Unleash Your Accounting Heroes with the Power of AI

Blog post

The key value drivers for organizations to implement AI are myriad, including improved collaboration between teams and departments, productivity gains, deeper engagement, improved user proficiency, and less costly infrastructure. For accountants, time savings and reducing tedious work are the greatest benefits offered by AI. Today’s finance and accounting professionals want to make their time in the office counts, completing tasks quickly while minimizing rework and mistakes. This is especially difficult for accounting teams that are still bogged down by a financial close process dependent on spreadsheets or other outdated tools and manual methods.

Old Resources. Old Processes. Old News.

Historically, spreadsheets have been every accountant’s most common tool. However, if the only tool you have is a hammer, you tend to see every problem as a nail. Spreadsheets often come with a host of issues that can slow teams down and lead to incorrect data. Accountants can’t fix every problem with a spreadsheet, especially when those problems involve months or even years of historical financial data.

While tasks like account reconciliations and transaction matching are essential, completing them manually is not. Because they must adhere to strict codes of conduct and universal rules, these processes are prime candidates to be completed by automated intelligence. With AI completing the repetitive, rules-based functions of the financial close, finance and accounting teams are free to focus on value-adding tasks that make their profession’s purpose more fulfilling.

The Solution: A New Member of the Team

Instead of replacing human workers, AI has the ability to become a “coworker” that assists in getting the most manual jobs done in the most effective way possible. It completes the essential functions while providing accurate reporting, minimizing risk, and increasing efficiency and effectiveness. Alleviated of a manual and menial workload, accountants transform into strategic business partners rather than being perceived solely as a cost center. This shift empowers accountants to actively shape the organization’s overall strategy and direction.

Finance and accounting teams that effectively apply AI processes and digital transformation have the opportunity to bring uniquely increased and real value to the larger business, moving from a cost center to a profit generator. By eliminating repetitive, time-consuming, mundane tasks, accounting teams can better spend their time empowering their organization.

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