Artificial Intelligence (AI) in Financial Accounting.
19 october

Artificial intelligence (AI) in financial accounting

In today's world, artificial intelligence has what it takes to transform many industries and change the way we live. finance is no exception. One of the areas where AI could make significant progress is financial accounting.

AI and finance - made for each other

Financial accounting, an area characterised by its complicated processes, numerous rules and dependencies, offers enormous potential for the application of AI. The very definition of artificial intelligence shows the possibilities in this sector. A complex algorithm that can mimic human behaviour in a specific or general area enables machines to work intelligently and learn from their mistakes. This enrichment of process knowledge is invaluable in financial accounting.

ChatGPT passes US exam for auditors

The latest developments around ChatGPT and its financial accounting capabilities illustrate the rapid development. With GPT-4.0 successfully passing the US exams for auditors and tax consultants, it is clear that AI models are not only theoretically capable of operating in the financial world, but also practically. The predecessor model ChatGPT 3.5 had still failed the exams. Scientists are convinced that ChatGPT would also pass certification exams in German accounting.

Self-learning systems take over accounting

It is fascinating to see how AI technologies are becoming more advanced, with models such as ChatGPT able to take on both simple and complex financial accounting tasks. The days when financial accounting was considered merely a dry and monotonously repetitive activity are over.

With the introduction of AI technologies, monotonous, repetitive tasks are automated. This includes activities such as entering receipts, processing data and even creating reports. The result? A significant time saving and an increase in efficiency.

Similar effects also arise in the invoice processing process, for example. Modern AI systems can automatically extract information from invoices. They recognise IBAN numbers to carry out or check financial transactions and make manual data entry virtually superfluous.

With machine learning and AI to the new bookkeeping

Machine-learning algorithms are also particularly important. Where previously the accountant's years of experience and expertise were indispensable, trained models now enter the scene. These models can interpret and assign information that is not explicitly noted on the invoice.

Ultimately, this leads to a reorientation of the accounting sector. Artificial intelligence not only enables more efficient processing, but also more precise analysis and forecasting. The role of the accountant is thus changing from a mere data processor to a strategic analyst.


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