Among the most arduous tasks carried out by junior accountants is scrupulously checking off inventory for clients as part of an audit. This can involve thoroughly scaling ladders with a pen. Luckily carrying out these mundane jobs is about to become more sophisticated. Auditors are taking a look at specialised systems which use image recognition and artificial intelligence to analyse information and collect it.
The companies EY and PwC are piloting the new technology, and it is included as a part of a new range of digital tools many accountancy firms are trying. In the UK, accountants are seeking ways to automate pieces of auditing processes in particular.
Advanced technology can improve the quality of audit work. The main reason why is because tasks will be carried out faster, and more efficiently, than one human could do. It could also generate new kinds of insights and large volumes of data.
Many firms are ramping up investment as there has been an increasingly tough stance on failures. Auditors think they can harness the power of AI and data mining to avoid future failings. The act of automating repetitive tasks will enhance efficiency, freeing up accountants to focus on areas where human judgment is necessary.
A lot of accountants and auditors already use robotic technologies and data analytics to help complete tasks at speed. Firms are now looking for more sophisticated AI tools that can learn over time from the more data they collect, gaining the ability to recognise complex patterns.
It’s apparent that AI is expected to have a huge impact on businesses, regardless of many projects being at the pilot stage. However, there is concern for potential opportunities for the system to be gamed, as machines will only look at what they are faced with.
There will be a challenge in convincing stakeholders and clients to reach a good level of confidence with the technology. This can slow the adoption a little but big changes are expected for the future.
In the meantime, if you require reliable and trustworthy support you can get in touch with some of the best accountants Camden has to offer; Brian G Lonis and Co. We offer a variety of services, including auditing. Our focus is on providing the best results for the most cost effective prices.