Business Owners and Executives: AI may be the new frontier of accounting and bookkeeping for your business, but we must take a look at the implications Artificial Intelligence has on society, your business, and your books.
Globally, AI was valued at more than $62 billion in 2020; this includes the accounting and bookkeeping industries.
While this is exciting, this amount of investing and development does not come without risk. As your outsourced accounting department, I’m all for AI integration into accounting and bookkeeping. It will help take mundane, repetitive tasks off your plate, but it won’t replace critical thinking, divergent thinking, or plain old gut instinct.
Accounting and bookkeeping is a “number’s game,” but it’s also tied to how you work on your business (and how you want to grow it).
This is why it’s imperative you know how AI will impact you, your business, your industry, and the market as a whole before diving headfirst into this great technology.
How AI Helps You Analyze Your Data
One of the exciting parts about AI is the sheer volume of data it may be able to help you analyze. Instead of working on projections, forecasting, and educated guesses on where to go next with your business with limited data, AI is shown to pull in all your business data so you have an even clearer picture of exactly where your business stands.
Here’s the caveat to this data analysis, though. The data entered about your business must be accurate and complete. Without “clean data,” you’ll make projections or forecasts based on biased data, which could sink your business or company quicker than if you did nothing with AI at all.
This is why it’s imperative you bring on accounting help to sift through your data and make sure any kind of AI assistance has what it needs to give you the best possible suggestions and projections as possible.
But What Suffers? Customer Service!
I hear it all of the time. Big Tech employees AI with human oversight, but old-fashioned customer service goes right out the window. Well, even though I have the latest AI plug-ins that work directly within your accounting software, I still have to manage, decipher, analyze and categorize the numbers! And this is where you and your Business and Accounting Department need that Expert touch.
Let me be your outsourced accounting department for a third of the cost!
Identify and Combat Errors in Business Financial Data
A single error can wreak havoc on your business financials. This is why accurate, spot-on financials are imperative to the success of your business or company.
AI is on its way to helping you identify abnormal data patterns, which reduces the impact on your ability to successfully grow your company. What’s more, AI error assistance also helps double- or triple-check your accountant’s work. While most accountants ought to deliver spot-on, accurate reports, AI can be an extra layer of accuracy to keep your business or company on the path to financial success.
AI for accounting will be a revolutionary feature for owners and executives alike, but AI will rely on the data entered to actually help you, your financials, and your success.
This is why an outsourced accounting department for a third of the cost is best.
Let me bring your back financials current – the very first time.
Let me deliver spot-on, accurate reports weekly, monthly, quarterly – whenever you like.
Let me project and forecast your financial future.
AI Potential for Company Executives and Business Owners
While AI is quickly developing into a powerhouse for accounting purposes (among many other uses), it’s important you work with a professional accountant to manage your AI systems.
Your accounting department can already leverage low-level AI assistance in existing accounting software, but it’s dependent on the data entered, the person managing the software, and the AI code (what it’s programmed to do).
Will AI accounting become ubiquitous?
I do not believe so. While AI will carry a lot of the processing weight across many industries, it will never replace critical thinking, creative thinking, or gut instinct many great owners and executives exercise on a daily basis. AI will simply become another tool I can use to help you know, even more accurately, where your business stands at any given moment.
How to Outsource Your Accounting & Bookkeeping Department
If you want to outsource your accounting and bookkeeping departments to a local expert, then let me get you caught up, manage your financial standing, reports, and forecast for a third of the cost!
I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you like.
I reconcile and bring books current – the very first time, so you can work on growing your company instead of struggling inside of it!
I forecast your financial future so you can grow your company toward financial success.
