Source: McKinsey & Company
Today's AI, however, has significantly overcome these limitations and moved towards a much more dynamic approach. Thanks to the development of so-called machine learning , deep learning and natural language processing , AI now has the ability to learn from data , adapt to new tasks and process huge volumes of information. Instead of fixed rules, modern AI works on the basis of algorithms that improve with the acquisition of more data and experience.
Modern technologies in the form of artificial intelligence are bringing fundamental changes to accounting, with one of the key areas being document data mining . Thanks to tools using optical character recognition (OCR), it is possible to convert scanned or digital documents into an electronically structured form, which greatly simplifies the processing process.
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However, AI today goes much further and can also understand the context of individual documents. This allows it to automatically identify important information, such as the invoice number, amount or due date. It then classifies the data into the appropriate accounting categories. Thanks to its ability to learn from historical data, it can recognize patterns and assign the correct categories to individual items, such as regular payments for services or material costs. After extracting data from documents, the system automatically generates accounting entries, which streamlines the entire process and ensures its accuracy. Accountants do not have to waste time manually sorting or entering data.
Another example of AI in accounting is automated document verification . Artificial intelligence algorithms turkey phone number data can compare the correspondence between an invoice, purchase order, and delivery note, ensuring accuracy and consistency in accounting records. In addition, AI tools verify the accuracy of tax data, such as a supplier’s VAT number, and check its VAT registration. These processes not only reduce the administrative burden and potential error rate, but also increase the credibility and accuracy of accounting.
One of the biggest benefits of AI in accounting is its ability to detect errors and anomalies . Algorithms will flag in real time any irregularities such as incorrect VAT rates, duplicate invoices, etc.