The New Role AI Can Play In Accounting

AI card artificial intelligence - blog.jpg

“But,” says AccountingToday, “AI is for more than just automating processes and creating efficiencies — now is the time for firms to be creative, thinking about new industry-specific applications and firm-specific pain points where AI can play a role.”

Driven by the COVID pandemic, there’s been a mass migration of businesses to cloud-based services. This includes accounting firms of all sizes, who now see the benefits of the cloud and especially the automation that artificial intelligence-powered services can bring to routine and time-consuming tasks.

Deloitte report found three-quarters of business executives believe AI will transform their organization in less than three years. To be competitive and remain relevant, says the AccountingToday article, “Firms working with enterprise clients must consider AI seriously.”

A second AccountingToday article notes, “Today, artificial intelligence is transforming processes across the accounting profession, for those who are ready to invest in and adopt it.”

However, the benefits won’t be realized immediately. “It takes [time] to adopt the software and to validate it, to train it enough for a firm to realize its benefits. The machine has to learn.”

The article – “AI, applied: Opening the black box” – goes into detail about a few new AI applications for audit, tax, accounts payable and receivable.

AI transform -blog.jpg

Discussing a new AI accounts receivable program, the article explains, “The platform automates the invoicing process so bills are sent in a timely manner, but it also learns a client’s payment habits over time. How many emails or messages does it take before an invoice is opened and viewed? How many contacts does it take before a client pays the bill? Each client is different, and therein lies the art.”

To learn that takes time. In discussing an AI accounts payable process at Armanino, a top 100 firm, Youngseung Kuk estimated it will take the program three years to predict client behavior and needs at a close-to-perfect rate.

“The time spent validating is worth it, because by the end, as a firm, we’re going to be so much more scalable,” said Kuk, who manages business outsourcing services for the firm.

At Garbelman Winslow CPAs, partner Samantha Bowling said an AI program she brought in three years ago is still in the adoption phase, though it is already being used for many audits. “There is no substitute for time to allow an artificial intelligence platform to live up to its true potential,” the AccountingToday article says.

“This takes an investment both of money and patience, but for the willing, it’s worth it.”

Photo by Scott Graham

How to Address Resume Gaps
General Interest Green Key News Worklife

How to Address Resume Gaps

#WeAreGreenKey: Spotlight on Emily Gelman
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Emily Gelman

Green Key Unlocked: Why It Pays to be a Paralegal
Accounting + Finance Financial Services General Interest Green Key News Legal Support Worklife

Green Key Unlocked: Why It Pays to be a Paralegal

Perks of a Hybrid Work Schedule
General Interest Green Key News Worklife

Perks of a Hybrid Work Schedule

Green Key Announces New Partners and Principals
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Pharma Professional Support Worklife

Green Key Announces New Partners and Principals

#WeAreGreenKey: Spotlight on Todd Bernard
Accounting + Finance General Interest Green Key News Human Resources Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Todd Bernard

Employee Benefits for a Supportive Workplace
General Interest Green Key News Worklife

Employee Benefits for a Supportive Workplace

Forbes Names Green Key on America’s Best Temp Staffing Firms 2021
Green Key News

Forbes Names Green Key on America’s Best Temp Staffing Firms 2021

SIA Names Green Key Resources among Largest Staffing Firms in the US
Green Key News

SIA Names Green Key Resources among Largest Staffing Firms in the US

Wrapped Up: 2021 Corporate Trends
General Interest Green Key News Worklife

Wrapped Up: 2021 Corporate Trends

#WeAreGreenKey: Spotlight on Kelsey Kirk
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Kelsey Kirk

Advantages of the “Stay Interview”
General Interest Green Key News Worklife

Advantages of the “Stay Interview”

Green Key Unlocked: What’s New in Architecture, Engineering, & Construction
Architecture + Engineering General Interest Green Key News Worklife

Green Key Unlocked: What’s New in Architecture, Engineering, & Construction

#WeAreGreenKey: Spotlight on Lisa Figuccio
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Lisa Figuccio

Tips for Writing Job Descriptions
General Interest Green Key News Worklife

Tips for Writing Job Descriptions

#WeAreGreenKey: Spotlight on Alexa Perrone
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Alexa Perrone

Tips for Employee Retention
General Interest

Tips for Employee Retention

#WeAreGreenKey: Spotlight on Brooke Stemen
General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Brooke Stemen

Green Key Unlocked: The Value of the MBA
Accounting + Finance Financial Services General Interest Green Key News Marketing Technology Worklife

Green Key Unlocked: The Value of the MBA

#WeAreGreenKey: Spotlight on Amy Raymond
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Amy Raymond

Latest Blog Posts
View All Posts
How to Address Resume Gaps

How to Address Resume Gaps

Knowing how to address resume gaps, both from a candidate and client perspective, can help move the hiring process along...
Read More
#WeAreGreenKey: Spotlight on Emily Gelman

#WeAreGreenKey: Spotlight on Emily Gelman

Today we catch up with Emily Gelman, Senior Recruiter on the Professional Support team at Green Key. Gelman joined the...
Read More
Green Key Unlocked: Why It Pays to be a Paralegal

Green Key Unlocked: Why It Pays to be a Paralegal

Paralegals are not only imperative to the industry, but recently in high demand. Due to law firms encouraging their entry...
Read More