{"id":166862,"date":"2024-02-11T17:32:53","date_gmt":"2024-02-11T17:32:53","guid":{"rendered":"https:\/\/www.techopedia.com\/?page_id=166862"},"modified":"2024-09-11T15:48:43","modified_gmt":"2024-09-11T15:48:43","slug":"ai-in-accounting-6-big-trends-and-how-to-make-the-most-of-them","status":"publish","type":"page","link":"https:\/\/www.techopedia.com\/accounting\/ai-in-accounting-6-big-trends","title":{"rendered":"AI in Accounting: 6 Big Trends and How To Make the Most of Them"},"content":{"rendered":"<p>Artificial Intelligence (AI) has disrupted many industries, and accounting is no exception. The technology has transformed how businesses handle bookkeeping, compliance, and financial strategy. While AI has opened up some exciting opportunities, there are concerns about its use in accounting. Many question the long-term implications when it comes to data security, accuracy, and loss of human expertise.<\/p>\n<p>Understanding how AI fits into accounting can help companies reap the benefits while mitigating the risks. To help you stay ahead, our experts at Techopedia have collated <strong>the 6 biggest AI accounting trends of 2024 and how to make the most of them<\/strong>. We also share our AI accounting best practices, top tips for staying relevant, and what the future holds for accounting with AI.<\/p>\n<div class=\"su-note\" style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li><strong>AI accounting has transformed<\/strong> the way companies handle routine tasks like bookkeeping, invoicing, and tax returns.<\/li>\n<li><strong>While we can use AI to automate many tasks<\/strong>, they still require a degree of oversight from a professional accountant.<\/li>\n<li><strong>The most significant advances<\/strong> are smart data management and predictive analytics, which allow businesses to make more informed decisions.<\/li>\n<li><strong>AI can help organizations mitigate risks<\/strong> like tax compliance issues, mismanagement, and financial fraud, protecting them from costly fees and penalties.<\/li>\n<li><strong>As AI technology advances<\/strong>, governments are likely to introduce more regulations that affect how companies can use it.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse1\" data-bs-target=\"#multiCollapse1\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\" type=\"button\">\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div class=\"collapse my-3\" id=\"multiCollapse1\">\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\" onclick='handleScrollToTitle(\"key_takeaways\")' class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_is_ai_used_in_accounting\" onclick='handleScrollToTitle(\"how_is_ai_used_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How is AI Used in Accounting?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"ai_in_accounting_the_6_biggest_ai_trends_for_accounting\" onclick='handleScrollToTitle(\"ai_in_accounting_the_6_biggest_ai_trends_for_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">AI in Accounting: The 6 Biggest AI Trends for Accounting<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_do_businesses_use_ai_in_accounting\" onclick='handleScrollToTitle(\"how_do_businesses_use_ai_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How Do Businesses Use AI in Accounting?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_small_businesses_can_leverage_ai_in_accounting\" onclick='handleScrollToTitle(\"how_small_businesses_can_leverage_ai_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How Small Businesses Can Leverage AI in Accounting<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"what_the_future_holds_for_accounting_with_ai\" onclick='handleScrollToTitle(\"what_the_future_holds_for_accounting_with_ai\")' class=\"StepProgress-item__link\" data-level=\"2\">What the Future Holds for Accounting with AI<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"top_3_accounting_software_with_ai\" onclick='handleScrollToTitle(\"top_3_accounting_software_with_ai\")' class=\"StepProgress-item__link\" data-level=\"2\">Top 3 Accounting Software with AI<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"conclusion\" onclick='handleScrollToTitle(\"conclusion\")' class=\"StepProgress-item__link\" data-level=\"2\">Conclusion<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\" onclick='handleScrollToTitle(\"references\")' class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick=\"{btnTop()}\"><p>Show Full Guide<\/p><img decoding=\"async\" src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\" alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\" type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\" onclick='handleScrollToTitle(\"key_takeaways\")' class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_is_ai_used_in_accounting\" onclick='handleScrollToTitle(\"how_is_ai_used_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How is AI Used in Accounting?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"ai_in_accounting_the_6_biggest_ai_trends_for_accounting\" onclick='handleScrollToTitle(\"ai_in_accounting_the_6_biggest_ai_trends_for_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">AI in Accounting: The 6 Biggest AI Trends for Accounting<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_do_businesses_use_ai_in_accounting\" onclick='handleScrollToTitle(\"how_do_businesses_use_ai_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How Do Businesses Use AI in Accounting?