Many accounting companies have started introducing Artificial Intelligence to their business consecutively to shrink the number of time accountants are spending on different tasks, eventually removing tiresome and recurring tasks within the business. In order to understand how AI will positively change accounting without machines taking jobs away from humans, understanding how it works is key – Let’s take a deep look into how machine learning will change the accounting industry. 1. Automated Reporting The AI-powered software system has automated the process of report preparation and translating information into an actionable language which will be simply understood by the end user. It will cut back up to 90% of processing time and price of financial report generation. There are some other AI-based startups that facilitate companies extract meaning parameters from the bills and invoices and further, help them within the categorization of monetary documents. 2. Audit ...
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