Accounting
Accounting automation software has helped accountants increase productivity and efficiency. The use of machine learning in accounting can build upon this legacy to create AI robotic accounting automation software that more effectively leverages big data and takes care of a larger portion of the accounting workload than previous software ever could before. ArtificialIntelligenceB2B.com is among the first AI software development companies focused on making custom artificial intelligence solutions that are more affordable for a wider range of B2B businesses. Below are just a few examples of how AI can be used in accounting and auditing to automate larger portions of accounting processes with high quality results.
AI in Robotic Accounting and Auditing
Accounts Payable and Receivable AI
Accounting automation software has been deployed in accounts payable and receivable for some time, but in order to work, invoices and payments must be formatted in exact ways to be correctly interpreted. If information was formatted differently, which often occurs across businesses, typical accounting automation software cannot correctly interpret the information. Artificial intelligence and accounting make a good match as AI can use natural language processing and other accounting-specific machine learning features to reconcile invoice and billing records across different businesses with different formats to substantially reduce the amount of human attention required for these clerical tasks. Better yet, AI bot accounting can learn how to handle exceptions to the general rules of invoice and payment processing, improving its decision-making capabilities over time based upon human direction and review of its output. The accounting automation software can even use AI to specify different ways of handling invoice and payment processing for different clients and customers. As deployment history expands, the AI accounting capabilities deepen, increasing the value to the company over time.
Automated Data Entry and Categorization
Data entry and categorization is another example of where artificial intelligence and accounting meet to produce efficiency gains for businesses. While traditional algorithms require data to be structured very specifically for the task at hand, artificial intelligence can use natural language processing and other contextual analysis to categorize data for proper record-keeping. Proper categorization can help streamline accounting processes by removing requirements for human intervention. For example, a business may be billed for both a rental and a durable good. These two items can be classified differently so that the durable good is recorded as an asset to the company, while the rented item is not. By automating information structuring and input, AI accounting software will help keep records organized and reduce the time needed for the interpretation of recorded information.
AI for Payroll and Tax Remittance
Companies can spend a great deal of their time in administering payroll and paying taxes. Since both tasks involve some degree of interpretation of individual worker profiles and the functional roles of various elements in the business, human labor is required. Artificial intelligence accounting software can be programmed to recognize which tax withholding rates apply to which workers based upon a multitude of factors, as well as calculate the taxes owed by the business based upon that business's legal structure, income, losses, applicable tax credits/offsets, and other factors. By automating the judgments required to classify workers and businesses on a tax accounting basis, AI robotic accounting helps B2B businesses perform more work with a leaner staff, saving time and money to concentrate on the work that actually delivers value for customers and clients.
Artificial Intelligence for Corporate Auditing
Corporate audits can be time-consuming, directing the attention of workers away from more productive pursuits as they work to demonstrate compliance to proper accounting practices. AI accounting software can be used to automate corporate accounting processes to reduce the demands on human labor in ensuring compliance to accounting and tax codes. AI auditing software uses both natural language processing and deep machine learning to search through large quantities of unstructured data and identify all the relevant risks and controls in a company. The AI auditing application can then evaluate the relative weight any given risk or control may have in the overall evaluation.
For example, the use of credit cards are typically heavily investigated in audits, but managerial performance may often receive relatively little scrutiny, in part due to the difficulty in quantifying information on the latter versus the former. AI auditing software can be directed through supervised learning exercises to properly account for all the factors that comprise a company's risk management profile to determine relative strengths and weaknesses of the organization. As the AI auditing program continues to be used, its experience and the evaluation of its output informs subsequent audits to produce increasingly better results over time.
About ArtificialIntelligenceB2B.com
ArtificialIntelligenceB2B.com is an AI software development company that is focused on creating custom artificial intelligence systems that are affordable for a wider number of companies in the business-to-business sector. Leveraging a 30-year history of continuous growth in original and custom interactive design and development as a division of DDA, ArtificialIntelligenceB2B.com understands what it takes to create powerful software that delivers real value for its clients. Learn more about the many ways AI will benefit B2B businesses by exploring this site further, or if you would like to discuss a particular AI application, contact ArtificialIntelligenceB2B.com today.