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_small_businesses_can_leverage_ai_in_accounting\" onclick='handleScrollToTitle(\"how_small_businesses_can_leverage_ai_in_accounting\")' class=\"StepProgress-item__link\" data-level=\"2\">How Small Businesses Can Leverage AI in Accounting<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"what_the_future_holds_for_accounting_with_ai\" onclick='handleScrollToTitle(\"what_the_future_holds_for_accounting_with_ai\")' class=\"StepProgress-item__link\" data-level=\"2\">What the Future Holds for Accounting with AI<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"top_3_accounting_software_with_ai\" onclick='handleScrollToTitle(\"top_3_accounting_software_with_ai\")' class=\"StepProgress-item__link\" data-level=\"2\">Top 3 Accounting Software with AI<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"conclusion\" onclick='handleScrollToTitle(\"conclusion\")' class=\"StepProgress-item__link\" data-level=\"2\">Conclusion<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\" onclick='handleScrollToTitle(\"references\")' 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       const targetHeight = targetListStatic.getBoundingClientRect().height;\n\n            \/\/ -headerHeight so it won't be jumpy\n            const stop = targetListStatic.offsetTop + headerHeight + targetHeight;\n            const docBody =\n                document.documentElement || document.body.parentNode || document.body;\n            const hasOffset = window.pageYOffset !== undefined;\n\n            const applySticky = function () {\n                \/\/ cross-browser compatible scrollTop.\n                const scrollTop = hasOffset ? window.pageYOffset : docBody.scrollTop;\n\n                \/\/ if user scrolls to headerHeight from the top of the target div\n                if (scrollTop >= stop) {\n                    pageLegendCollapse.hide();\n                    \/\/ stick the div\n                    target.classList.add(\"sticky\");\n                    \/\/target.style.marginTop = `${headerHeight}px`;\n                } else {\n                    pageLegendCollapse.show();\n                    \/\/ release the div\n                    target.classList.remove(\"sticky\");\n                    target.style.marginTop = \"\";\n                }\n            }\n\n            applySticky();\n\n            window.addEventListener('scroll', applySticky);\n        })(header, pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"how_is_ai_used_in_accounting\">How is AI Used in Accounting?<\/span><\/h2>\n<p>AI has taken over a range of accounting tasks since its latest iteration in 2022. Businesses use the technology to automate:<\/p>\n<ul>\n<li>Data entry in spreadsheets<\/li>\n<li>Bank reconciliation<\/li>\n<li>Document management<\/li>\n<li>Invoice processing<\/li>\n<li>Expense management<\/li>\n<li>Tax calculations and filings<\/li>\n<li>Financial reporting<\/li>\n<li>Client communication<\/li>\n<\/ul>\n<p>General-purpose tools like <a href=\"https:\/\/www.techopedia.com\/definition\/34933\/chatgpt\">ChatGPT<\/a> can handle some basic accounting tasks. Firms might use them to automate client responses or summarize lengthy, convoluted documents. However, it&rsquo;s best not to depend on these platforms. They aren&rsquo;t built for accounting and lack the specialized features needed for effective financial management.<\/p>\n<p>Many accounting firms use the AI tools included in their <a href=\"https:\/\/www.techopedia.com\/accounting\/best-accounting-software\">accounting software<\/a>. Leading platforms like QuickBooks and Xero have already released a range of features and added them to their existing plans. They also integrate with AI apps that financial teams are likely to need like payroll, inventory management, and cyber security.<\/p>\n<p>These specialist AI tools are experiencing astronomic growth. The global market is currently valued at <a href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/artificial-intelligence-in-accounting-market\" target=\"_blank\" rel=\"noopener\">$4.7 billion<\/a>, and that&rsquo;s set to more than triple by 2029.<\/p>\n<h3>Will Accountants Be Replaced by AI?<\/h3>\n<p>While AI can handle many accounting tasks, <a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\">most experts agree<\/a> it&rsquo;s unlikely to replace humans anytime soon. The technology is ideal for processing large amounts of information. However, companies still need an accountant to interpret the results and offer personalized advice.<\/p>\n<p>In fact,<strong> AI is more likely to help accountants than replace them<\/strong>. By automating mundane tasks, the technology can free them up to focus on more high-value strategic initiatives. Firms can let AI handle all their data entry, for example, while they manage financial planning and risk assessments.<\/p>\n<p>Another consideration is reliability. Research shows that popular AI models are only accurate up to <a href=\"https:\/\/originality.ai\/blog\/ai-fact-checking-accuracy\" target=\"_blank\" rel=\"noopener\">two-thirds of the time<\/a>. Businesses can&rsquo;t fully trust them with high-stakes tasks like audits, budgeting, and tax compliance. AI&rsquo;s accuracy may improve in the future, but currently, we still depend on accountants for their critical thinking skills and nuanced judgment.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1-300x204.jpg\" alt=\"AI in Accounting Trends\" width=\"574\" height=\"391\" class=\"wp-image-313687 aligncenter\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1-300x204.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1-1024x695.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1-768x522.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1-1200x815.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1.jpg 1390w\" sizes=\"(max-width: 574px) 100vw, 574px\"><\/p>\n<h2><span id=\"ai_in_accounting_the_6_biggest_ai_trends_for_accounting\">AI in Accounting: The 6 Biggest AI Trends for Accounting<\/span><\/h2>\n<p>As <a href=\"https:\/\/www.techopedia.com\/definition\/190\/artificial-intelligence-ai\">AI technology<\/a> continues to evolve, several key trends are shaping the accounting industry. Staying ahead of these trends allows businesses to differentiate themselves. You can provide more services than competitors, respond to challenges faster, and position yourself as an industry leader.