Future trends in accounting services

Accounting is an indispensable part of every business, contributing significantly to the financial management of business activities. However, in the digital age, traditional accounting is gradually becoming obsolete due to the complexity of financial data with high processing speed requirements. Applying Cloud-based accounting services has emerged as an inevitable trend to help businesses improve accuracy, optimize processes and minimize risks. So how is AI & automation in accounting applied to support accounting? S4B Vietnam will provide detailed information in this article.

1. Why do businesses need to apply AI in accounting?

Artificial intelligence (AI) is a modern technology field that allows computers to perform tasks that normally require human intelligence. In accounting, AI uses techniques such as machine learning, natural language processing (NLP), optical character recognition (OCR) to process financial tasks, automate manual tasks, and quickly analyze data to make more accurate financial forecasts. Helps improve performance, minimize accounting risks thanks to the fast and accurate processing of large volumes of financial information.

Thanks to AI, tasks such as big data analysis, financial forecasting and fraud detection can be performed quickly and accurately. For example, AI has the ability to predict future costs or revenue based on historical data, helping businesses develop effective business strategies and improve cash flow management.

AI & automation in accounting

2. Future trends in accounting services

2.1. Applying AI to automatically enter data and process financial transactions

Data entry is one of the most error-prone jobs in accounting. Previously, accountants had to spend hours entering invoices, receipts, and other financial documents, but AI has completely changed this process. Thanks to Optical Character Recognition (OCR) and Natural Language Processing (NLP), AI can read paper documents or image files, then convert them into digital text and enter data directly into the system, helping to minimize errors and save time and resources.

A study by Accenture shows that businesses using AI to automatically enter data can save up to 75% of processing time and reduce errors by up to 98%. Even with the combination of NLP, AI is capable of processing complex transactions, automatically recording revenues and expenditures and quickly reconciling data, helping accountants focus on more advanced analytical work.

2.2. Applying AI to manage financial data analysis

Data management and analysis is one of the important functions of AI in accounting, especially when businesses have to process increasingly large volumes of data. AI can analyze financial data at a rapid pace to make accurate forecasts based on historical data. For example, AI can forecast revenue or costs based on market trends, helping financial managers make timely strategic decisions.

Company such as S4B Vietnam and Finance team has applied Cybersecurity & data protection in accounting in financial analysis, cash flow prediction, helping businesses make more proactive detailed plans.

According to McKinsey research (2022), businesses using AI to manage financial data analysis have improved forecasting capabilities, increasing accuracy up to 90%, helping to optimize business performance.

2.3. Applying AI to optimize the audit process

AI has the ability to optimize the internal audit process through automated analysis, identifying abnormalities in financial data. Instead of relying on traditional testing samples, AI allows auditors to conduct comprehensive checks on the entire data set. This helps detect deviations that humans are likely to miss, especially in complex processes.

AI also has the ability to continuously monitor and warn when detecting unusual transactions, helping businesses prevent risks in time. According to EY’s report (2023), organizations applying Cybersecurity & data protection in accounting in auditing are able to detect unusual transactions 3 times faster than traditional methods, thanks to the technology’s fast and automatic analysis capabilities.

In addition, Cloud-based accounting services also helps increase the reliability of data through reconciling revenues and expenditures, ensuring the accuracy of financial reporting figures. As a result, financial reports are not only faster but also more accurate, meeting the increasing requirements for financial transparency from regulatory agencies.

Cloud-based accounting services

2.4. AI applications to detect financial fraud

One of the most important benefits of AI is its ability to detect and prevent financial fraud. AI has the ability to detect suspicious behavior by analyzing unusual signs in financial behavior. For example, AI can automatically detect when a transaction exceeds the allowed limit or when a transaction of an unusual nature occurs.

According to a study by PwC (2022), the application of AI in detecting financial fraud has helped businesses reduce losses caused by fraud by up to 30%, thanks to the ability to warn early and prevent fraudulent behavior in time. AI technology helps detect unusual behavioral patterns that humans easily overlook thanks to the ability of Machine Learning and the ability to analyze in-depth on big data.

Some prominent AI tools include IBM’s AI-based fraud detection software, which can now monitor thousands of transactions at once, automatically analyze them, and issue warnings when high risks are detected. This not only protects corporate assets but also increases the reliability of corporate financial systems.

Ultimately, applying AI is not just future trends in accounting services but a game-changer for businesses. Investing in AI is a strategic decision that helps businesses optimize processes, minimize errors, improve performance, while ensuring sustainable development and meeting increasingly demanding market demands. If your business is seeking for AI & automation in accounting service, please contact S4B Vietnam for quickest support.

S4B Vietnam

• Address: Unit 701B – 701C, Tower A, Handi Resco 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam.
• Tel: + 84 24 3974 4181
• Email: service@s4b.com.vn

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