Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce. Artificial intelligence (AI) is the latest technology to hit the accounting field. AI solutions can automate data entry by: Reading and processing paper and electronic documents, and Extracting and uploading relevant data to accounting systems. AI can also analyze historical data to generate robust forecasts that support budgeting and financial planning.
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