<\/p>\n<p>Here are the top AI accounting trends to be aware of in 2024 and beyond:<\/p>\n<h3>1. Smart Data Management<\/h3>\n<p>AI can process vast quantities of information to find patterns and generate insights. This makes it a natural fit for the finance sector, which regularly deals with data analysis, organization, and summation.<\/p>\n<p>Most businesses generate a high volume of financial data. Even small shops are likely to have hundreds of transactions with sales tax and detailed payroll records for all their staff. Advanced <a href=\"https:\/\/www.techopedia.com\/definition\/3739\/algorithm\">algorithms<\/a> can instantly categorize all of this data. The built-in AI recognizes key characteristics such as products or vendors and automatically classifies entries.<\/p>\n<p><strong>Once the AI has processed all the information, it can generate summaries or detailed breakdowns.<\/strong> <strong>You can use these insights to create reports or inform business decisions.<\/strong><\/p>\n<p>Here are some examples of AI data management in action:<strong><\/strong><\/p>\n<ul>\n<li><strong>Receipts and Invoicing &ndash; <\/strong>Al can extract the vendor names, dates, and amounts from papers, even if they&rsquo;re crumpled or illegible. All you have to do is scan them and the information is in your system.<\/li>\n<li><strong>Expense Tracking &ndash; <\/strong>As payments leave your account, AI can register them and automatically categorize them. It can even handle ambiguous payments like personal versus business expenses.<\/li>\n<li><strong>Virtual Assistants &ndash; <\/strong>You can get a summary of your financial data via the dashboard. You can then ask the AI virtual assistant for specific details, comparisons, and trends.<\/li>\n<\/ul>\n<ul><\/ul>\n<p>What&rsquo;s more, natural machine learning means AI has the ability to continuously adapt to a company&rsquo;s accounting processes. It can identify discrepancies and either try to resolve them or notify the administrator. If the AI spots a pattern emerging, it can create new rules for itself to follow.<\/p>\n<p><a href=\"https:\/\/www.mckinsey.com\/capabilities\/strategy-and-corporate-finance\/our-insights\/toward-the-long-term-cfo-perspectives-on-the-future-of-finance\" target=\"_blank\" rel=\"noopener\">83% of companies<\/a> believe AI could significantly improve the productivity of their finance teams. Before these advances, they had to manually enter all the rules and triggers for the processes they wanted the software to handle. Some more advanced models let the user set scheduled or recurring tasks. Now finance teams can trust AI to do most of the heavy lifting without constant oversight.<\/p>\n<h3>2. End-to-End AI Practice Management<\/h3>\n<p>AI enables you to manage all of your tasks as one seamless workflow. Instead of using various tools and resources, you can handle entire processes in one place. This simplifies accounting and saves businesses time and money.<\/p>\n<p>For example, <strong>AI has significantly reduced the need for outsourced bookkeeping services by automating tasks <\/strong>such as categorizing transactions, reconciling accounts, and updating ledgers. Tools like <a href=\"https:\/\/www.techopedia.com\/visit\/quickbooksonline\" rel=\"nofollow\" target=\"_blank\">QuickBooks<\/a> or <a href=\"https:\/\/www.techopedia.com\/visit\/xero\" rel=\"nofollow\" target=\"_blank\">Xero<\/a> now integrate AI to handle these tasks. <strong>That means you no longer have to pause processes while you coordinate with external parties and wait for them to send over reports.<\/strong><\/p>\n<p>Consolidating data also means accounting firms can provide a more cohesive and consistent service to businesses. In the past, they had to save details across the different platforms they used. They might have all of a client&rsquo;s financial reports but lack their history and personal preferences. End-to-end solutions store more data, including personal information, service history, and communication logs, in one place. AI can fetch any of these details on command, so firms always have the most up-to-date and relevant information about their clients.<\/p>\n<p>This AI trend comes as part of a larger push towards consolidated accounting solutions. Over a <a href=\"https:\/\/barc.com\/news\/survey-financial-consolidation-software\/\" target=\"_blank\" rel=\"noopener\">third of finance teams<\/a> are looking for platforms with more extensive features.<\/p>\n<h3>3. Automated Tax Compliance<\/h3>\n<p>Tax compliance is among the most research-intensive accountancy tasks. You have to understand complex laws and stay updated with ever-changing regulations. If you operate across borders, you have to repeat this process for every state and country. <a href=\"https:\/\/www.thomsonreuters.com\/content\/dam\/ewp-m\/documents\/thomsonreuters\/en\/pdf\/reports\/future-of-professionals-report-2024.pdf\" target=\"_blank\" rel=\"noopener\">43% of companies<\/a> say keeping themselves updated in this increasingly regulated world has a high impact on their operations.<\/p>\n<p>Maintaining compliance is also one of the most pressure-filled tasks. Accountants have to file all the forms accurately and promptly several times a year. Mistakes with payments can lead to significant penalties &mdash; the Internal Revenue Service (IRS) charges companies between <a href=\"https:\/\/www.irs.gov\/payments\/failure-to-pay-penalty\" target=\"_blank\" rel=\"noopener\">0.5% and 25%<\/a> of their unpaid taxes per month.<\/p>\n<p><strong>AI can substantially reduce the workload by handling most of the research, administration, and calculations. This reduces the risk of tax penalties, which is no doubt why <a href=\"https:\/\/www.thomsonreuters.com\/content\/dam\/ewp-m\/documents\/thomsonreuters\/en\/pdf\/reports\/future-of-professionals-report-2024.pdf\" target=\"_blank\" rel=\"noopener\">40% of organizations<\/a> are looking to increase their investment in AI compliance, reporting, and disclosure technology.