New accounting technology and the rise of artificial intelligence continue to lull business people into a false sense of security. They often think that, what with magic algorithms and programs that seemingly think for themselves, all they have to do is plug in the numbers and then wait for the correct results to come pouring out in a few minutes while they put their feet up on their desk and play with one of their new apps on their smartphone.
But it doesn’t quite work like that.
The artificial intelligence that is now speeding up and giving greater accuracy to accounting methods, such as in accounts payable, still needs intelligence and, above all, correct and detailed information inputted before it can produce the desired results. Remember, clients now have much higher expectations from new technical accounting practices and AI involvement. If they are receiving the same old results as before, they’re going to wonder why the need for newer technology, which usually involves them paying higher fees. So before you subscribe to that new streaming service because you think you’re going to have nothing to do all day but handle some numbers and make a few entries, you’d better realize that only smarter, more efficient, accounting staff is going to really be able to take advantage of the amazing advances in AI and in accounting technology. The stick-in-the-muds will be left behind. Don’t be one of them.
It’s no longer a multiple solution world
For the longest time it was thought that using multiple solutions for finance projects was the best way to handle the increasingly complicated financial data that was needed. But today is truly the day of ‘one app fits all’ as shown by GetYooz. Auditing and data mining and finance projections, along with client and vendor lists, can all be handled by one app using below-the-surface tools. Too many cooks spoil the broth — and too many scattered and uncoordinated solutions spoil the efficiency of the accounting process. Everything associated with accounts payable can now be handled effectively, and usually at less cost, with a single wide spectrum app.
How well do your solutions communicate with your ERP and software?
There’s no need to explain this in detail, is there? Always make sure your accounting tools can communicate directly with your apps. Avoid multiplying interfaces, microservices, and all the other roadblocks that keep one server from communicating directly with another server in your office or your client’s office. That’s just common sense.
Leave it to the machines
Did you ever receive a faulty invoice? How hard was it to get it corrected?
When the input for invoices is left in human hands, mistakes are bound to happen. But when this grunt work is given to automated data systems the results prove that billing mistakes practically disappear. Plus the fewer human eyes that see sensitive financial information, the less chance there is of theft or malfeasance. Machines may be cold and heartless, but they’re absolutely one-hundred percent honest!
One last note
Using a mobile app to process an invoice means you aren’t chained to the office anymore. It can be handled during commutes and after hours — minimizing delays and giving clients that extra bit of customer service that keeps them loyal.