Data Science, AI, ML, and Blockchain; Future of Bookkeeping and Accounting

Artificial Intelligence course

Did you know AI-powered bookkeeping and accounting software is a multi-million dollar industry in 2021? A majority of financial services firms hire trained data scientists with relevant experiences in Artificial Intelligence Course to develop AI-based audit ready book keeping software products. If you are intrigued to know more about AI-based capabilities for accounting business and top areas where these could be capitalized, read this article.

Intro: Bookkeeping and Accounting Systems need better trained ML models

Nobody can deny AI’s role in business operations has grown exponentially in the last 5-6 years. In fact, most accountants feel that working with advanced AI accounting software actually helps them unlock a new avenue of financial management within the organization. But, there is a gap between what accountants really want from their accounting software and what is actually available to them in the market.

Blame this gap on poorly trained ML models.

What started as a novel thought of outsourcing mundane physical tasks to automated workflows and chatbots, have suddenly become the prime centers of innovations across departments, and in this fast paced evolution of business operations, how could bookkeeping and accounting departments stay isolated from AI ML’s inclusion. However, the romantic relationship between AI and Accounting comes to a screeching stop when ML software finds it extremely hard to meet stricter compliance and sorting mechanisms of accounting data as per correct accounting formats.

Financial Insights are required to be in accordance with internal and regulatory compliances

For decades, bookkeeping stayed majorly a manual data entry task. Even with the advent of Excel and bookkeeping software, the data entry never quite got a hang of how AI could draw in insights from ML and NLP / text analytics to improve the accuracy and speed of bookkeeping management.

Blockchain: the missing link in AI’s development in bookkeeping and accounting

Believe it or not, but there is more to blockchain technology than what data scientists actually reveal to the generic accounting software users! Blockchain science is a purely accounting technology that typically maintains a flawless entry of ledger of financial information and could amplify the accuracy of AI ML capabilities for bookkeeping software. Alongside Machine Learning and automation trends in the financial services industry, blockchain science could help not just accountants but also business analysts marry the economic reality with proper interpretation of the financial health of an organization from macro and microeconomic perspectives.

With the rise of top-quality data science Artificial Intelligence course specifically designed for financial services, we would witness the first gains of working with a truly advanced bookkeeping software that is in accordance with internal and national accounting regulations.