Izdanje Srbija
Serbische Ausgabe
Izdanje BiH
Izdanje Crna Gora
News
Automation, artificial intelligence and the future of accounting
Source: eKapija
Wednesday, 29.11.2023.
23:13
Wednesday, 29.11.2023.
23:13
Comments
In today`s fast-changing business environment, digitization has become a key success factor for companies in all industries. This trend applies to accounting as well. Digitization of accounting processes brings many advantages and improvements that can significantly affect the efficiency, credibility and performance of the company. Let`s imagine the future workday of an accountant.
Let`s imagine the future...
In the light of the glowing screen, the accountant, in front of the crystal clear glass surface of his holographic monitor, begins his daily mission in the digital environment. Its journey begins with the push of virtual keys, triggering a series of algorithmic routines that permeate the entire system.
In that world of artificial intelligence, software algorithms arrange data into useful information like the most beautiful symphony. An accountant doesn`t just start with routine bookkeeping, but dives into an ocean of information, shaping data flows with the help of machine-learned artificial intelligence. He manipulates limitless digital records, turning the pages of virtual financial statements like the manuscripts of an ancient library.
Hands fly across the virtual keyboard and grab the digital financial indicators that wash over the holographic screen like an analytical maelstrom of numbers. With the help of artificial intelligence, he looks at the images of the balance sheet and the income statement, immersing himself in the world of mathematical models with sophisticated algorithms that reveal hidden trends and potential risks.
With the ability to interact with digital entities and software agents, the accountant becomes the mediator between the human world and the domain of artificial intelligence. Through this digital symphony, he finds harmony between complex algorithms and essential business needs, transforming numerical data into visions of future business strategies.
At the end of the workday, as the virtual reality lights slowly dim, the accountant returns to the real world, leaving behind the digital matrix he has shaped during the day. He completes his mission by closing the virtual books, preparing for a new day of adventures in this elusive world of accounting in the era of artificial intelligence.
The domain of reality
How do we get to the above picture? How to avoid data entry errors, typos, potential (unintentional!) errors caused by the human factor? How to increase the efficiency and productivity of individual bookkeepers, accountants and entire accounting agencies? How much human labor can be saved and freed up to analyze and identify business trends and risks? These are the questions we think about when we think about the development of Pantheon for accountants and about our future together.
The future of accounting is bringing a revolution that will be reflected in comprehensive automation, progressive e-business and the ubiquitous integration of artificial intelligence (AI). This amalgam of technologies will not only change the way accounting functions are performed, but will also significantly improve the capacities and analytical abilities of accountants.
________________________________________________________________________________________________________________
The goal of accounting from the future is to drastically reduce the percentage of errors in data entry, to eliminate overwriting, that is, to minimize all errors caused by the human factor.
________________________________________________________________________________________________________________
Automation
To begin with, all data should be in one place. The data should be digital (eInvoices) or digitized (DMS). All data and documents should be managed electronically through simple, defined and manageable business processes (eProces). Only in that order can we move to automation.
Automation will take over monotonous and routine tasks such as posting transactions, uploading documents electronically (electronic invoices, etc.), reducing the risk of human error and freeing up resources for analysis, identification and prediction of business trends. Electronic business will enable not only faster, but also more transparent exchange of data between business entities. The transition to electronic business will provide better mechanisms for monitoring and recording financial transactions, which will improve the efficiency and accuracy of the entire accounting process. Predefined, repetitive electronic processes that can be easily controlled through Pantheon allow users to leave all their monotonous and routine operations to computers.
Through comprehensive electronic documentation linked to the information system, relevant information in its original form could be available to all. This form can be a digital document or a true image, ie. scanned document of the original document.
Process automation in accounting represents a key evolution that is transforming the way business is done in this area. In accordance with the increasing technological progress, accounting functions are becoming more and more oriented towards automation in order to increase efficiency, accuracy and optimization of resources.
One of the key aspects of automation in accounting is the implementation of software tools to automate processes. These tools enable the automation of routine tasks such as posting transactions, processing invoices, generating reports and monitoring financial flows. Through the use of software solutions based on artificial intelligence and machine learning, accounting processes will be faster, more accurate and less prone to human error.
One of the key benefits of automating accounting processes is freeing up employees` time from routine tasks. This allows accountants to focus on analyzing data, making strategic decisions, and providing value through a deeper understanding of financial information. Instead of spending time on manual tasks, employees can use their skills and expertise to provide added value to the business.
Also, the automation of accounting processes leads to an increase in accuracy and a reduction in the risk of errors. Business programs that use technologies such as optical character recognition (OCR) enable rapid analysis and recognition of information from documents, reducing the possibility of human error during data entry.
However, it is important to point out that process automation requires careful planning and implementation. Businesses should be careful when selecting software solutions, customizing systems, and training employees to ensure that the automation process is efficient and optimal.
All for one, one for all - Accounting Console
The advantages of the processes described above are obvious to every single company, but how can they be replicated to all other businesses? How to enable accountants to manage numerous databases of their clients from one place? The picture described in the introduction could be a reality in a few years with the Accounting Console, which is an integral part of Pantheon for accountants.
The accounting console allows for the automation of accounting procedures, checking for error alerts, and reviewing the work done. It is intended for more efficient work of accounting services. Some of the basic functions include: overview of work performed in multiple databases and transfer of this data for periodic invoicing. There is also access to control printouts of the general ledger for several company databases in one place, daily sending of control printouts to an e-mail address, opening of documents and printouts in other databases via shortcuts, automatic posting of issued, received or sent invoices, setting of own shortcuts for functionalities in the program, restricting access or insight into certain parts of the program based on given authorizations, exporting data, code books and reports to pdf or excel for further processing, creating customized reports and analysis in addition to many ready-made standard reports.
For more information visit www.datalab.rs
Author: Miodrag Ranisavljevic
Click here to see the entire Special Edition Newsletter
"DIGITAL TRANSFORMATION - Smart, game-changing solutions"
read more
Companies:
Datalab SR d.o.o. Beograd
Tags:
Datalab
Pantheon
digitization in accounting
digitization of accounting processes
artificial intelligence
eInvoices
electronic invoices
DMS
eProcess
data automation
electronic business
electronic documentation
digital documents
bird character recognition
OCR
accounting console
special edition newsletter
digital transformation
smart game-changing solutions
Comments
Your comment
Naš izbor
Most Important News
Full information is available only to commercial users-subscribers and it is necessary to log in.
Follow the news, tenders, grants, legal regulations and reports on our portal.
Registracija na eKapiji vam omogućava pristup potpunim informacijama i dnevnom biltenu
Naš dnevni ekonomski bilten će stizati na vašu mejl adresu krajem svakog radnog dana. Bilteni su personalizovani prema interesovanjima svakog korisnika zasebno,
uz konsultacije sa našim ekspertima.