Accounting softwares are now taking massive benefits of machine learning (ML) to learn financial patterns and data augmentation. These ML algorithms can compile and analyse huge chunks of data to predict future financial transactions and can also take decisions based on facts and figures it learned from the historical data. AI (Artificial Intelligence) which is the next step in evolution in modern day computing can compile 100x more data and is capable to understand and evaluate patterns in real-time thus saving businesses time and money.
AI technology when integrated with core accounting functions can analyse business patterns, financial markets, and several external factors and can assist business in making informed decisions by forecasting future projections. AI technology can also enable to evaluate and understand risk and identify key opportunities that a business can take to have a competitive advantage.
Blockchain is a buzzword similar to AI that you’ve probably heard before. Blockchain is based on a distributed digital ledger that precisely tracks and record transactions in a encrypted data block. Since these blockchains are not governed and controlled by any single organisation the encrypted blocks of data cannot be manipulated. This creates a framework to record and maintain a sequential record of ownership, thus reducing the scope of fraud.
Blockchain will substantially reduce the work, time and resources involved in maintaining and managing verified records. Financial companies can benefit from these open framework and efficient data management feature that Blockchain has to offer, resulting in fast, secure and safe way of managing financial data.
In real life scenario an automatic and immediate payment to your company can be made when the customer has received your goods or services, thus saving you the time and hassle to track the transactions in your bank and books.
Now once AI and Blockchain work together, the entire financial transactions can be managed and executed seamlessly.
Currently almost all software is now accessible in the cloud. This includes add-on systems for inventory and order management, payroll, CRM, and applications that cater to specific needs and are made to be integrated with your accounting system.
Even though setting up these integrations isn’t as difficult or time-consuming as it once was, there is still room to make them more seamless. More applications will be created in the upcoming years so that users can access their functionality within the accounting solution. This will stop users from manually moving data around and eliminate the need to frequently switch systems in order to carry out different tasks or find financial information.
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