Kency Duarte - The Journal Record
Jul 3, 2023
In today’s fast-paced business world, keeping up with technology has become a must for accountants and business owners. With the rise of artificial intelligence, data analytics, automation, and robotics process automation, or RPA, exciting opportunities have emerged to enhance efficiency, make informed decisions, and unlock growth potential.
In today’s fast-paced business world, keeping up with technology has become a must for accountants and business owners. With the rise of artificial intelligence, data analytics, automation, and robotics process automation, or RPA, exciting opportunities have emerged to enhance efficiency, make informed decisions, and unlock growth potential.
According to IBM, generative AI refers to deep-learning models that can generate high-quality text, images, and other content. It is probably one of the biggest themes right now for CFOs and finance. For many, this is a moment that is as compelling as it is alarming.
However, we should start seeing right away where artificial intelligence becomes an assistant for us. Understand that AI won’t replace us but help us focus our time on other challenges. We need to start developing the skills and knowledge to make it part of our daily tasks rather than waiting for competitors to run away with the advantages of doing so.
For accountants, AI and data analytics are revolutionizing traditional practices. Imagine software that can handle repetitive tasks like data entry and expense categorization. By freeing up time from cyclical tasks, accountants can focus on more valuable activities like financial analysis and providing insightful advice to clients. AI-powered irregularity detection helps identify potential fraud or errors in financial transactions, while data analytics tools utilize past financial data to forecast future trends accurately. For example, an organization that implements AI-driven software to automate invoice processing, email replies, and receipts classifications. This can save its accountants significant hours per week, giving them more time to analyze financial data instead. Moreover, compliance and audit processes are made more efficient with the assistance of AI.
In the business world, technology empowers owners to gain a competitive edge. Data analytics plays a key role in understanding customer behavior, preferences, and purchasing patterns, enabling personalized marketing strategies and optimized pricing. By analyzing market trends and competitor strategies, businesses can make informed decisions and adapt to ever-changing market dynamics. It allows businesses to assess and manage risks effectively. By identifying patterns and trends, a retail business could easily tailor its marketing campaigns and product offerings, resulting in increased customer engagement and higher sales.
In today’s dynamic business environment, accountants and business owners must embrace the power of technology to thrive. AI, data analytics, automation, and RPA offer incredible opportunities for streamlining processes, making informed decisions, and achieving growth. By integrating these technological tools, accountants can focus on providing valuable insights instead of being stuck with repetitive tasks. Business owners gain actionable insights into customer behavior and market trends.
Embracing technology is no longer a choice but a necessity to stay competitive and succeed in the digital era. Leveraging technology and getting comfortable and confident with how we can leverage the use cases of generative AI will upskill us and provide better value to our businesses. We must be agile and adaptable in the face of rapid change.
Kency Duarte, CPA, is a partner at Arledge, the largest locally owned accounting firm in the Oklahoma City metropolitan area. Arledge is a recognized leader in the accounting industry offering practical solutions in the areas of tax planning, auditing, consulting, accounting advisory services and client accounting.