Not every industry is dreading the presence of artificial intelligence.
With the annual tax season in full swing, accountants couldn’t be happier with the thought of automation. Accounting and tax preparation is by its very nature, repetitive work. Once the differing figures are taken into account, the procedures are pretty much standard.
A global independent survey of 700 accountants by Sage revealed that systems automation is welcomed and considered a strategic asset to their business.
According to the report, 96% of those surveyed are positive about the role that automation will play in their day-to-day process.
The ability to get rid of the number-crunching aspect of their jobs and freeing up time to focus on client acquisition is seen as a great thing. Automated accounting systems allow firms to increase their scope of services, providing their clients with a broader range of financial services.
The combination of a highly accurate automated system and a human-driven service is something every accounting office is eager to implement. Ultimately this type of hybrid system means growth and more meaningful client relationships.
Automated document processing and especially document transfer may carry an inherent risk although this practice is already in place. The automation and digitization of documents is by far more secure than their manual counterparts.
AI driven automation eliminates human error while increasing speed beyond the capabilities of a human accountant. It’s safe to say that automation provides a measurable increase in security and efficiency for accountants: factors that will increase the bottom line during tax seasons. By freeing up an accountants workload, artificial intelligence has the potential to take the pain out of tax season.
The unbillable hours of shuffling papers and manual work increases during tax season and detracts from the bottom line of the accounting business. By drastically cutting the amount of time required to process returns, accountants are able to take on more clients and in turn, increase their profitability.
What automation promises is less time calculating figures and filling in spreadsheets and more time providing insight and consultancy based services.
Intelligent automated accounting systems provide firms with a technology-driven component that allows them to keep pace with the market and stay relevant. It’s for these very reasons that accountants say they welcome AI with open arms.