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By Miodrag Ranisavljević, DATALAB Automation, AI and the Future of Accounting

Let’s simplify the Complex and Automate the Simple!

In the fast-changing business environment of today’s world, digitalisation has become a key factor of success for companies in all industries. And this trend also applies to accounting. The digitalisation of accounting processes brings with it many advantages and improvements that can have a significant impact on a company’s efficiency, credibility and performance. Let’s imagine the future working day of an accountant…

LET’S ENVISAGE THE FUTURE…

In the light of a shimmering screen, the accountant sits in front of the crystal-clear glass surface of their holographic monitor, beginning their daily mission in the digital environment. The journey begins by pressing the keys of a virtual keyboard, thus launching a series of algorithmic routines that permeate through the ecosystem.

In this AI world, algorithms organise data into useful information like the most beautiful symphony. The accountant doesn’t start with mere routine bookkeeping, but rather dives into an ocean of information, shaping data with the help of artificial intelligence that’s been taught by machine. The accountant manipulates limitless digital records, turning the pages of virtual financial reports as though they are the manuscripts of some ancient library.

Hands fly across the virtual keyboard, grabbing digital financial indicators that splash across the holographic screen like an analytical whirlpool of numbers. With the help of artificial intelligence, pictures of the balance sheet and successes are observed, delving into the world of mathematical models with refined algorithms that reveal trends and expose potential risks.

The ability to communicate with digital entities renders the accountant an intermediary between the human world and the domain of artificial intelligence. Through this digital symphony, they identify the harmony between complex algorithms and the needs of business operations, transforming numerical data into the visions of business strategies.

As the day comes to an end and the lights of virtual reality are slowly extinguished, the accountant returns to the real world, leaving behind the digital matrix moulded over the course of the day. They conclude their daily mission by closing the virtual books, preparing for a new day of adventures in this intangible world of accounting in the era of AI.

THE DOMAIN OF REALITY

How can we arrive at the scene described above? How can we avoid errors in data entry, typos and other mistakes attributed to the human factor? How can we raise the levels of efficiency and productivity of an individual accountant and entire accounting agencies? How much time can be saved to work on analysis and the identifying of trends and risks? These are the questions that we ponder when considering the development of Pantheon for accountants.

The aim of the accounting of the future is to reduce the percentage of data entry errors drastically and eliminate typos, I.E., to minimise all errors resulting from the human factor

The future of accounting is bringing a revolution that will be reflected in automation, progressive electronic operations and the integrating of artificial intelligence. These technologies will change the way we do accounting and will markedly improve the analytical abilities of accountants.

AUTOMATION

For starters, all data should be in one place as digital (eInvoices) or digitised (document management system, DMS). All data and documents should be managed electronically, via simplified and defined business processes (eProcess). Only in that order can we switch to automation.

Automation will take over monotonous and routine tasks like the accounting of transactions and digitising of documents, thereby reducing the risk of human error and freeing up resources for the analysing and predicting of business trends. Doing business electronically won’t only enable faster exchanges of data between businesses, but also more transparent exchanges. Shifting to electronic operations will provide improved mechanisms for tracking and recording financial transactions, thereby improving the efficacy and accuracy of the accounting process as a whole. Predefined electronic processes that can be easily controlled through Pantheon enable users to leave it up to computers to complete their monotonous and routine operations.

Process automation in accounting represents a crucial factor of evolution that’s transforming the way tasks are performed in this field. In accordance with ever-advancing technological progress, accounting functions are being oriented towards automation in order to increase the efficiency, precision and optimisation of resources. One of the key aspects of the automation of accounting is the implementation of software tools for process automation. These tools enable the automation of routine tasks like invoicing transactions, processing invoices, generating reports and monitoring financial flows. Through the use of AI- and machine learning-based software solutions, accounting processes will be faster, more precise and less exposed to possible human error.

One of the key advantages of automation is freeing employees of the time required to perform routine tasks. This enables accountants to focus on analysing data, making strategic decisions and offering value through a deeper understanding of financial information. Instead of wasting time performing manual tasks, employees can utilise their skills and expertise to provide the company with added value.

Moreover, process automation in accounting leads to increased accuracy and a reduced risk of error. Programs that use technologies like optical character recognition (OCR) enable the swift analysis and recognising of documents, thus reducing the possibility of human error during data entry work.

It is nonetheless also important to note that process automation demands careful planning and implementation. Companies need to be cautious when it comes to selecting software, adapting systems and training employees, in order to ensure the automation process is efficacious and optimal.

ALL FOR ONE AND ONE FOR ALL – ACCOUNTING CONSOLE

The advantages of the aforementioned processes are obvious to every individual company, but how can they be duplicated onto other companies? How can it be made possible for accountants to manage numerous client databases from one place? The scene described in this article’s introduction could soon become a reality with the use of the Accounting Console, which is an integral part of Pantheon accounting software.

The Accounting Console enables the automating of accounting procedures, checking error alerts and reviewing work undertaken. It is intended to render accounting work more efficient. Some of its basic functions include: overviewing work conducted in multiple databases and transferring data to periodical invoicing. There is also access to control printouts of general ledgers for multiple databases of a company in one place, the daily submission of control printouts via email, accessing documents and printouts in other databases via shortcuts, the automatic accounting of issued and received invoices, limiting access to, or insight into, individual parts of the program on the basis of granted authorisations, data export, converting codebooks and reports into pdf or excel for further processing, creating customised reports and analysis of finalised standard reports.

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