How Accounting Firms Are Using AI

May 7, 2024, 9:12 AM

(from Accounting Today) Whether they're fully embracing AI or still keeping it at arm's length, accounting leaders are already using AI tools to address the pipeline crisis, surface insights and enable new efficiencies. Examples include: 

  • Data preparation and converting PDF data into spreadsheet data
  • Cashflow analysis and predictive analytics
  • Financial statement analysis
  • Bots that do consolidation and reconciliation and provide a full audit trail
  • Answering staff queries about policies and procedures
  • Considering what may be missing in an analysis
  • Using a consistent tone in communications
  • Extracting information from reports
  • Writing tax memos
  • Automating mapping of  tax compliance

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