(800) 931-6557
(800) 931-6557
ASP
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog

​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

9/13/2021

Comments

How Will AI Transform your Accounting and Finance Functions?

 
Will AI Transform Accounting and Finance
​The last decade has ushered in a digital revolution across all business areas. However, many businesses are still dragging their feet when it comes to automating their accounting and finance activities. In fact, 58% of finance teams surveyed indicated that they do not feel their finance back office is “sufficiently automated.”

​Despite a plethora of tools and platforms available to help streamline these critical business areas, it seems many businesses are stuck in the past, relying on manual processes for their daily accounting functions. But organizations can use automation to drive profitability if they understand its benefits and can identify areas where AI will help them the most. 

The Benefits of AI
In a recent study on financial automation finance teams indicated that their top priorities were a reduction in repetitive tasks and a reduction in manual tasks. It is no secret that AI can achieve these objectives, making employees’ jobs less painful by reducing or eliminating the kind of busywork that can bring down morale and lead to burnout. However, automation has many other benefits as well, including:
  • Greater efficiency
  • Cost savings
  • Improved accuracy
  • Scalability
  • Faster onboarding of new employees
  • Real-time data availability
  • Increased collaboration
  • Better continuity
  • Risk management

Where Should You Use Automation?
Of course, understanding how AI can provide practical business benefits is meaningless if you do not know where to use automation.
Look at your current accounting activities for areas where automation can be integrated to enhance job satisfaction, ensure greater data accuracy, accelerate reporting, increase collaboration, and improve business outcomes. Common areas to focus on include:
  • General ledger bookkeeping
  • Reconciliations
  • Invoicing
  • Payables and collections
  • Expense reports and reimbursements
  • Payroll and benefits
  • Vendor management
  • Sales tax calculations
  • Reporting
  • Fraud detection
AI can be used to either automate manual processes or analyze large data sets, freeing up accounting and finance personnel to perform the kind of value-add activities that drive business growth.

Implementing AI
The main reason AI is not implemented when and where it should be is human resistance to change. Accounting and finance teams that are stuck in the past typically resist the opportunity to automate because they are fearful that it could make their roles obsolete. Unsurprisingly, even among process-heavy teams, only 1 in 5 people surveyed described their team as being “accepting of change and nimble.”

When professionals exhibit a distrust of automation or a skepticism around the benefits it can provide, it indicates a lack of understanding around AI because automation should serve to augment accounting and finance roles, not replace them when used correctly.

Therefore, the first step in implementing AI is educating teams on how automation can benefit them by reducing busywork and improving accuracy and results. Next, organizations should focus on replacing outdated processes and legacy tools that no longer fit business needs. These areas will likely provide the greatest value for businesses by getting rid of elements that are broken and putting more efficient solutions in their place.

After the damaged processes and tools are replaced, AI can be used to improve on what is already working but is not optimized for business efficiency – areas where repetitive tasks are being performed and information needs to be manually updated and communicated to key stakeholders. Leaning on the right software platforms, apps, and other automation options should streamline business operations to provide greater business value.

To summarize, the following steps should be taken to effectively implement AI at your organization:
  1. Educate teams on the value of automation
  2. Replace outdated processes and legacy tools
  3. Optimize ongoing activities

If your company struggles with determining where to start, you are not alone. Business leaders and other key personnel may be too close to the organization’s daily activities to rationally determine where changes need to be made, who should be responsible for making them, and how to communicate those changes. Often the kind of objectivity needed to determine areas where automation should be used can only come from the outside. Hiring an accounting consultant offers not only objectivity but also the breadth of experience necessary to make the kind of strategic recommendations needed to drive long-term growth.

For more information on integrating automation, check out our article: Where Should your Accounting Team Use Automation
Comments

    SUBSCRIBE:

    DOWNLOAD:

    The Ultimate New Business Formation Checklist

    DOWNLOAD:

    Accountant Evaluation

    Categories:

    All
    Accountant
    Accounting
    Accounting Systems
    Audit
    Bank Reconciliation
    Benefits
    Bookkeeper
    Bookkeeping
    Brand
    Budgeting
    Business Analysis
    Business Trends
    Cash Flow
    Change Management
    Checklist
    Closing The Books
    Colorado
    Community
    Contracts
    Controller
    Depreciation
    Ecommerce
    Economy
    Finance
    Fraud
    Government
    Hack
    Hiring
    HR
    Infographic
    Internal Controls
    IRS
    Laws
    Leadership
    Legal
    Local Economics
    Manuals
    Market Trends
    News
    Nonprofit
    Online Bookkeeping
    Oregon
    Outsource
    Payroll
    Payroll Taxes
    Planning
    Procedures
    QuickBooks
    Record Keeping
    Recruiting
    Recruiting Market Reports
    Remote Workforce
    Reporting
    Restaurants
    Risk
    Sales Tax
    Scam
    Security
    Small Business
    Social Media
    Software
    Startup
    Statistics
    Strategy
    Taxes
    Technology
    Time Management
    Washington State

    Archives:

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    June 2015
    February 2013
    October 2012
    November 2011
    May 2011



    RSS Feed

Services

Accounting Services
Recruiting Services

​

Company

About
Oregon Team
​Washington Team
Colorado Team
Clients


Support

Contact
CC
FAQ
​Resources
​Blog
​

ASP

Your resource for accounting & recruiting services. Serving Seattle, Bellevue, Redmond, Kirkland, Portland, Beaverton, Hillsboro, Lake Oswego, Denver, Lakewood, Aurora and more.
Contact us today for a free,
no-obligation consultation:
Toll Free (800) 931-6557
WA (425) 492-1901
OR (503) 473-0122
​CO
(720) 572-8211
info@asp-nw.com
© COPYRIGHT ASP - ALL RIGHTS RESERVED 
 A CFO Selections Company
Privacy Policy