Artificial Intelligence (AI) quickly makes its way into almost every field and industry. At its core, AI refers to machine processes that simulate the way humans think. Companies that are implementing the use of AI to analyze data and make decisions are able to process vast amounts of data extremely quickly and at a much faster rate than the human brain. Through technology customization and proper implementation, AI helps organizations detect patterns that give businesses greater insight into meaningful data analysis. Industry experts like Odeta Pine, CEO of G7 Tech Services, have witnessed the quality-of-life improvements brought on by AI and automation, namely in the accounting department within mid-level businesses.
It’s not only their ability to analyze enormous quantities of data that makes AI systems valuable to accountants. They are far more consistent decision-makers than people and can crunch numbers at an excelled rate compared to humans. Technology systems that are custom-tailored never get tired or bored and don’t exhibit human biases. Using artificial intelligence to complete tasks reduces the danger of human error or prejudices and not to mention, frees up employees’ time to meet other time-consuming tasks.
How is Artificial Intelligence Affecting Accounting Departments?
Rather than making accounting jobs redundant, AI simply takes over monotonous, time-consuming tasks and frees up human finance professionals to complete more lucrative, higher-value functions of their jobs (think: advertising and business planning). Large companies, like KPMG, have been using AI in their auditing processes since 2015. More specifically, the adoption of custom technology in accounting has enabled companies to gather evidence and produce data reports and use AI to automate accounting systems and financial reporting.
Automated Financial Reporting
At G7 Tech Services, Odeta and her team assist companies in gaining the most valuable insights from data gathered across organizations. The knowledge needed to make sound business decisions comes from analyzing current information systems. Additionally, automated financial reporting assists with creating tools that take companies into the future. This is a daunting task for many organizations, so working with an expert can act as the catalyst for understanding and translating data into meaningful, actionized steps. Pine remembers when her team was called in to help a large organization with its finance team. “I clearly remember the look on everyone’s faces when I walked in. And all I could see was frustration, negativity, and lack of sleep,” she shared.
Many small and individual businesses use automated financial reporting to create machine learning-based predictive models to forecast revenue and cash flow. Believe it or not, even Excel is beginning to be a thing of the past! Technology customization through Artificial Intelligence can detect very complex subtle patterns that may not be easily visible to the human employee. Automated technology in accounting and finance departments means more accurate predictions and financial forecasting.
Get the Most from Data with G7 Tech Services
G7 Tech Services knows how much company efficiency matters. Sure, combined employee skills and intelligent leadership add to the overarching company’s success, but are they enough to improve the quality of life in the workplace? The short answer is no, at least not in a sustainable way. When you work with G7 Tech Services, we are experts at arming your team leaders, decision-makers, and financial departments with unified, organized data. When companies’ business requirements are set up and custom-tailored to be implemented incorrectly, they can quite literally blow up. The good news is that you no longer have to face the weight of financial reporting alone!
Don’t wait any longer to free yourself from the bog of technology. Contact G7 Tech Services today!