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The Future of Automating AP and Accounting in General

Posted by Alexander Hagerup on Oct 30, 2019 8:42:00 AM
Alexander Hagerup
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The Future of Automating AP and Accounting in General

When thinking about the future of automating accounts payable, how would your daily routine change if you were able to leverage AI to fully automate bookkeeping and pre-accounting tasks?

And what if, in addition to accounts payable (AP), bank transactions, expenses, credit card transactions, accruals, receivables, and reconciliations were also fully automated?

The following is an excerpt from our webinar, “Automating Accounts Payable (AP): How Ignite Spot Accounting Services Automates AP, Removes Human Error, and Improves Client Services.”

Start with Your Power Users

While this may seem a bit crazy to some people, that is what Vic .ai is working to achieve.

Once you’ve seen what an AI system is capable of doing with this today and how it’s currently evolving, one might wonder why most people have not adopted any AI systems yet.

If you have someone in your firm who is tech-savvy and can think through processes, have them try the automation first. They can see how it works and give feedback to the rest of the team. This can help make the transition to automation seamless. 

How AI in Accounting is Evolving

There are many things on the front end transaction detail that is gathered from clients such as credit cards and bank information. 

Often, you can have an issue where naming rules in QuickBooks don’t tie in due to a different acronym that was placed on the end of a transaction. But AI is replacing the need for those types of ruling functions to help simplify classifications and characterizations for the transactions.

This is going to save an enormous amount of time from the processing part, even more than is seen now from some of the rule functions that are available in QuickBooks Online or other software. 

It’s going to extrapolate that information, not just from your own data set, but from a much larger data set. And you’re going to get recommendations on how best to code the information, which should increase time savings. 

How would your accounting firm’s routine change if accounts payable was fully automated? Tell us your thoughts in the section for comments below.

To learn how Ignite Spot Accounting Services automates AP, removes human error, and improves client services, watch the webinar recording on “Automating Accounts Payable (AP).”

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Topics: Accounting

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