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.

Make No Mistake

Each year, many people attempt to do their taxes on their own. Unfortunately, mistakes are all too easy to make and can lead to reduced refunds and long waits. For that reason, many of the people who do their taxes on their own live to regret it.

While all kinds of mistakes are common, of the biggest blunders is simple miscalculation. Putting a wrong number in a column or skipping over a figure or two when doing addition will have the IRS sending you a correction form so fast your head will spin.  

Other people make the mistake of not meeting that April 15 deadline, and in case you ever wondered, yes, the IRS is pretty strict on when your tax forms are due. You could face fines and penalties for a late tax return.

It’s been said that to err is human, and while that may be true for average people, it’s not really true for professional accountants. These experts know to check and recheck their work for errors and even have programs to help them do some of that checking. Your tax return is a lot less likely to contain errors if you let a professional handle it, so unless you’re perfect, let someone in the know help you.

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• Stupidest Tax Mistakes To Avoid This Time Around (theurbanmetro.com)