When we talk about AI, the conversation almost inevitably turns toward chatbots that divine what we want, smart speakers that serve up information in a conversational tone, or cars that can see pedestrians and park themselves.
That’s all exciting stuff, no doubt, but for many businesses, reality sets in when they see how their accounting department goes about processing invoices and purchase orders. It’s for the most part still a low-tech world far removed from reaping the benefits of artificial intelligence.
Clerks in the AP department rip open envelopes and FedEx pouches filled with paper invoices, purchasing orders and receipts. Others electronically stream into their in-box. They manually enter them, assign the right GL code, and then send them on for approval and payment. A similar “black box experience” awaits partners and vendors who want to find out when they get paid.
But look again, and you’ll see that AI is already making inroads into one of the most traditional areas of a company. Done well, expert systems powered by machine learning can ingest invoices at high volume — no matter if they’re in electronic format, printed or just scribbled on a scrappy receipt. Software, in theory, doesn’t care what you put in front of it. It applies rules to decipher amounts, accompanying notes and issuing entities.
Read Article: https://www.accountingtoday.com/opinion/ai-self-driving-cars-for-the-accounting-department?tag=0000015a-1e61-d680-a75b-3e7b24750000