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Artificial Intelligence in Finance


Artificial intelligence!! This one word is basically roaming around the world due to its importance in each profession as this makes so many things easier from the corporate sector to the sole proprietorship. So what is the role of artificial intelligence in the field of accounting and finance and why this is important in accounting and profession and why organizations are trying to implement artificial intelligence for accounts and finance departments? There is a number of organizations that are helping freelancers and small enterprises to implement artificial intelligence so that they can automate all of the financial reporting system and accounting systems too. Artificial intelligence is making an important variation in terms of changing technological development in the accounting and finance sector. The artificial intelligence-enabled system is less costly for the organization and minimizes the time for the long procedure to post entries. This artificial intelligence-enabled system is attracting more of their customer and providing ease to financial and accounting professionals. As there is an increasing demand for artificial intelligence to other sectors accounting and finance professionals are trying to implement this system to stay competitive and provide better results to their clients as most of the organizations are outsourcing their accounting and finance departments. As per different researches, artificial intelligence in the sector of accounting and finance can reduce the cost up to 80 percent and beside this, it can also reduce workload for the organization too. so after that, all the organization want to implement this as cost reduction is a more important task for all of the organization as the reduction in cost mean increasing profitability to some extent, and also organization needs to save their time to as “time is money”. Another important aspect of artificial intelligence is that is changing the procedure for doing the same task in less time and also make good impression for the clients as organization is doing the same task in less time with less human errors as all of the procedures are automated so less human interaction mean less human error with accurate and better results for the organizations. So, in the end, artificial intelligence improves the quality of work and makes much difference to do that particular task multiple times to get accurate results and have good quality at the same time. Artificial intelligence also presents the real picture regarding the financial status of the organizations. As automated reports generated by computer versions are much faster to present the quick review so that making financial reporting easier and inexpensive too for the organizations. From this automated financial reporting through artificial intelligence organizations can make quick decisions and also make a better plan of action to get better results or to improve profitability for the organizations. Financial reports presented by the automated system can reflect the previous and current trends so that finance professional knows what could be there next step to get desired results. Another important aspect of accounting is documentation and internal control of the organization and on these two process organizations have to spend a lot of money so that they can ensure that their documents are saved and their internal controls are strong enough to detect fraud and errors. So here artificial intelligence comes up with the solution to ensure that the documentation process is smooth and internal controls as handled side by side. So here artificial intelligence present automated reports for the procedure that are much sensitive for the organizations to control upon like purchases and reporting of purchasing, invoicing of sale, reporting of the day to day expenses, credit sales and respective accounts receivables all of these reports when done through artificial intelligence is more likely to accurate and free from errors and mistakes and also all the document are saved automatically to maintain internally control of the organizations. So the accounting system when merging with artificial intelligence will save time, cost and improve quality and help finance and accounts professional to get better and quick results.

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