It has the ability to upload, read, and categorize files using the appropriate accounting codes. AI is error-free and never sleeps or gets tired. It therefore comes as no surprise that AI is advancing in this challenging field.
The following are a few recent applications of AI in accounting:
Performing repetitive tasks –It takes a lot of an accountant's time to perform repetitive tasks. Just a few examples include recording data, categorizing transactions, reconciling accounts, entering and connecting data from scanned receipts and invoices to transactions, analyzing employee expense reports, and tracking pricing changes. AI is much more accurate than a human at performing all of these tasks.Employees can then concentrate on other ongoing tasks without suffering from mental overload.
Semi-automating complex processes like payroll –Payroll's future is likely to be affected by AI's ability to semi-automate complex processes like payroll. True AI systems can analyze data, learn from mistakes, and find strategic solutions to problems, in contrast to automation, which is based on cause-and-effect. In 2018, the market for cloud-based payroll software was estimated to be worth $7.88 billion, and by 2026, it is expected to grow to $13.37 billion. Executives at companies are becoming more eager to make investments in cutting-edge payroll systems supported by AI.