artificial intelligence in accounting

Artificial Intelligence in Accounting: What Does the Future Look Like?

Artificial intelligence in accounting tends to conjure up images of sci-fi movies and cyborgs taking the place of humans. In fact, the idea of artificial intelligence has been around for a long time, and it’s much a more collaborative technology than you may realize. The first artificial intelligence projects were initiated by academics in the 1950s who were trying to understand whether computers could think like humans and simulate our behavior. Over the past 60 years, the technology has evolved to take many forms, from machine-based learning that progressively gets better at analyzing information and making decisions the more it is used, to speech-based tech that can understand different voices and languages. What is artificial intelligence in accounting? Artificial intelligence is technology that enables computers to perform routine, repetitive, and decision-based tasks that were previously done by humans. Several large accounting firms and organizations made early investments in artificial intelligence and now use AI to reduce the amount of time their accountants spend on complex audits and other accounting tasks.   The Use of AI in Accounting As noted above, many accounting firms already utilize ai to help perform accounting tasks in their firm. Below are some of the current uses of artificial intelligence in accounting: AI for Transaction categorization. The transactions that need to be entered into an organization’s accounting software may be spread across PDFs, spreadsheets, invoices, receipts, and bank statements. AI can extract information from these disparate sources of information and categorize it in the accounting software, something that accountants have traditionally had to do manually. Expense report review and approval. Artificial intelligence can learn a company’s expense policy, read receipts, and review and approve expense reports. It can then forward any questionable claims to a human for approval. Matching payments with AI.  When customers submit payments that don’t match invoices in the accounting system, artificial intelligence can analyze invoices and match the paid amount to the appropriate invoices. It can also clear out short payments or automatically generate a new invoice to reflect the short payment. This frees up the accounts receivable staff from the time-consuming Read More »

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Introducing the UK and Ireland Xero Award winners

Introducing the UK and Ireland Xero Award winners

Last night we rewarded our accounting and bookkeeping partners for their hard work and dedication at the Xero Awards ceremony.  With 14 trophies up for grabs, our 2020 finalists gathered at the infamous Electric Brixton for a night filled with celebration and fun.  The night was hosted by award-winning comedian Lucy Porter, who was joined […]