Use of artificial intelligence in accounting software

As shown by the Tax Care analyzes, the mere possibility of automatically loading data from e-invoices saved about 30% of the working time of accountants. Specialized programs allow one to automate the process of data collection and processing, thus providing ready results for analysis, which helps to grately reduce operating costs. Automation can accelerate a wide variety of processes related to, among others, bookkeeping or recording of transactions, thus allowing accountants to provide more comprehensive consultancy services.

Automation in accounting

Accounting automation first began in 1955, when the Univac 1 computer began calculating the payroll in the US General Electric factory. In 1978, a universal accounting package called Peachtree Software appeared, taking many repetitive and time-consuming tasks off the shoulders of the contemporary accountants. This automation is very desirable today. According to Sage's „Practice of now" study, as many as 49% of accountants (out of 3,000 polled) said that automation of repetitive activities is very much needed, and 66% would be willing to invest in artificial intelligence to achieve this. In the accounting industry, there are still few solutions that are fully based on AI - it still remains something for the future, but it is worth noting that this future is not very far away.

Artificial intelligence in accounting software

Artificial intelligence ts, for example, used by the world's largest accounting services provider, Intuit,. AI and machine learning are used for such things as automatically reading data from invoices or suggesting categories of booked costs. Scanye, a smart accounting assistant, is a system that instantly converts an invoice scan, extracting the data necessary for accounting and payment. The effect? Instead of just 250 invoices rewritten throughout the day – it can process as many as 400 in just one hour. The application developed by a Polish company uses artificial intelligence and machine learning, by remembering exactly where in the invoice the necessary information is located.

According to the report "Robotics in accounting" published by EY, the vast majority of accountants and business owners (67%) agree that new technologies, including artificial intelligence, will play an increasingly important role, increasing automation and efficiency of accounting processes. The "Christene" robot, working at EY, has been an excellent example of this. It assists the HR and payroll system, and also records bank statements as well as, purchase and sale transactions. It also checks the NIP number and does it in a maximum of 20 seconds, which normally takes a human up to a minute, which is three times as long.

ls there anything to worry about ?

Artificial intelligence will revolutionize accounting – that much is certain. Is there a risk that new technologies will replace accountants someday? Experts argue that no. AI will not take the work of an accountant, but they will significantly change it. Automation speeds up tasks and, consequently, allows you to free up human resources in your organization and transfer them to more advanced processes. Artificial intelligence will be used especially in processes where there are a large number of variables. The automation of complex and repetitive activities and processes will therefore not only reduce costs, but also increase employee productivity.