How Artificial Intelligence and Machine Learning Impact Accounting

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At our recent flagship conference QuickBooks Connect (#QBConnect) we explored the changing role of accountants and how they need to adapt to rapid advances in technology and the changing needs of their clients.

While Intuit provides resources and tools to help accountants add value in managing their clients and growing their practices, I know that that embracing change can sometimes be a challenge.

At least that’s what I hear when I spend time out of the office networking, especially when the conversation turns to buzz words such as artificial intelligence and machine learning.

Demystifying current trends

Intuit uses artificial intelligence and machine learning across all our products. Artificial intelligence includes voice recognition, like Amazon Echo or Siri on an iPhone. Within QuickBooks, it’s the insights that QuickBooks Online can highlight for you and your small business customers to help make better business decisions. For example, how many invoices are passed due? What’s the cash flow trend over a specified time period?

Machine Learning is the ability of technology to learn based on consistent use and, within QuickBooks, we use it to auto-categorise of transactions. For example, QuickBooks Online learns that every time you purchase stationery from a particular store, it should be categorised as an office supplies. The software will learn this rule and automatically make the entry for you.

In addition to our ongoing product developments, we are currently running experiments with Amazon Echo and doing work on predictive analysis. It’s really exciting and we’ll share more on this in the future.

Ever-changing technology

As with all technological advances, accountants will need to become confident in both using newer technologies and educating customers on them.

At Intuit, we’re passionate about supporting the accounting industry as it undergoes transformation and upskilling accountants so they are best prepared to navigate digital change.

My wish is for accountants to see the opportunity that new technology brings, including being able to evolve the way you engage with clients.

 

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