Software and technology companies frequently talk about their product roadmap. But this isn’t something we typically hear from accounting firms. However, AI and machine learning impact the types of services an accounting firm can offer.
AI Drives a Broader Set of Services
Implementing AI and machine learning allow an accounting ﬁrm to:
- Offer lower prices
- Provide value-added services
- Deliver a broader set of services than other ﬁrms
An interesting byproduct of implementing AI is that it paves the way for allowing organizations to deliver continuous accounting.
This means that 24 hours a day, 7 days a week the AI is working. It can run and maintain the tasks that need to be done continuously. No ﬁrms have accountants sitting idly by 24 hours a day, 7 days a week. With AI, there is no diﬀerence between day and night, weekday and weekend.
Outdated Approval Process
AI today is tackling approval workflows. Many people reading this article know that their clients and their businesses suffer from completely outdated workflows.
By applying AI, this will both speed up and eventually, sometime in the future, probably complete approvals more accurately than humans do today.
After speaking with a bookkeeping firm recently, we heard that they couldn’t meet with us after four o'clock in the afternoon. It was explained that they had to run to the post office at that time because of these huge stacks of paper invoices they were mailing on behalf of their clients.
Team members would then take the envelopes, open them, scan one page at a time and turn them into PDFs. Only then could the processing begin. There are a lot of outdated approval processes going on.
How much of your revenue comes from outsourced accounting? Do you think the potential for AI and machine learning will make a big difference? Share your thoughts in the section for comments below.
To learn how accounting and bookkeeping firms can prepare for AI and machine learning, watch the webinar recording on “Automating Outsourced Accounting: How Accounting and Bookkeeping Firms Can Prepare for AI and Machine Learning.”