Artificial intelligence has arrived in the workplace and is improving accounting in companies of all sizes. It automates repetitive steps and frees up more capacity for your accounting.
2024-11-20 – Frank von Orlikowski
Accounting is at the heart of many businesses, and in many companies it still consists of manual, time-consuming and error-prone tasks. Artificial Intelligence (AI) can automate routine tasks, especially in accounting. This makes the entire accounting process more efficient, reduces errors and frees up time for more important issues.
The power of AI lies in its ability to simulate human intelligence. In practice, this means recognising patterns, deriving further decisions and optimising processes. This enables a high degree of automation in accounting, as the algorithms perform tasks correctly without human intervention.
Common automations include processing incoming invoices, verifying receipts, or allocating documents to the right place in the company.
Examples of AI applications:
AI-based systems automatically read incoming invoices and optimise the processing of incoming invoices. They recognise relevant fields such as invoice numbers, amounts or payment dates, transfer this data to the accounting system and compare it with stored master data – goodbye to time-consuming manual data entry.
Documents relevant to different departments are automatically routed by the AI after workflows have been created through document control. This gives all responsible persons or departments direct access to the documents.
AI automatically detects suspicious patterns or anomalies, such as duplicate invoices or unusually high amounts. This reduces errors or detects fraud early, before damage is done.
AI-powered document management systems organise and manage large volumes of accounting documents such as invoices, receipts and contracts. Documents are categorised and filed directly by date, amount or supplier. This means you can find your documents instantly without having to search. In addition, documents and invoices are directly archived in accordance with the German GoBD and the EU GDPR.
Using AI in accounting frees up more resources for companies. Eliminating manual invoice processing saves time and money, while making accounting processes more efficient. Other benefits of using AI in accounting for companies include:
Automating processes with AI reduces manual errors such as transposed digits or incorrect allocations. The reduction in errors simultaneously improves data quality.
The high data quality achieved by AI minimises the risk of incorrect postings or inaccurate invoices. This reduces the risk of tax implications.
With AI in accounting, you can analyse your data in real time. This offers the opportunity to combine accounting and controlling and break down existing silos.
Regulatory requirements and reporting deadlines change. With AI, you can keep your accounting up to date and meet compliance requirements.
The wide range of applications for AI in accounting and the ease of implementation help companies of all sizes to optimise their accounting tasks.
AI-based accounting software solutions are a real boon for businesses, making the unpopular manual processing of invoices more pleasant. They reduce manual steps, improve data quality and meet compliance requirements. AI algorithms detect errors and anomalies in the accounting process, thus protecting against accounting mistakes.
Shareflex for incoming invoice management provides your company with efficient document and process management. The integrated AI enables automation that optimises invoice processing and document management. For example, Shareflex automates the capture and processing of incoming invoices, recognises and extracts relevant data such as invoice number, amount and due date, and automatically assigns them to the appropriate cost centre or department. Thanks to AI, Shareflex automatically classifies, routes and archives documents in an audit-proof manner.
Although AI in accounting has many advantages and improves bookkeeping, it also brings challenges. Employees need to be open to the new technology and get used to a new way of working. Another issue that should not be underestimated is data protection. It is important that the solution in use is in line with current security standards and complies with legal requirements, such as the GDPR.
AI in accounting is not a trend, but an important step towards optimising business processes. With the right AI accounting software solution, companies can create modern and efficient accounting structures that have a positive impact on the business.
We would be happy to show you how you can benefit from the advantages of AI in accounting with Shareflex.
Hamburg, 20 November 2024
Author: Frank von Orlikowski
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No. Artificial intelligence (AI) can automate and assist in many areas of accounting, but it cannot completely replace it.
AI can automate and streamline many accounting processes. These include capturing and processing invoices, detecting errors and anomalies, and managing documents.
Answer from Chat GTP: No. ChatGPT cannot do full accounting, but it can provide support in certain areas. It can answer accounting questions, provide general information and help explain accounting processes and principles. Specialist software and expertise are required for the actual bookkeeping, creating balance sheets or complying with complex legal requirements. ChatGPT is therefore more of a supportive tool, but not a fully-fledged accounting software.
No, because AI supports accountants in their work and automates routine tasks. It cannot replace knowledge and experience.
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