How to Utilize AI in Accounting and Finance
Once upon a time, financial professionals thrived in a world where stacks of paperwork and burning the midnight oil were badges of honor. Analyzing reports, crunching numbers, and communicating results was largely a manual process, and it was understood that these collective tasks took a while to be completed back then.
Nowadays, however, the introduction of Artificial Intelligence (AI) in accounting and finance has since evolved the industry, establishing a new normal that is already being widely embraced.
With today’s increased access to automation comes accelerated, more reliable results, and Paymerang is here to help guide you into the future of finance.
Continue reading below to learn how to use AI in accounting, streamlining your efforts in the workplace and enabling your team to do more with less.
How Can AI be Used in Accounting?
Welcome to simpler times, where AI, a do-it-all tool that continues to become more intelligent and advanced by the day, is being utilized with greater regularity to modernize workflows, thus leading to improved efficiency while helping organizations stay ahead of the competition.
From saving time to improving accuracy, and so much more, leveraging the capabilities of AI in accounting can be a game changer from the get-go. How can AI be used in accounting, you ask?
Allow us to share just a few of its many benefits below:
Access Real-Time Data & Analysis
The integration of AI in accounting and finance has empowered businesses to go digital, creating enhanced insights via more user-friendly technology. AI provides instant electronic visibility into all the information that matters most. With AI at your fingertips, spend less time sifting through paperwork and focus your attention primarily on analyzing data and making well-informed decisions.
Reduce Costs and Risks in Accounting
Automating workflows with AI can help reduce operational costs by maximizing the efficiency of your employees. Avoiding repetitive tasks and human errors can lead to elevated productivity and quality of work.
Detect and Prevent Fraud
AI in accounting can also aid in detecting fraudulent activity. By recognizing patterns, AI can establish a base for “normal” behavior. This helps to quickly identify any deviations or outliers, detecting fraudulent activity in an instant.
Embracing the Evolution of AI In Accounting and Finance
As of 2024, a survey of 595 accounting professionals from around the globe resulted in 82% of respondents saying they are intrigued or excited by AI.
Only 25% of those respondents, however, are currently investing in AI training for their teams.
While recognizing the potential of AI in accounting is arguably the first step to creating change, making it part of your everyday process is where you can quickly realize how advantageous AI can be both internally and externally. A growing number of organizations worldwide have already discovered how to use AI to automate workflows. Now is the time to accept AI in accounting and finance, as it is here to stay.
AI Can Take Your Accounting and Finances To The Next Level
No matter your prior level of proficiency, we hope you now have a better idea of how to use AI in accounting and finance after reading this article.
At Paymerang, our best-in-class automation technology is actively supporting several businesses across multiple industries including healthcare, education, manufacturing, and more, leading to improved efficiency and profitability.
Take the next step with us today, and see how we can help you realize the benefits of AI in accounting for years to come.
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