<\/strong><\/p>\n<p>Let&rsquo;s take a closer look at how AI assists with certain tasks:<strong><\/strong><\/p>\n<ul>\n<li><strong>Research &ndash; <\/strong>AI can scour databases to find answers to specific questions. For example, you could ask whether a deduction applies to a certain business expense. Platforms like <a href=\"https:\/\/www.taxgpt.com\/\" target=\"_blank\" rel=\"noopener\">TaxGPT<\/a> are trained on international databases so they can provide insights into a wide range of scenarios.<\/li>\n<li><strong>Document Compilation &ndash; <\/strong>Platforms like <a href=\"https:\/\/cloud.google.com\/blog\/topics\/developers-practitioners\/automating-income-taxes-document-ai\" target=\"_blank\" rel=\"noopener\">Document AI<\/a> can extract information from PDFs and use them to generate forms. All you have to do is upload the paperwork. The only drawback is that most models are only compatible with select forms.<\/li>\n<li><strong>Tax Calculations &ndash; <\/strong>AI can analyze your files to look for potential deductions. You can then review these suggestions and either accept or reject them.<\/li>\n<\/ul>\n<ul><\/ul>\n<blockquote><p><strong>Note: <\/strong>While AI can make tax compliance more efficient, it&rsquo;s best used as a starting point. You should always double-check any information, forms, or statements.<\/p><\/blockquote>\n<h3>4. Intelligent Auditing and Fraud Detection<\/h3>\n<p>The <a href=\"https:\/\/www.biocatch.com\/ai-fraud-financial-crime-survey\" target=\"_blank\" rel=\"noopener\">majority of organizations<\/a> are already using AI for financial crime and fraud detection. They say the technology has made them more effective at responding to threats.<\/p>\n<p><strong>AI is more efficient than human auditors because it can analyze the data faster and more accurately.<\/strong> It can instantly detect irregular patterns and anomalies and then flag them to administrators. Machine learning is particularly effective at comparing transactions and identifying unusual ones. <strong>Advanced versions of the technology can also predict the likelihood of fraud so you can be more vigilant about fraud and take preventative measures.<\/strong><\/p>\n<p>One challenge is that criminals are also leveraging this technology. For example, many financial institutions are rethinking audio verification as AI makes it possible to clone voices. It&rsquo;s essential to stay updated with the latest trends in financial crimes and fraud to see what methods the perpetrators are using.<\/p>\n<p>You can use AI in a similar way to fraud detection to audit your financial records. <a href=\"https:\/\/kpmg.com\/ch\/en\/insights\/reporting\/artificial-intelligence-financial-reporting-audit.html\" target=\"_blank\" rel=\"noopener\">72% of companies<\/a> are already piloting the technology and experts predict it&rsquo;ll become standard practice within the next three years. AI audits your system by looking for discrepancies and notifying the administrator. Then accountants have the chance to resolve issues before they become a compliance risk.<\/p>\n<p>Previously, companies relied on automation for both fraud detection and auditing. As these tools use rules and triggers, they can&rsquo;t register subtle nuances. They often give finance teams a lot of false positives to work through, giving them another task to manage. AI is more precise, so it decreases your workload while getting more accurate results.<\/p>\n<h3>5. Predictive Analytics<\/h3>\n<p>Advances in <a href=\"https:\/\/www.techopedia.com\/definition\/30296\/analytics\">data analytics<\/a> mean that accountants can make more certain predictions and estimates. AI can forecast events based on an unlimited number of variables, including mathematical probability, historical patterns, and emerging trends. Some models have access to data in real-time, meaning they can adjust the likely outcomes as new information becomes available.<\/p>\n<p>Traditional accounting methods are more limited. Analytics tools can only interpret past and present data to give general estimates. Accountants can use this knowledge and their expertise to make deductions, but they can&rsquo;t predict complex outcomes.<\/p>\n<p>One of the best examples of AI&rsquo;s advantage over traditional methods is with cash flow forecasting. Previously, finance teams could only predict general trends. <strong>Today&rsquo;s AI analytics can accurately estimate an organization&rsquo;s revenue and expenses at a given point in the near future. You can use these estimates to plan your budget or launch cost-cutting initiatives effectively.<\/strong><\/p>\n<p><a href=\"https:\/\/www.gartner.com\/en\/articles\/3-bold-and-actionable-predictions-for-the-future-of-genai\" target=\"_blank\" rel=\"noopener\">75% of businesses<\/a> will be using synthetic data by 2026. That&rsquo;s when AI simulates information based on real-world practices and logic. You might think of it as a fake digital environment. Companies can use synthetic data as an alternative to models trained on actual information, as these can be unreliable or incomplete. These systems have wide applications for accounting. Financial teams can test a wide variety of scenarios before applying what they&rsquo;ve learned to their business or clients. For example, they could:<\/p>\n<ul>\n<li>Test new tax strategies<\/li>\n<li>Analyze the impact of regulatory changes<\/li>\n<li>Model cash flow under different economic conditions<\/li>\n<li>Forecast revenue based on hypothetical market trends<\/li>\n<\/ul>\n<h3>6. Personalized Interactions<\/h3>\n<p>A significant portion of accounting is relationship management. Firms must deliver a high level of customer service to retain clients, and finance departments at businesses must carefully consider how they interact with employees, clients, and shareholders.<\/p>\n<p><strong>AI allows financial teams to offer a more personalized experience. Tools can analyze financial data and interactions to get more detailed insights about individuals.