By the Numbers: The Impact of AI and Automation in Accounting

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At Flexi Software, March is more than just Madness, it’s also Metrics Matter Month! What metrics are we focusing on? AI and automation to be specific. To be even more specific, we’re talking about how the two are going to impact the accounting industry. Let’s just get this out of the way. It’s a misconception, but a lot of people have been lead to believe that with more and more accounting operations being automated through AI and what not, companies will no longer need accountants in the future. It’s not true. What is true is that there is a lot of buzz out there that appears to indicate that accounting is getting ready to have a huge resurgence. In other words, right now might be the best time to be an accountant.

In fact, the appearance of AI in accounting shouldn’t be viewed at all like a threat, but rather as an opportunity to achieve better results in a quicker span of time. It’s a tool that will enhance the value of all accountants. Accounting already feels the powerful influence of workflow automation software. Factor artificial intelligence into the accounting mix? That’s the next wave and you’re just in time to catch it!

As you pour over the eye-opening facts and figures packed into this infographic, which you are free to share here, know that it paints a future bright with possibility and upside. Look no further than the data that projects the AI in accounting market to grow into a $4.7 Billion dollar behemoth by 2024.

There is no doubt that rapid change is on the horizon for accounting organizations, due in large part to automation and artificial intelligence (AI). If you would like to learn more about its impact, feel free to read Flexi software’s latest whitepaper on AI in accounting. Download our whitepaper and find out how accountants of the future are adopting this technology right now.

If you would like to learn more on why and how Flexi’s accounting software powers millions of end users around the globe. Look no further than our continually evolving technology, personalized support, and a commitment to meeting our customer’s ever-changing needs, Just like you! Click here to learn more.

How AI & Automation Are Making Their Way to Accounting

Artificial intelligence (AI) and automation are making their way to accounting, just as they are permeating all other industries. AI is getting stronger and smarter as technology evolves, becoming not just an automator but also a smart technology that can learn and draw conclusions in real time.

As AI continues to advance, many fear it. While the perceived threat of job extinction looms, AI and automation can actually be extremely beneficial for accountants and finance professionals. By remaining adept and relevant in the industry, you are likely not to be replaced by robots anytime in the near future.

Working with AI and automation, not against it

Embracing advances in technology is key to remaining relevant in the industry.

AI and automation largely take the guesswork and possibility of manual error out of everyday processing. A large chunk of accounting tasks were at one time reliant on manual data entry, which meant manual mistakes. Automated, cloud-based software provides a level of security and data integrity previously unknown to accountants. These are all good things.

With increased accuracy and decreased time spent creating and running reports, accountants are left with time left in their day to devote to other, more strategic tasks. In fact an entire component of modern accounting relies on strategic and advisory services, and if your firm or organization has the time to devote to providing such services, you have an immediate edge over your competitors in the field.

While AI and automation reduces or eliminates many of the tasks historically known to the accounting role, AI and automation free up time for accountants to become subject matter experts on the various technologies and systems available today, providing a new level of value to clients.

Additionally, there are many elements in the financial industry that remain impermeable to AI and automation. A study cited by Business.com notes that 68 percent of clients surveyed prefer having access to a financial advisor over a technology offered as a replacement. This statistic makes it very clear that plenty of folks prefer the personal, human element when it comes to strategizing and problem solving. And fortunately, machines can’t replace that.

Flexi helps you embrace the future

Flexi provides software that automates many aspects of the accounting process, freeing up your time and making sure you can close the books and provide reports in a timely manner to boot. Flexi won’t replace you; Flexi will work with you.

Learn more about partnering with Flexi today. Call 800-353-9492.

When Artificial Intelligence and Accounting Collide

Fear is circulating in the accounting industry that humans (or accountants) will soon be replaced by artificial intelligence. But it is becoming increasingly clear that robots won’t cut it alone in the accounting sphere–while helpful, automation is best served with equal parts human intelligence.

With the rise of automation and cloud-based services, many traditional accounting tasks have been automated–this is true. Machines will always be better and faster at crunching numbers, but the benefit to accounting professionals is that this ensures more data accuracy than ever before–and offers time back on the calendars of busy accountants, freeing them up to analyze, strategize, and advise.

According to Pymnts.com, accountants are increasingly expected to serve as strategic advisors to their clients. Small businesses are becoming more and more frustrated, according to a Seed survey last year, that their banks aren’t providing the advisory services they feel they need, and that role is now being placed squarely on the accountant.

Embracing the cloud

While fear circulates about automation as the death of the modern accountant, many accountants are embracing the change and viewing it as a tool for forging deeper connections. While the role of the accountant is rapidly changing, the industry continues to dictate needs that cannot be satisfied by computers alone, thereby elevating the accountant’s role and situating accountants as leaders of strategy and advisory services.

Flexi as an automated partner in business

Flexi solutions will make your organization’s accounting processes run smoother. Among the many perks, Flexi enables your business to close the books faster, automate accounting processes, simplify multi-entity accounting, gain real-time visibility, simplify audit and compliance, and streamline financial reporting.

Accounting is on a fast track toward artificial intelligence. No matter where you are on that timeline, Flexi is a trusted partner dedicated to helping you safely transition into this new era. Flexi’s flexible accounting software is designed to grow with you–however your business needs dictate. Here are some of the highlights of the approaching paradigm:

  • No paper, and no manual errors
  • Real-time financial updates–whenever and wherever needed
  • Continuous control
  • Standardized workflow with built-in approvals
  • Mobile access to financials through any device
  • Visualization tools with real-time visibility of every transaction and complete audit trail

Flexi can enable and empower your accounting team to provide added value to clients with the time they gain back from these tools’ ease of use.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.

How Artificial Intelligence (AI) is Shaping the Accounting Industry

According to a study by Oxford University and Deloitte in 2015, accountants will be among the first professions affected by the rise of artificial intelligence (AI). Up to 95 percent of accountants will face some threat due to the advanced automation capabilities provided by AI. While this is categorized initially as a “threat,” it also opens the door to a new kind of accountant. The modern accountant does much more than crunch numbers. In fact, in the future, AI might do most of the number-crunching. Instead, accountants are moving toward a model of value-added opportunities to offer clients, such as strategy and advisory services.

Robots as partners

Not all human functions can be replicated by robots. Much of the high-volume work can, in fact, be done quickly and accurately by use of a bot. However, a bot cannot be taught judgment or analysis. For these reasons, Sonia Eland of DXC Technology suggests we not perceive bots as a threat, but instead, as a partner. The help of AI can assist humans in doing their jobs more accurately and more efficiently.

Embracing new roles

While the role of the modern accountant is evolving, the time for hesitation is slim. The accountants that will thrive under this new model are the progressive thinkers who are jumping in and finding new ways of being marketable and valuable in a changing workplace. Accounting professionals who embrace this change to advance their individual skills are on track to continue providing value to a profession and an industry that is changing. By freeing up time, accountants can even learn to code. In all, robotic process automation (RPA) is expected to free up the creativity and intellect of accounting professionals.

Flexi and the future

Flexi takes advantage of automation to make the lives of accountants easier. Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future. Seamlessly integrate Flexi software to your core system to ensure that financial statements are accurate, consolidations are error-free, and efficient processes are in place. Make sure your business retains visibility and transparency with expenses. AI in Accounting If you’re interested in learning more about AI in accounting download our whitepaper today! Key takeaways include:
  • What exactly is AI in accounting and when will it go mainstream?
  • Use case example and how AI addresses the startling statistic that only 25% of accountants are confident in the accuracy of their last close
  • How AI will impact accounting careers, and which jobs will be most needed
Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.