Can AI Slash the Costs of Accounting Errors in 2020?

machine learning in accounting
Shutterstock Licensed Photo - By Elnur

Machine learning is helping companies in every sector optimize their business models. Machine learning advances are helping companies solve some of their most obvious problems. However, they are also helping businesses deal with more mundane issues, such as accounting problems. While these problems seem less important at first glance, they are actually very important to address. Companies need to take appropriate steps to address them.

Every business has a number of challenges that it needs to overcome. Business owners often focus on some of the more pressing concerns, such as identifying their target market and refining the designs of the product. Unfortunately, some often overlooked problems can become very expensive if they are not addressed.

Accounting errors are a prime example of a problem that may not seem like a big deal initially. However, they can cause tremendous problems for your brand down the road. We want to cover the costs of both job scheduling and appointment scheduling issues in this post. Machine learning can help with both.

The IRS imposed $29.3 billion in civil penalties in the last reporting year. Of course, there are a lot of other ways accounting mistakes can be costly for SMEs.

Obviously, there are a number of causes of accounting mistakes. Fortunately, new big data technology can address all of them. Companies that use machine learning tools can solve many accounting problems. The same logistical principles apply for all of these issues. Big data has made creating custom accounting software easier than ever.

Fortunately, new advances in machine learning are helping address these problems. Companies that use machine learning can significantly reduce the costs of major accounting errors.

Machine learning offers promising solutions for accounting challenges

The term “machine learning” only became a household word over the past few years. However, it has been used in accounting systems for nearly three decades. Back in 1994, the International Electrical and Electronics Engineering organization published a whitepaper on the benefits of machine learning to address accounting issues. The technology has obviously become far more sophisticated in recent years, which is driving more and more companies to rely on it.

Accounting Today has provided a list of ways that machine learning is changing the accounting industry. They argue that machine learning is going to solve countless accounting problems in the years to come.

Towards Data Science published a blog post discussing similar research on the topic. The authors are confident that the new technology is going to resolve many of the accounting problems companies of all sizes are facing.

What are the benefits of using machine learning to improve scheduling? A few of them are listed below:

  • Machine learning technology can help forecast demand for your products or services. This makes it easier to ensure you budget for necessary capital to deliver on customer expectations.
  • You can identify the strengths and weaknesses of your accounting strategy. Machine learning technology can identify accounting needs for different departments based on new trends. You can account for this by integrating these trends into your accounting system.
  • Most accounting systems track risk assessments. This is important as companies head into unchartered territories.
  • Automating approval workflows is easier with machine learning. Contemporary workflows are two-dimensional. Machine learning has streamlined the process.
  • Most accounting systems provide very detailed analytics. This is increasingly important as more companies begin to understand the importance of shifting from subjective decision-making approaches to data-driven decisions.

The benefits of machine learning for accounting solutions are massive.

Machine Learning Can Address Accounting Concerns

Every business needs to handle its accounting as seamlessly as possible. The good news is that a growing body of research is highlighting the benefits of machine learning for accounting strategies. This can help reduce the costs businesses have to face.

Ryan Kh
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com