AI technology is most often integrated into Banks and CPG companies accounting software to eliminate repetitive, labour-intensive and tedious tasks.
The integration of chatbots into accounting software is more common than not. Tasks such bank reconciliation are automated and the Chatbots do not only collect data but learn from what they store. AI has benefited the industry in many ways with the increase of accurate data entry, the cutback of payroll costs, and the less time spent logging in calculations manually.
According to the TCS Global Trend Study, 40% of banking and financial services, and 38% of CPG companies have integrated AI into their accounting software systems.
However, there is always the question of how will this affect the profession of an accountant? The advances in machine learning technologies are remarkable, and solve the labor-intensive and boring tasks which means that accountants can work on querying financial data that requires more effort and cognitive decision making thus allowing them to spend their time more proficiently.
AI and chatbots are transforming the accounting industry by automating the most labor intensive tasks.
If you would like to learn more about the use of AI and chatbots in industries, please read our guide on AI and chatbots.