We have heard a lot about the applications of the Blockchain in accounting, but what about the use of Artificial Intelligence in accounting and auditing?
Artificial Intelligence is already being used by accounting software such as QuickBooks to automate both mundane & complex processes. Here are three ways that Artificial Intelligence can or is being used in accounting:Automated Journal Entry – Transferring transaction data from the receipt to the journal can be a time-consuming process. Artificial Intelligence will soon be able to grab the transaction data from the bank account and record the transactions into the correct journal account. Currently, OneUp is able to categorize transactions into the correct account with a 90% accuracy.QuickBooks has a 75% accuracy in this field. Accounting systems will need to get up to 100% accuracy level in order to be truly effective.
Error Identification & Reconciliation – Every accountant knows that when debits do not equal credits, there is an error in the journal. What they also know is that an error can occur even when the books are balanced. The wrong amount could have been recorded. Artificial Intelligence will be able to instantly recognize the error and correct it– a task that could take humans hours to do.Anomaly Detection – Imagine having a third eye that cannot only recognize mistakes but can flag suspicious internal transactions. Machine Learning understands the company’s habitual expenses and flags transactions that are out of the ordinary, much like a credit card company monitors credit card transactions.NeuroChain takes Artificial Intelligence in accounting to the next level. The NeuroChain bots will be able to both secure the accounting information through the Blockchain, while also applying Machine Learning & Artificial Intelligence to automate accounting processes. The Blockchain allows for a distributed ledger, increasing transparency and security.
NeuroChain, let’s build a better world!
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