The future of AI and Machine Learning in Accounting

22 Nov, 2022

Machine learning

The unstoppable growth of data is driving the adoption of digital platforms to industrialize data’s potential and to improve accounting management.
Artificial Intelligence (AI) and Machine Learning (ML) are key technologies for automating these assets.
Today, businesses need to rethink their supply chains, production, distribution, and organizational and financial set-up to ensure greater competitiveness.
To better cope with uncertain markets, companies must accelerate their transition to the knowledge economy by redeploying their resources and taking full advantage of the technological lever.
The latter, in fact, has proven to be key to bridging the gap between more- and less-structured companies in today’s always-changing regulatory and technological environment and the moves to integrate public and private channels.
It is with this in mind that Comply has focused its energies on applying AI and ML to easily enable companies to digitally transform their accounting functions such as eInvoicing.
These technologies, when applied strategically, can create opportunities to simplify the most critical processes and to control internal costs in real time, helping the company to achieve sustainable competitive advantage.

Some of the benefits of applying machine learning processes to accounts payable include:

  • a modernized technological infrastructure to natively manage digital processes;
  • the ability to receive documents from any data source or channel;
  • automated supplier management which enables rapid order reference search, file routing, data monitoring, accounting destination allocation, and invoice reconciliation;
  • the creation of an accurate corporate knowledge base across all departments, from accounting to distribution;
  • real-time detection of anomalies in parameters, enabling improved service levels and better usability of applications.

To best exploit the potential of digital platforms, therefore, organizations need clear strategies, a reliable IT infrastructure, and staff with specialized skills to generate the business innovation that contributes to the growth of the business itself.
All of this necessitates company-wide cultural changes related to the adoption of cutting-edge technology in business management, which is key to future-proofing your success and which is strongly supported by your accounting function.
Typically, companies are hesitant to go all-in on adopting all these technological changes that can benefit their businesses mainly because of the painful change management process.
However, the rapid acceleration of technology and infrastructure today allows Software as a Service (SaaS) to offer a simple and easy way for companies to gain all the technological benefits and competitive advantages without the associated pains of change management, and potential staff churn.