<\/strong> Once they&rsquo;ve identified their unique needs and preferences, the tool can tailor certain features accordingly. This personalized service not only improves overall satisfaction but also helps accountants stand out among their peers.<\/p>\n<p>Many accounting tools are already adding personalization features to their tools. For example, QuickBooks lets you instantly generate and customize invoices for different vendors. You can use a formal tone for new partners and a more casual one for long-time, loyal ones. Meanwhile, Sage&rsquo;s AI gives employees advice on how to record their hours so they receive the correct pay. If they forget to complete timesheets, it sends them reminders for up to a week.<\/p>\n<p><strong>Accountants can also benefit directly from the personalization.<\/strong> Some platforms give them targeted advice based on the goals they need to achieve. For example, the software might suggest a shortcut to complete a task more quickly or offer to automate a recurring bill. Gartner says that <a href=\"https:\/\/www.gartner.com\/en\/articles\/demand-grows-for-intelligent-applications-powered-by-ai\" target=\"_blank\" rel=\"noopener\">30% of new apps<\/a> should have adaptive user interfaces like this by 2026.<\/p>\n<h2><span id=\"how_do_businesses_use_ai_in_accounting\">How Do Businesses Use AI in Accounting?<\/span><\/h2>\n<p>So far, we&rsquo;ve explored all the potential uses of AI in accounting. But how are businesses actually leveraging the technology?<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-300x188.jpg\" alt=\"How Businesses Use AI in Accounting\" width=\"484\" height=\"303\" class=\"wp-image-313688 aligncenter\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-300x188.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1024x642.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-768x481.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting-1200x752.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/How-Businesses-Use-AI-in-Accounting.jpg 1390w\" sizes=\"(max-width: 484px) 100vw, 484px\"><\/p>\n<p><a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\">Recent research<\/a> shows that specialists are using it in three main areas:<\/p>\n<ul>\n<li><strong>Communication &ndash; <\/strong>59% of survey respondents say they use AI to draft messages to clients. Tools like ChatGPT and Claude are ideal for generating text and editing them to suit a professional context.<\/li>\n<li><strong>Task Automation &ndash; <\/strong>36% say AI allows them to automate manual tasks like data entry, invoicing, and reporting. They can speed up most of these processes without compromising their quality and accuracy.<\/li>\n<li><strong>Research &ndash; <\/strong>31% say AI helps them conduct research. The software can help them analyze large quantities of data to generate insights and learn about the latest financial trends.<\/li>\n<\/ul>\n<ul><\/ul>\n<p>Despite the many uses of AI, accounting firms are slow to adopt the technology. Only <a href=\"https:\/\/p1.aprimocdn.net\/rightworks\/74e26e34-e4ba-4b89-be2b-b1470111b898\/Rightworks_2024_Accounting-Firm-Technology-Survey_Original%20file.pdf\" target=\"_blank\" rel=\"noopener\">27% of them<\/a> say they&rsquo;ve implemented the tools. Some common barriers include a lack of expertise, budget limitations, and internal resistance to the changes.<\/p>\n<p>When accounting firms adopt AI, they&rsquo;re optimistic about the results. The <a href=\"https:\/\/p1.aprimocdn.net\/rightworks\/74e26e34-e4ba-4b89-be2b-b1470111b898\/Rightworks_2024_Accounting-Firm-Technology-Survey_Original%20file.pdf\" target=\"_blank\" rel=\"noopener\">majority of early adopters<\/a> say they expect to spend less on staffing while providing a higher standard of service.<\/p>\n<div class=\"su-note\" style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><strong>Did You Know?<\/strong> In a recent <a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\">study by Karbon<\/a>, 49% of business owners, leaders and partners stated that they are intrigued by AI&rsquo;s possibilities for accounting.<\/div><\/div>\n<h2><span id=\"how_small_businesses_can_leverage_ai_in_accounting\">How Small Businesses Can Leverage AI in Accounting<\/span><\/h2>\n<p>Small businesses are <a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\">least likely<\/a> to use AI accounting tools. They often have tight profit margins and limited resources, which makes adoption more challenging.<\/p>\n<p>However, <strong>small businesses also have the most to gain from AI in accounting<\/strong>. They can use the technology to scale and grow their businesses and level the playing field with larger competitors. As there are many solutions out there for small businesses, companies don&rsquo;t need to make a large, up-front investment.<\/p>\n<p>Let&rsquo;s look at how small businesses can make the most of AI accounting tools:<strong><\/strong><\/p>\n<ul>\n<li><strong>Look for Affordable Options &ndash; <\/strong>Many AI tools are free or have low monthly subscription fees. Compare the market to see which solution offers you the best deal.<\/li>\n<li><strong>Prioritize Scalability &ndash; <\/strong>Choose tools that can scale with your company. As your operations become more complex, you can tweak your setup instead of undergoing a complete overhaul.<\/li>\n<li><strong>Focus on Efficiency &ndash; <\/strong>See where AI can save you the most time and effort. Then you can maximize your returns by using the extra capacity to generate more revenue.<\/li>\n<li><strong>Save on Labor &ndash; <\/strong>Use AI to handle tasks instead of hiring new staff or outsourcing jobs. You can save a significant amount on recruitment, payroll, and similar expenses.<\/li>\n<li><strong>Pay Attention to Compliance &ndash; <\/strong>Small businesses can&rsquo;t afford to take legal risks with AI tools as they can&rsquo;t absorb fines or legal fees. Make sure any platforms you use adhere to the highest legal standards when processing customer and employee data.