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CEOWORLD magazine - Latest - CEO Agenda - How Machine Learning Will Impact Business Accounting in 2020

CEO Agenda

How Machine Learning Will Impact Business Accounting in 2020

Whether you are a new accountant or an experienced professional, the coming years will bring unprecedented and exciting changes to the industry. Artificial intelligence (AI) and Machine Learning (ML) are already transforming the field of business accounting. And these changes aren’t about to go away any time soon.

AI and ML are Revolutionizing Accounting

Smart corporations are already embracing the value of technology and AI. Through AI, businesses are able to create more efficient processes, and reduce the risks of human error.

AI also allows companies to lower their labor costs by giving routine tasks to machines. Previously, tasks like sending emails, data entry and billing were done by employees or accountants themselves. Aside from being more costly, humans are also prone to human error.

By using AI and ML to augment these tasks,  business accountants are able to focus more on complex accounting issues, client relations, and expanding the business.

Contrary to popular belief, artificial intelligence and machine learning are not the enemy of accountants; they’re just vastly misunderstood.

How Is the Job of an Accountant Changing?

Years ago, people were worried that Microsoft Excel would get rid of jobs. Spreadsheets were created manually. Each time a manager wanted to see how a minor change impacted other aspects of the business, someone had to do all of the calculations by hand.

While some jobs were undoubtedly lost because of programs like Microsoft Excel, the changes made corporations and accountants more efficient. In addition, it gave business owners the ability to see how minor changes impacted their company with the click of a button.

  1. For accountants, AI and ML mean the business has to deal with fewer errors. Technology is less likely to make mistakes than a person is. Normally, a routine, exhausting or mundane task causes a person to lose focus and make mistakes. Machines do not have the same problems, so security and accuracy will improve.
  2. New technology like Botkeeper allows accountants to leverage their true skills. Accountants are talented at critical thinking and interpreting financial data. Skilled accountants are more than just a calculator devoted to back office work and data entry. By giving these time consuming tasks to machines, accountants can focus on the skills they do best, and save time on back office activities and data entry.
  3. Machine learning makes it possible to accurately forecast the future by providing real-time accounting and bookkeeping data. These tools allow accountants to make immediate predictions about the effects of certain business decisions, such as purchasing new materials or hiring a new employee. This means that accountants can create a successful roadmap for the company’s future. In addition, machine learning makes it possible to scale a business up or down more easily, thanks to accurate forecasting.

Through AI-assisted accounting and machine learning, accountants can automate more processes and tasks than ever before. So, what does this really mean for accountants and the organizations they serve? Lower costs and increased profit margins.

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CEOWORLD magazine - Latest - CEO Agenda - How Machine Learning Will Impact Business Accounting in 2020
Anna Papadopoulos
Anna Papadopoulos is a senior money, wealth, and asset management reporter at CEOWORLD magazine, covering consumer issues, investing and financial communities + author of the CEOWORLD magazine newsletter, writing about money with an enthusiasm unknown to mankind. You can follow CEOWORLD magazine on Twitter, Facebook, Instagram, or connect on LinkedIn for musings on money, wealth, asset management, millionaires, and billionaires. Email her at