Artificial Intelligence and Accounting

Artificial intelligence (AI) is an important concept in today’s world. Through AI, many jobs have been eliminated or at least made more streamlined. And, now, many speculate that accounting will be the next industry to find itself impacted by AI.   

Part of the reason for this speculation is the fact that a German software firm recently acquired $3.5 million in financing for an AI program known as Smacc, which is designed to help businesses automate their accounting.

The software has a lot of features that are getting people excited, such as its ability to review receipts, its math-checking features, and its ability to “learn” and apply what it has learned to future projects and tasks.

Another nice feature of this program is that information can be checked into at any time, allowing businesses to really stay on top of their financial situations.

Of course, despite all of these benefits, AI programs like this one definitely aren’t perfect. And, since such programs are relatively new, it makes sense that it would take some time to work out the “bugs.”

For this reason, businesses and individuals are cautioned not to give up on traditional accountants just yet. In fact, even for those who do decide to give Smacc a try, it’s worthwhile to have an accountant who can check up on the program and make sure all tax matters are being handled correctly.

While it seems some people are ready to take the plunge into the world of AI, it’s smart to tread cautiously and to not give up on real human help just yet.