<\/li>\n<\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<h3>AI Accounting &ndash; Best Practices and What to Watch Out For<\/h3>\n<p>AI accounting tools offer significant advantages to businesses of all sizes. However, they&rsquo;re most effective when you have a strategy for implementation.<\/p>\n<p>Here are some of the best practices that all companies can follow to make the most of their investment:<strong><\/strong><\/p>\n<ul>\n<li><strong>Choose the Right Tools &ndash; <\/strong><span style=\"margin: 0px; padding: 0px;\">Identify your business&rsquo;s biggest priorities, such as improving productivity or reducing fraud. Your choice will likely depend on your industry,<\/span>&nbsp;as different sectors face unique operational and regulatory challenges.<\/li>\n<li><strong>Implement Slowly &ndash; <\/strong>Introduce AI to one or two processes at a time so you don&rsquo;t risk overwhelming your team.<\/li>\n<li><strong>Prioritize Quality Data &ndash; <\/strong>Ensure the provider trains its AI on reliable, ethically sourced data and frequently updates it. That&rsquo;s the only way you can be confident it&rsquo;s giving you accurate insights.<\/li>\n<li><strong>Chat to Your Team &ndash; <\/strong>Only <a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\">12% of professionals<\/a> say they trust AI. Explain<em> why<\/em> you&rsquo;re making the changes and the results you expect to see. When employees understand your rationale, they&rsquo;ll be less hesitant about the technology.<\/li>\n<li><strong>Provide Training &ndash; <\/strong><a href=\"https:\/\/p1.aprimocdn.net\/rightworks\/74e26e34-e4ba-4b89-be2b-b1470111b898\/Rightworks_2024_Accounting-Firm-Technology-Survey_Original%20file.pdf\" target=\"_blank\" rel=\"noopener\">44% of companies<\/a> say a lack of expertise is the greatest barrier to implementation. Before you implement AI, show employees how to use the tools to their best effect.<\/li>\n<li><strong>Monitor and Adjust &ndash; <\/strong>AI technology is constantly evolving. Frequently review your setup and check where you can make improvements or automate more processes.<\/li>\n<\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<h2><span id=\"what_the_future_holds_for_accounting_with_ai\">What the Future Holds for Accounting with AI<\/span><\/h2>\n<p>Technology evolves at a rapid pace. While we can&rsquo;t be sure what the future holds, making predictions can help us prepare for the next wave of AI.<\/p>\n<p>As AI becomes standard, we&rsquo;re likely to see more and more accounting tools with these capabilities. The major players in the market will continue to add features to their existing plans. We may also see some new arrivals as <strong>businesses invest in AI accounting<\/strong>. For example, fintech startup Finally just announced they&rsquo;d secured <a href=\"https:\/\/techcrunch.com\/2024\/02\/06\/finally-10m-ai-small-business-accounting-fintech\/\" target=\"_blank\" rel=\"noopener\">$10 million in funding<\/a>, which they&rsquo;ll use to build out their data analytics among other features.<\/p>\n<p>We can also be relatively sure about the <strong>introduction of new legislation<\/strong>. The EU already passed the <a href=\"https:\/\/www.europarl.europa.eu\/topics\/en\/article\/20230601STO93804\/eu-ai-act-first-regulation-on-artificial-intelligence\" target=\"_blank\" rel=\"noopener\">AI Act<\/a> in 2024, a comprehensive set of regulations about the development and use of different models. Other countries are likely to follow. Accountants may find there are new rules to follow or that certain types of software get restricted as we learn more about the risks. The finance sector is likely to be subject to tight regulations &mdash; most practices are closely related to tax and employment laws.<\/p>\n<p>A little further into the future, <strong>experts predict AI will gain new capabilities<\/strong>. They say <a href=\"https:\/\/www.gartner.com\/en\/articles\/3-bold-and-actionable-predictions-for-the-future-of-genai\" target=\"_blank\" rel=\"noopener\">over half of industries<\/a> will have a dedicated GPT by 2027. While general-purpose models have wide applications, they struggle with niche requests. They tend to generate misleading or incorrect content in a phenomenon that&rsquo;s known as &ldquo;<a href=\"https:\/\/www.techopedia.com\/definition\/ai-hallucination\">hallucinating<\/a>&ldquo;. New specialist accounting GPTs will have a higher rate of accuracy as they&rsquo;ll be custom-built for purpose.<\/p>\n<p><strong>Will AI ever be able to manage the entire accounting process?<\/strong> Experts predict that the technology won&rsquo;t be capable of handling most human jobs until <a href=\"https:\/\/aiimpacts.org\/wp-content\/uploads\/2023\/04\/Thousands_of_AI_authors_on_the_future_of_AI.pdf\" target=\"_blank\" rel=\"noopener\">the next century<\/a>. However, professionals should focus on developing their AI skills to have the most success in their careers. <a href=\"https:\/\/assets.aboutamazon.com\/e1\/a0\/17842ee148e8af9d55d10d75a213\/aws-accelerating-ai-skills-us-en.pdf\" target=\"_blank\" rel=\"noopener\">42% of organizations<\/a> are actively looking for candidates with this expertise and this number is only expected to rise.<\/p>\n<h2><span id=\"top_3_accounting_software_with_ai\">Top 3 Accounting Software with AI<\/span><\/h2>\n<p>Three AI accounting solutions continue to stand out in the crowded tech marketplace. These solutions combine innovative features with user-friendly interfaces and affordable pricing, making them a great fit for most businesses. Here&rsquo;s a brief overview of each one:<\/p>\n<h3>Xero &ndash; Predictive analytics, cash flow forecasting, and data capture<\/h3>\n<p>Xero is <a href=\"https:\/\/www.techopedia.com\/accounting\/best-cloud-accounting-software\">cloud-based accounting software<\/a> known for its advanced data analytics tools. Its AI features focus on predictive analytics, providing insights into business performance and helping forecast outcomes, such as when to pay bills. The software also predicts short-term cash flow, aiding in budget planning.