AI, or artificial intelligence to give it its full title, is huge. It’s everywhere. No matter what sector you are in or what you do within your business, you’ll be more than aware that AI is the future. Or so we’ve been told. In fact, we’ve been told it so many times that it can be difficult to really determine whether using AI is going to be helpful or not – and if we do choose to use it, there is always a chance that we could be expecting a lot more than it can deliver.
With a financial management system like Microsoft Dynamics 365 Business Central, however, the claims are not hype. It really does do what it is meant to do, taking away from the workload that the accounts department would otherwise be bearing. As well as simplifying routine tasks including coding accounting entries, the fact that it is cloud based means that it is totally secure. But it is the AI that really counts here. This technology can replicate the human element by offering tax planning suggestions, client goals, and even operational reports.
AI and Machine Learning For Accounting: It’s Here
Our initial query was whether this kind of AI and machine learning for accounting was the future. The answer is that it’s not, but only because it’s actually already here. Although most experts within the accountancy sector have stayed away from suggesting that AI capabilities are exactly what it needs, it is slowly coming round to the fact that it really can make things easier, quicker, and much more efficient.
An essential requirement for a modern system should incorporate built-in intelligence in the form of AI. This design will save the user time and energy by providing insights, for example cash flow forecasts and automating data entry. A modern system should also notify you about tasks, you might be interested in connecting to other tasks you are about to complete. If you create a purchase order to reorder a product from a supplier, a modern system should notify you of other items from the same supplier that are about to be sold out, so you can add them to the purchase order to ensure stock never falls below your designated thresholds.
AI also allows you to streamline your business processes and reduce time consuming manual data entry tasks. For example, when uploading a product image during product setup, a modern system will read the image and recognise the associated product and automate parts of the setup, complete fields and offers suggestions for improvements. Additionally, when receiving an order from a customer, your system should read the order details and autofill these into the system on your behalf.
Functionality
One of the major benefits of a modern system is its adaptability: it should be easily moulded to a company’s requirements and capable of being amended at any given point to meet the needs of the business. Your organisation will change as it grows, and having this adaptable software at a business owner’s fingertips is a huge bonus.
A modern system should also work directly with Outlook straight out of the box, with no integration required. Users should be able to access system data from within Office, Power BI and Outlook. From within your Outlook inbox, imagine being able to perform tasks such as raise and email invoices and quotes, view customer balances and send statements. The ability to create workflows to ensure you comply with necessary controls and business processes are a must and, as part of a modern package, audit trails are there as standard too.
AI and Machine Learning for Accounting Is Good For You
AI and machine learning for accounting won’t mean that you don’t have a job to do anymore. However, what it will do is to make you better at the job you are doing now – you will be more efficient, more engaged, and much more able to get the answers that you need and other people want. Using technology in the right way will increase and strengthen your role. And by embracing machine learning in your processes, predictive insights will deliver more value to your role too.
Times They Are A-Changing
Disruption seems to be everywhere at the moment, in both the good and the bad sense. When it comes to AI and machine learning for accounting, that disruption is definitely good. Nothing like this sort of all-round change has been seen for decades, and what Business central is able to do – and allow those working in the sector to do – is to become much more aware and powerful when it comes to real time accounting.
Automation is not something to be afraid of; it is something that needs to be embraced if you are going to succeed and rise to the top of your field either individually, or within your company in general.
For more information on how Business Central can help you achieve your goals, and how AI and machine learning for accounting can make all the difference, speak to one of our specialists.
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