patterns in documents that can make a lawsuit case watertight.

As it is now, automation is no longer what it used to be –performing preprogrammed functions like realigning of conducts to link customers to representatives, it now uses cognitive techs to respond to customer queries.

Cloud Service Makes AI Easy to Adopt

It’s interesting that nobody thought cloud services will one day go beyond serving common software to businesses. Today, the technology has become a medium of sharing interesting techs like quantum computing and AI.

Accounting firms have been in the front line of using cloud computing and Sage report stated that 67 percent of respondents now link their success to the use of cloud tech. In other words, adopting AI into accounting is so far a no-brainer because the technology can be served through the clouds.

Well, there may be questions about how matters related to tax accountability will be accommodated into these new rather disruptive techs. But as the cloud is slowly turning mainstream, accountants agree that there are more opportunities with these innovations than there are risks.