<\/p>\n<p>For an additional $4 per month, Xero offers an AI receipt capture tool, which extracts details from photos of paperwork and adds them to spreadsheets.<\/p>\n<p>A new AI assistant is in development, with early reports suggesting users will be able to ask finance-related questions and generate invoices, although specific features are yet to be confirmed.<\/p>\n<div class=\"new-brand-regulated-sec brand-regulated-single-sec\">\r\n\t\t   <div class=\"new-brand-regulated-top\">\r\n\t\t\t <div class=\"new-brand-regulated-logo\">\r\n\t\t\t  <img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/01\/xero.svg\" alt=\"\">\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"new-brand-regulated-right\">\r\n\t\t\t   <div class=\"brand-regulated-heading\"><span>Xero<\/span><\/div>\r\n\t\t\t\t<div class=\"brand-regulated-rating\"><span class=\"regulated-rating-count\">7.9<\/span><div class=\"regulated-ha-rating\">\r\n\t\t\t\t<span style=\"width: 79%;\" class=\"regulated-rating\"><\/span><\/div><a href=\"https:\/\/www.techopedia.com\/accounting\/xero-review\">Read Review<\/a><\/div>\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"regulated-visit-button\"><a href=\"https:\/\/www.techopedia.com\/visit\/xero\" rel=\"nofollow\" target=\"_blank\">Visit Xero<\/a><\/div>\r\n\t\t   <\/div>\r\n\t\t<\/div>\n<ul><\/ul>\n<ul><\/ul>\n<h3>Sage &ndash; Data entry, receipt capture, and auditing<\/h3>\n<p>Sage is an accounting system that offers HR, workforce planning, and customer relationship management tools. It primarily serves the UK and US markets.<\/p>\n<p>The platform recently introduced AI to its Sage Intacct plan, automating much of the bookkeeping process. The AI extracts data from receipts and bills, inputs it into the system, and matches it with existing accounts. It also adds journal entries to the ledger automatically.<\/p>\n<p>Sage AI detects duplicates, notifying users to prevent double entries or overpayments to vendors, streamlining accounting tasks efficiently.<\/p>\n<div class=\"new-brand-regulated-sec brand-regulated-single-sec\">\r\n\t\t   <div class=\"new-brand-regulated-top\">\r\n\t\t\t <div class=\"new-brand-regulated-logo\">\r\n\t\t\t  <img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/sage-1.svg\" alt=\"\">\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"new-brand-regulated-right\">\r\n\t\t\t   <div class=\"brand-regulated-heading\"><span>Sage<\/span><\/div>\r\n\t\t\t\t<div class=\"brand-regulated-rating\"><span class=\"regulated-rating-count\">8.1<\/span><div class=\"regulated-ha-rating\">\r\n\t\t\t\t<span style=\"width: 81%;\" class=\"regulated-rating\"><\/span><\/div><a href=\"https:\/\/www.techopedia.com\/accounting\/sage-accounting-review\">Read Review<\/a><\/div>\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"regulated-visit-button\"><a href=\"https:\/\/www.techopedia.com\/visit\/sage\" rel=\"nofollow\" target=\"_blank\">Visit Sage<\/a><\/div>\r\n\t\t   <\/div>\r\n\t\t<\/div>\n<ul><\/ul>\n<h3>QuickBooks &ndash; Invoicing, data analysis, and actionable insights<\/h3>\n<p>QuickBooks is designed for small to medium businesses in the US, offering tools and services based on federal and state tax requirements.<\/p>\n<p>Its AI assistant helps with financial analysis through a simple chat interface on the dashboard. Users can ask questions and follow up to explore their data further. The assistant also provides daily summaries, alerts to potential issues, and suggests improvements for accounting processes.<\/p>\n<p>Another AI feature is billing automation. QuickBooks scans for upcoming or overdue invoices, allowing you to send reminder messages to clients with options to adjust the tone.<\/p>\n<div class=\"new-brand-regulated-sec brand-regulated-single-sec\">\r\n\t\t   <div class=\"new-brand-regulated-top\">\r\n\t\t\t <div class=\"new-brand-regulated-logo\">\r\n\t\t\t  <img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/intuit-quickbooks-1.svg\" alt=\"\">\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"new-brand-regulated-right\">\r\n\t\t\t   <div class=\"brand-regulated-heading\"><span>QuickBooks<\/span><\/div>\r\n\t\t\t\t<div class=\"brand-regulated-rating\"><span class=\"regulated-rating-count\">9.7<\/span><div class=\"regulated-ha-rating\">\r\n\t\t\t\t<span style=\"width: 97%;\" class=\"regulated-rating\"><\/span><\/div><a href=\"https:\/\/www.techopedia.com\/accounting\/quickbooks-online-review\">Read Review<\/a><\/div>\r\n\t\t\t <\/div>\r\n\t\t\t <div class=\"regulated-visit-button\"><a href=\"https:\/\/www.techopedia.com\/visit\/quickbooksonline\" rel=\"nofollow\" target=\"_blank\">Visit QuickBooks<\/a><\/div>\r\n\t\t   <\/div>\r\n\t\t<\/div>\n<ul><\/ul>\n<ul><\/ul>\n<h2><span id=\"conclusion\">Conclusion<\/span><\/h2>\n<p>AI&rsquo;s role in accounting is only going to grow. <strong>Businesses must embrace the technology now to optimize their processes and remain competitive.<\/strong> As we keep making advances in the field, they must stay updated with the latest trends.<\/p>\n<p>The catch is that organizations must avoid becoming over-reliant on these tools. AI works best when combined with human expertise and strategic oversight. Leading companies will continue to leverage its capabilities while fostering continuous learning and adaptation.