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How AI is Changing What Accountants Do Today

Posted by Alexander Hagerup on Mar 6, 2019 8:34:00 AM
Alexander Hagerup
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How AI is Changing What Accountants Do TodayAbout 80% of us have used systems that are based on artificial intelligence or AI technology. But most of us are not aware of that. 

A huge amount of venture capital is being invested in the development of intelligence systems. And that shift is happening very fast. 

Up until about 2017, there wasn’t even one AI-powered automation platform available on the market for the accounting industry. However, in just a few years from now, most of today’s accounting tasks will be automated by AI.

From Data Entry to Supervising the AI

This incredible shift that’s upon us originates from the fact that we now have the capability to engineer systems that, based on huge amounts of data, mimic human capabilities although currently in very narrow domains. 

So in accounting, up until today, every time an accountant has entered any number into any accounting system, the system simply records the number. The system doesn’t get any smarter, and you’ll have to punch in the same number tomorrow. 

With AI platforms like Vic.ai, it’s not about entering data anymore, instead it’s about reviewing the work that Vic.ai has done for you. The whole workflow has been shifted. 

Oftentimes, when you need to correct the AI in the platform, it learns from you requiring less input going forward.

How Vic.ai Transforms, so Firms Grow Faster

The way that an AI platform and more specifically Vic.ai learns is by starting to look at what has happened for a client over the past couple of years. Vic.ai connects to the accounting system and reads through one to three years of history for a client. 

Vic.ai automatically generates AI models for each client. So by analyzing the data with sophisticated algorithms, and creating unique models for each client, the system is able to get up to speed in a matter of days rather than months as would be the case with a young staff accountant or an AP clerk. 

The accounting firm sends incoming accounting files through Vic.ai and reviews data before posting to the accounting system. The accountant can make corrections, and the platform collects the feedback and learns from the corrections. Vic.ai’s AI platform typically automates around 70% of the incoming volume when getting started and then it learns with more and more confidence for each month going forward. 

For CPAs and bookkeepers that haven’t even started looking into AI, the pace of change is amazing. 

AI is changing what we do on a daily basis. Accountants need to move away from data entry roles to supervising the AI. This is a big shift in thinking. AI can be a transformative way to grow faster, starting with how AI learns from you.

 

How is AI changing what your accounting firm does on a daily basis? Share your thoughts in the section for comments below.

To learn how CPAs and bookkeeping firms are transforming, watch the webinar recording on “AI Best Practices for CPAs and Bookkeepers (How Accounting and Bookkeeping Firms Can Grow with Artificial Intelligence and Machine Learning).”

Artificial Intelligence (AI) Best Practices for CPAs and Bookkeepers || How Accounting and Bookkeeping Firms Can Grow with Artificial Intelligence and Machine Learning [Watch the Recording]

 

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Topics: Accounting, Artificial Intelligence

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