Artificial Intelligence (AI) has been living among us for decades, maybe longer. When first introduced, people were afraid, on many levels. Could machines be taught to do what humans do? Perhaps, or maybe, they can compliment and support the functions that humans do. The accounting world seems to have gotten on the AI train.
In a recent article, How Artificial Intelligence is Impacting the Accounting Industry and its Future by Ritesh Mehta, posted on February 22, 2018 on consumerthink.com, the author speaks to the impact that artificial intelligence will have on the accounting profession.
By the year 2020, artificial intelligence would be able to completely automate accounting tasks, and other financial tasks as well, including payroll, tax, audits and banking.
After decades of being stuck in research laboratories, AI or artificial intelligence is set for prime-time, which transforms if not disrupts all sectors of the economy the generate plenty of data, from technology to finance, energy, communications, mobility, healthcare or manufacturing. More than a lot of other industries, accounting has not witnessed much innovation since the creation of double-entry bookkeeping, which is a process of recording profits and losses and is conserved as one of the greatest advanced in the business and commerce history. But, this was more than 500 years ago!
Expex subscribes to the theory that AI can impact performance and productivity in the workplace, more specifically, in accounting and bookkeeping tasks. Expex is in the development stages of using AI to streamline the daily tasks that burden the average business owner.
Stick with us. Lose that fear of artificial intelligence and see how you can do more, better and faster so your life isn’t all about work. It’s about having the time to do more!