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ARTIFICIAL INTELLIGENCE AND FINANCIAL STATEMENTS

October 29, 2018

We were living in the world of tallying our account registers with the bank registers. We are still in the same world but the style of living has changed like a revolution. The style of living became very much at ease and comfortable when we went digital. The digital transformation come at the right time when we were on a go in making money but wasted our time like a boss on maintaining our registers.

The storage and access to financial information combined with the maturity of technology capabilities has given the perfect acceleration to digital transformation. The professionals may now focus at a higher level and lucrative analysis and counselling of their clients. Let’s take a brief overview on the opportunities available by this digital transformation.

  1. MACHINES COMPLIMENT HUMAN BRAIN POWER

Artificial intelligence is becoming a part of regular learning. Many colleges and universities are also providing the E-Learning courses, which again is a part of machine intelligence, besides the regular course structure. These learning are impacting the finance responsibilities by releasing the rigorous pressure on professionals to make their work efficient and presentable. It makes them understand the volatility level more accurately.

  1. ACCOUNTING TASKS MACHINE CAN DO

AI not only makes the human work efficient but also improves and reduces the operational costs. For example, the account receivables and account payables process has become a much easier task with AI as it manages the invoice numbers with the touch of a button.

  1. MATCHING THE CLIENTS’ NEEDS

The whole fund can be managed effectively by keeping the clients’ needs and desire with future references with the help of Artificial Intelligence. There are various platforms which allows the client to know how much does he/she need to save by only providing the software with their purpose and duration of savings.

Artificial Intelligence is therefore not only helping humans to become at ease but is also taking over the world.

Akansh Kumar Arora

MBA-FA(2018-20)

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