<\/p>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ul>\n<li><a href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/artificial-intelligence-in-accounting-market\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">AI In Accounting Market Size &amp; Share Analysis &ndash; Growth Trends &amp; Forecasts (2024 &ndash; 2029)<\/span><\/a><span style=\"font-weight: 400;\"> (Mordor Intelligence)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><\/span><a href=\"https:\/\/assets.ctfassets.net\/2wd1w7hp7waa\/7rR5wxh4O99Hx3UahfSVK8\/87e61e73661ea6b8bbe368246291c22c\/Karbon_The_State_of_AI_in_Accounting_Report_2024.pdf\" target=\"_blank\" rel=\"noopener\"><span>The State of AI in Accounting 2024<\/span><\/a><span> (Karbon)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/originality.ai\/blog\/ai-fact-checking-accuracy\" target=\"_blank\" rel=\"noopener\"><span>AI Fact Checking Accuracy Survey<\/span><\/a><span> (Originality.AI)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.mckinsey.com\/capabilities\/strategy-and-corporate-finance\/our-insights\/toward-the-long-term-cfo-perspectives-on-the-future-of-finance\" target=\"_blank\" rel=\"noopener\"><span>Toward the long term: CFO perspectives on the future of finance<\/span><\/a> (<span>McKinsey)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/barc.com\/news\/survey-financial-consolidation-software\/\" target=\"_blank\" rel=\"noopener\"><span>The Financial Consolidation Survey 24<\/span><\/a><span> (Barc)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.thomsonreuters.com\/en\/c\/future-of-professionals.html\" target=\"_blank\" rel=\"noopener\"><span>Impact of AI on the Future of Professionals<\/span><\/a><span> (Thomson Reuters)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.irs.gov\/payments\/failure-to-pay-penalty\" target=\"_blank\" rel=\"noopener\"><span>Failure to Pay Penalty<\/span><\/a><span> (IRS)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.biocatch.com\/ai-fraud-financial-crime-survey\" target=\"_blank\" rel=\"noopener\"><span>2024 AI, Fraud, and Financial Crime Survey<\/span><\/a><span> (BioCatch)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/kpmg.com\/ch\/en\/insights\/reporting\/artificial-intelligence-financial-reporting-audit.html\" target=\"_blank\" rel=\"noopener\"><span>AI in financial reporting and audit: navigating the new era<\/span><\/a><span> (KPMG)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.gartner.com\/en\/articles\/3-bold-and-actionable-predictions-for-the-future-of-genai\" target=\"_blank\" rel=\"noopener\"><span>3 Bold and Actionable Predictions for the Future of GenAI<\/span><\/a><span> (Gartner)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.gartner.com\/en\/articles\/demand-grows-for-intelligent-applications-powered-by-ai\" target=\"_blank\" rel=\"noopener\"><span>Demand Grows for Intelligent Applications Powered by AI<\/span><\/a><span> (Gartner)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/p1.aprimocdn.net\/rightworks\/74e26e34-e4ba-4b89-be2b-b1470111b898\/Rightworks_2024_Accounting-Firm-Technology-Survey_Original%20file.pdf\" target=\"_blank\" rel=\"noopener\"><span>2024 Accounting Firm Technology Survey<\/span><\/a><span> (Rightworks)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/techcrunch.com\/2024\/02\/06\/finally-10m-ai-small-business-accounting-fintech\/\" target=\"_blank\" rel=\"noopener\"><span>Finally, now with $10M, adds AI for better insight into small business accounting<\/span><\/a><span> (Tech Crunch)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/www.europarl.europa.eu\/topics\/en\/article\/20230601STO93804\/eu-ai-act-first-regulation-on-artificial-intelligence\" target=\"_blank\" rel=\"noopener\"><span>EU AI Act<\/span><\/a><span> (European Parliament)<\/span><\/li>\n<li><span><\/span><a href=\"https:\/\/aiimpacts.org\/wp-content\/uploads\/2023\/04\/Thousands_of_AI_authors_on_the_future_of_AI.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Thousands of AI Authors on the Future of AI<\/span><\/a><span style=\"font-weight: 400;\"> (AI Impacts)<\/span><span style=\"font-weight: 400;\"><\/span><\/li>\n<li><span style=\"font-weight: 400;\"><\/span><a href=\"https:\/\/assets.aboutamazon.com\/e1\/a0\/17842ee148e8af9d55d10d75a213\/aws-accelerating-ai-skills-us-en.pdf\" target=\"_blank\" rel=\"noopener\"><span>Accelerating AI Skills<\/span><\/a><span> (AWS)<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Artificial Intelligence (AI) has disrupted many industries, and accounting is no exception. The technology has transformed how businesses handle bookkeeping, compliance, and financial strategy. While AI has opened up some exciting opportunities, there are concerns about its use in accounting. Many question the long-term implications when it comes to data security, accuracy, and loss of [&hellip;]<\/p>\n","protected":false},"author":286648,"featured_media":166899,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[1521],"class_list":["post-166862","page","type-page","status-publish","has-post-thumbnail","hentry","category-accounting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AI in Accounting: 6 Key AI Accounting Trends 2024<\/title>\n<meta name=\"description\" content=\"AI accounting is quickly becoming the norm. Here are the six biggest trends in accounting and AI to keep an eye on.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techopedia.com\/accounting\/ai-in-accounting-6-big-trends\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI in Accounting: 6 Big Trends and How To Make the Most of Them\" \/>\n<meta property=\"og:description\" content=\"AI accounting is quickly becoming the norm. 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Before she began working with Techopedia, she traveled the world teaching Business English where her students worked in sectors such as banking, manufacturing, and telecommunications. After teaching Rhiannon joined a publishing house where she started her writing career. Now, Rhiannon is based in Greece and specializes in writing in-depth reviews and thought-out comparison content within SaaS, HR, and accounting to help Techopedia readers make fully-informed choices.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/rhiannon-s-b5271b21a\/\"],\"knowsAbout\":[\"Technology Writer\"],\"url\":\"https:\/\/www.techopedia.com\/contributors\/rhiannon\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"AI in Accounting: 6 Key AI Accounting Trends 2024","description":"AI accounting is quickly becoming the norm. 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