• Home
  • Services
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Returns
      • Owing the IRS Money
      • Behind on Payroll Taxes
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Cash Flow Forecast
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Xero Cloud Accounting
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Mobile Accounting
  • Blog
  • About
  • Contact
763-463-9577
charles.kathrein@mustang-technologies.com
May 9, 2019

How AI Is Changing Accounting

accelerator Accounting, Cool Tech Tools

Artificial intelligence (AI) has arrived in the accounting profession in a big way. The good news is it’s streamlining accounting tasks, finding patterns in data you can take action on, and generally making things better. Here are just a few places we’re seeing AI and machine learning impact accounting.

Transaction Coding

Most systems have incorporated some form of machine learning into transaction coding. When bank feeds are imported, each transaction needs to be coded to add the account code in the chart of accounts.  Class, tracking codes, and other custom data may need to be added as well. Rules can be set so that the accounting application can pre-code the transactions; in this case the accountant simply approves or corrects the entry.

Invoice Fetching

It starts with a picture of a receipt. Invoice fetching applications can turn pixels into data using sophisticated OCR (optical character recognition). The data is then turned into a business transaction that can be imported into an accounting system.

Auditing

The books of many government agencies, nonprofits, and large businesses need to be audited on a regular basis. Auditing is an expensive process. Smart programs can review a company’s data and assess where the risks and anomalies are so that the audit program can be modified to focus on the more important parts. This reduces risk and cost for everyone involved. 

Accounts Payable

Artificial intelligence can help to speed up the matching of purchase orders, packing slips, and invoices so that accounts payable tasks are streamlined.  It can also automate approvals and look for duplicate invoices to avoid overpayments. 

Accounting Tasks That Are Clerical

Robotic Process Automation (RPA) is a platform that allows users to create automation without involving the IT department. Think Excel macros or Zapier on steroids. Any workflow with a mind-numbing set of clerical steps is a candidate for RPA. 

AI allows accountants to spend less time on routine tasks and more time on higher-level analysis work. As AI becomes more affordable for small businesses, everyone will benefit from this long-term trend.

Buying a Car or Truck for Your Business? Accounting-Related Policies

Related Posts

Cool Tech Tools

Cool Tech Tools: Apps that Get You Places

Accounting, Accounting Software, Business Growth, Business Tips, Technology

5 Signs You Need to Upgrade Your Accounting System

Business Tips, Cool Tech Tools

How to Work from Home More Often

Monthly Archives

Categories

  • Accounting (21)
  • Accounting Software (2)
  • Bookkeeping (1)
  • Bookkeeping Tips (4)
  • Business Development (13)
  • Business Growth (6)
  • Business Tips (44)
  • Cool Tech Tools (11)
  • Customer Service Tips (3)
  • Decision-Making Tips (1)
  • Management Tips (7)
  • Payroll Tips (3)
  • Profitability Tips (5)
  • Tax (3)
  • Technology (1)
  • Time Management Tips (3)
  • Services
  • Products
  • Industries
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Tax, Accounting and Advisory services

Mustang Technologies LLC

763-463-9577
charles.kathrein@mustang-technologies.com

11670 Fountains Drive, Suite 200
Maple Grove, MN 55369


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
© 2021
Copyright Mustang Technologies LLC 2020. | Site Design by Accelerator Websites