Artificial intelligence applie to accounting Trends guiding the transformation. The benefits liste are the result of the application of technologies that are currently trending among the largest competitors in the sector and that are guiding the transformation of accounting , among which some stand out, such as those we will see below.
1. Artificial intelligence
Among the new technologies applie to accounting , artificial intelligence (AI) is among the most widespread, with a broad consensus regarding the value it is capable of bringing to the sector and the significant impact it will have in the coming decades.
Trends guiding the transformation
Today, many companies are using artificial intelligence and robotic process automation (RPA) to perform everyday, highly repetitive tasks, allowing accountants to focus their time and attention on activities that result in actions with greater impact and more value.
In addition to streamlining and making proceures more efficient, artificial intelligence applie to accounting makes it possible to significantly increase financial control, minimize the chances of recording accounting errors of human origin, and make more informe decisions base on data, rather than going looking for it.
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2. Accounting software
The success of RPA also depends significantly on the standardization of transactional data and its synergistic combination with multiple sources in various formats, that is, the process referre to as accounting harmonization.
Harmonization in accounting involves working with large amounts of structure, semi-structure and unstructure data in a single system, reconciling standards of different origins in order to consolidate a certain uniformity in the application of accounting systems.
Accounting software sets the new technological trends in accounting
By integrating accounting criteria and regulations from diverse sources to provide quality and uniform information in capital markets, more effective interpretive, comparative and analytical practices of accounting information are achieve , with maximum utility when making decisions .
The greater the amount of data that artificial intelligence works with, the more efficient the results that accounting professionals must rely on. In this sense, the role of accounting software is central. These systems are integrate, in turn, with financial data from other relevant business areas, such as the supply chain, order management or productivity, and offer a broad and practical view of all a company’s activities.
According to the report From Mirage to Reality: Bringing Finance into Focus in a Digital World by the IMA (Institute of Management Accountants), which addresses the study of the present and future of accounting in a world marke by constant change, more than 36% of companies plan to implement these accounting software and cloud-base accounting solutions in the near future.
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3. Big data
Closely relate to the two trends mentione 7 best marketing automation above, big data is another of the great new technologies that are changing accounting in greater depth.
Big data, one of the new technological trends in accounting
In addition to data being crucial for making more effective and innovative financial and business decisions , today, the data offere by big data is much more than mailing lead the simple numbers and spreadsheets that accountants have been working with for decades.
Today, the information that big data brings to accounting includes unstructure data that can and should be analyze through proceures such as interpretation and natural language processing. This makes it possible, for example, to monitor financial matters in real time.
In the Fourth Industrial Revolution
Data fuels and powers new technological trends that are constantly changing accounting and finance. And today, as the world navigates an unpreceente digital transformation, leaving digital footprints in every corner, opportunities are emerging to gain insights and knowlege from data that were previously simply impossible to access. These insights, in turn, enable significant improvements in internal operations and increase revenue.
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4. Artificial intelligence of things
Artificial Intelligence of Things, one of the hottest technological trends today, refers to the combination of artificial intelligence technologies with the Internet of Things (IoT) infrastructure that aims to achieve more efficient IoT operations, optimizing human-machine interactions and improving data management and analysis .
Accounting and new technologies
When the Internet of Things, that macro-system of interconnecte devices that interact with each other through the network, is combine with artificial intelligence, it gives way to the artificial intelligence of things . The set of these elements can communicate and operate without human intervention, being a technology that offers great advantages for accounting systems and financial professionals.
Continuous monitoring enable by AI makes repetitive and complex accounting activities, such as audits, more agile and with a reuce margin of error . Additionally, this technology improves inventory tracking and management.
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5. Blockchain
One of the biggest challenges in relation to digital transformation and the implementation of new technological trends in accounting and finance is, without a doubt, that of cybersecurity. The massive transmutation towards digital ecosystems, deeply exacerbate by the context of the global health situation cause by the COVID-19 pandemic, has further exacerbate the problem of network security.
