When compared to most industries, the accounting and the financial sector is one sector that is slowly evolving. The biggest change in irenas bookkeeping sydney is the emergence of a double-entry recording system, a process of recording profits and losses at one time. In fact, this discovery occurred five hundred years ago. Until finally was born artificial intelligence (AI) which can be embedded in the bookkeeping services machine. This causes in 2020, all accounting tasks are likely to be taken over by the engine. To prepare yourself, the following reviews related to the evolution of books and financial statements in 2020. By 2020, the accounting sector will be dominated by machine learning, is that right?
It’s time to welcome the AI era
Did you know that the investments made by famous firms (including some Big Four firms) are in the technology field? At present, the investment has paid off in full. They have felt the technology that can make it easier for them to do all the complexity in bookkeeping. As a result, their position has become more solid at the top.
Therefore, for now, there is a good idea for every accounting firm to start looking at investments in technology. Using the latest technology such as artificial intelligence (AI) or artificial intelligence will increase your company’s productivity. You can work with a technology company or establish a separate division for that.
You can no longer rely on equipment from the past because accounting in the future is about technology. However, there is no need to fear that your land will be snatched away by the engine, you will still be needed to oversee technology performance in the future. Welcome the evolution of bookkeeping and financial reports with readiness, not fear.
AI does not take over the work of accountants
One of the latest innovations in bookkeeping is to embed artificial intelligence (AI) in the latest bookkeeping machines. This machine is claimed to be able to eliminate errors in bookkeeping accurately. In addition, this machine will not require a long time compared to the company’s conventional bookkeeping. However, you who work as an accountant do not need to worry because after all the level of accuracy of machines with artificial intelligence circulating at this time has not been able to match humans.