Preparing for artificial intelligence in accounting

Artificial Intelligence (AI) is being developed in every aspect of our lives. Here’s a great overview by Sarah Ovaska-Few from the Journal of Accountancy on how AI will impact the accounting and bookkeeping world.

Artificial intelligence isn’t coming. It’s already here.

Early investments by large firms, including several of the Big Four, have paid off with advanced technology that can, among other things, slash the amount of time accountants spend on complex audits and asset estimates.

Now all firms, even small ones, should be thinking about how to adopt advanced technology like artificial intelligence (AI), whether it will be by contracting with specialized technology companies or building their own departments, said Derek Bang, CPA, CGMA, the chief strategy and innovation officer at Chicago-based Crowe Horwath, one of the largest accounting firms in the United States.

“They’re going to have to have a strategy,” Bang said. “You need to start putting some money aside into innovation.” 

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You do not have to be a large firm to reap the benefits of artificial intelligence as it effects and increases your productivity.  Reach out to us at Expex and let us show you how we see artificial intelligence impacting your processes.

Special Thanks to Sarah Ovaska-Few who is a freelance writer based in North Carolina. To comment on this story, contact Chris Baysden, senior manager of newsletters at the AICPA.