TALKING business
‘‘ manages the process of gathering , sorting and visualising pertinent data in a way that helps the business run more efficiently .
Continuous auditing
Nearly all South African accountants ( 90 %) say that the on-going effects of technology advancement and digitisation are forcing them to move faster and invest more to keep pace with the market .
Artificial Intelligence can help accounting firms to build trust through better financial protection and controls .
As the volume of online transactional data increases , so does the potential for financial fraud , manual accounting errors and dishonest payments . This has made compliance a lot more complex . But AI can review the data at speed .
It can detect anomalies like duplicate invoices , determine links between seemingly normal ( but not ) payments and assign expenses to the correct categories , so the business doesn ’ t pay out for items it shouldn ’ t .
Automated anti-fraud and finance management systems help practices to significantly improve compliance procedures . In implementing predictive , strategic services to protect their own and their clients ’ finances , they ’ ll also be able to pick up on potential issues before they arise .
What ’ s more , AI lets accountants capture business activity in real-time , perform continuous reconciliation and make adjustments such as accruals throughout the month , which reduces the reporting burden at the end of the financial period .
Active insights
Two-thirds ( 65 %) of South African accountants said that investing in technology had enabled them to provide a faster service , which positively impacts customer relationships and nearly a third ( 29 %) have invested in emerging technology in varying degrees . AI ’ s ability to analyse large quantities of data at speed and scale allows it to deliver actionable
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AS AI EVOLVES , ACCOUNTANTS WILL SOON BE ABLE TO PROVIDE PREDICTIVE CONSULTANCY BEYOND PURE FINANCIAL PLANNING TO INCORPORATE OTHER AREAS OF THE BUSINESS . insights in real-time . In pulling data from customer demographics , past transactional data and external sources , AI helps accountants to optimise their workflows , make better business decisions and puts them in a position where they ’ re looking forwards with clarity , rather than backwards with obscurity .
For example , by using data to perform cashflow forecasting , the business can predict when it will run out of money and act before that happens . And , by uncovering patterns in customer behaviour before they churned , AI can help businesses to understand why customers leave and how they can improve their retention strategies .
This means that accountants can help clients to respond to financial challenges before they become acute , by adjusting spending or processes as required .
As AI evolves , accountants will soon be able to provide predictive consultancy beyond pure financial planning to incorporate other areas of the business .
Same , but different
The accounting profession is modernising and becoming more sophisticated . While the rules of finance remain the same , the rules of how the work is done are shifting .
AI can turbocharge the profession from a backward-looking ‘ bookkeeping ’ function to delivering forward-looking insights that can drive strategic decisions and transform accountants from number-crunchers into true changemakers . •
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