Automation, Machine Learning and AI, Oh My!

Automation, Machine Learning and AI, Oh My!

March 15, 2018 | Scott Soucy

New technologies are changing business and accounting

Every day, we’re discovering more uses for artificial intelligence (AI). It has already brought us image recognition on Google and Facebook, more accurate ride times on Uber, and a few new friends, including Siri, Alexa and Watson. It’s also bringing about a revolution in accounting.

While traditional computer programs generally collect and sort information and output responses based on a pre-determined list of possibilities, AI programs have the ability to make informed judgements and decisions by recognizing patterns in data. Machine learning is a branch of artificial intelligence that focuses on how computers can identify patterns, learn from data and improve their learning over time, gaining the ability to make decisions autonomously. The applications of AI and machine learning are endless, ranging from healthcare to self-driving cars.

In particular, AI advances in the area of automation, data analysis and security are expected to change the way accounting is done in the near future. Business owners can expect to see increased speed, greater accuracy, streamlined communication and better fraud prevention and IT security capabilities thanks to AI.

QuickBooks Assistant

Intuit recently introduced its own AI called QuickBooks Assistant, which could be a valuable resource for entrepreneurs and accountants alike. Like most digital assistants, it incorporates machine learning, a powerful capability that can assist business owners in making smarter and better-informed business decisions. QuickBooks Assistant can answer questions, help new users learn about QuickBooks features and access and review relevant financial data to provide instant feedback on financial information.

Expense reporting

Employee expense management and reporting is another area where AI can assist small businesses. Market-leading apps like Tallie, which powers expense reports in the Kaufman Rossin Connect platform, are integrating machine learning to help business owners and their employees record expenses on the go and automate expense reports, while saving time, preventing duplicate data entry, and adhering to company policies.

Contact me or another member of the Kaufman Rossin Connect team to learn more about how AI, machine learning and automation can help your business today and in the future.

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Scott Soucy, CPA, CGMA, is an outsourced services principal in the Naples office of Kaufman Rossin, one of the top 100 CPA and advisory firms in the U.S. Scott leads the firm’s real-time accounting practice, which is powered by Kaufman Rossin Connect. You can reach Scott at ssoucy@kaufmanrossin.com.