ARTICLE | October 10, 2023
Welcome to the age of artificial intelligence. AI is already deeply embedded in our lives, whether it’s enabling Siri and Alexa to understand our desires or providing product recommendations based on our online habits.
The question now is whether AI is helpful not only to deep-pocketed mega-corporations but also to small businesses—and the answer may surprise you.
Are You Already Using Artificial Intelligence?
Odds are good that you already use AI for your business, whether you know it or not. Certainly, if you’re using a best-in-class cloud-based accounting software solution like Sage Intacct, AI is already working in the background to deliver many of the benefits.
For example, Sage Intacct automates common accounting and financial management tasks, so you can close your books sooner and spend more time focused on strategic tasks. What makes all that automation possible? AI and machine learning, which ingest large volumes of data from your financial applications to gain a sense of where data should be placed and what kind of numbers are appropriate for different fields.
Prevent Costly Errors
AI is exceptionally good at recognizing patterns, which can help your business in additional ways. For example, it can increase your confidence in the accuracy of your general ledger transactions by analyzing thousands of GL entries instantly.
Sage Intacct is unique in offering auto-generated flags for general ledger entries that don’t match past transaction patterns. AI works in the background to recognize those patterns, and the system lets you know about errors as soon as they happen, so they never enter your financial reports or reach stakeholders.
Visualize Your Future
Another benefit of using AI is that it can help you visualize the future. For example, if you’re on the verge of making an important business decision and aren’t sure if you have the financials in place to support it, AI can be used to develop accurate forecasts in minutes, based on different scenarios.
Sage Intacct uses AI to compare data over multiple periods and highlight trends, patterns, and correlations. You can choose from hundreds of prebuilt visuals or build your own. Want to view your monthly revenue? The power of AI enables Sage Intacct to pull in all your revenue data, visualize it, and analyze it to predict next month’s revenue — in an instant.
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. Our experienced experts provide personalized support and guidance to small businesses, including helping them take advantage of the latest accounting and financial management solutions.
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