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Implementing AI and Machine Learning in Accounting Firms: A Superior Service Offering

Posted by Alexander Hagerup on Jan 2, 2019 8:45:00 AM
Alexander Hagerup
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Implementing AI and Machine Learning in Accounting Firms: A Superior Service Offering

Implementing AI and machine learning in an accounting firm does not just allow it to offer lower prices and value-added services. It also gives it the final cornerstone of a competitive firm: a broader set of services than other firms.

The following is an excerpt from The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”

Continuous Accounting

Consider Jim, the COO of a small business that has contracted with your firm for bookkeeping and accounting for the past 15 years.

Jim is a busy executive, so it is usually Friday before he can send all of his company’s invoices to you. He scans the invoices into his computer, then forwards them to your firm. Unfortunately, you only do his company’s books weekly, or even bi-weekly or monthly. Even though he sends invoices in every Friday, he has to wait up to a week – and possibly a whole month – before those invoices are processed.

But with AI technology, there is no difference between day and night, weekday and weekend. It can process invoices without the touch of a button, making Jim a happy client.

Automated Approval Process

The other service, an automated approval process, is a much-needed update on an archaic method. Imagine working from a computer that connected to the internet using AOL.

Yes – AOL, the dial-up service from the late 1990s and early 2000s that offered three hours of unbearably slow internet per month for one low fee. The thought is ludicrous. Yet the way accounting firms help clients set up their invoice approval process has remained largely the same since around the time people were getting their email from that infamously screeching internet service. As a result, most businesses with fewer than 1,000 employees suffer from really outdated approval workflows.

The approval workflow has long been an area that could be improved by effective technology; but there simply has not been a platform that ties an AI invoice workflow together with the approval process – until the release of Vic.ai.

Exceptional Client Service

Accountants find it gratifying to introduce this type of technology that makes their clients’ lives easier. While clients might expect a high level of innovation from their IT managed services or SaaS providers, they are pleasantly surprised to receive it from their accounting firms.

With a foundation in AI combined with an easy-to-use app that governs the continuous accounting, the Vic.ai platform makes clients excited; they have never seen anything quite like it before.

When clients are happier, they give positive feedback. That is the market differentiator that accounting firms so desperately need, and what helps to build a stronger accounting firm in the long run.

 

Does your firm offer a broader set of services than other firms? Share your thoughts in the section for comments below.

To learn more about continuous accounting and automated approval processes, download your copy of “The Future of Accounting Technology: Preparing for Artificial Intelligence (AI) and Machine Learning.”

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Topics: Accounting

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