AI Applications and Job Roles in Finance & Accounting

Artificial Intelligence is the capability of systems to simulate human intelligence and make it possible for machines to mimic human behavior. AI can analyze and train machines to achieve specific goals using advanced algorithms and probability theory.

Artificial Intelligence in Accounting and Finance

In accounting, we rely on data to generate financial statements and profit projections using historical data and patterns. It is possible to analyze the data more effectively and profitably, and make comparisons, trends, and financial statements with the use of AI.

There are a lot of transactions that need to be handled in accounting and finance. Professionals have a responsibility to journalize and publish each transaction in ledgers. Handling so many transactions, especially in the business-to-business (B2B) class of firms, is the most time-consuming and laborious task. There are hundreds and lakhs of consumers in B2B, thus there will be a large volume of data involved. We can lessen the laborious activities and wasteful professional motions thanks to amazing AI improvements.

With the use of AI tools, customers may get higher satisfaction. Additionally, AI will enable financial and accounting experts to realize their full potential.

AI increases a company’s production, output, and revenues in addition to reducing monotonous activities. It contributes to creating a system that is more responsible and transparent. AI also aids in enhancing a company’s future projections.

AI Applications

Forecasting & Prediction: Providing future insights is one of the most crucial responsibilities of a finance professional. This can be done more precisely and effectively with the aid of AI. It will relieve accountants of the heavy lifting responsibility.

Allocation & Tagging: AI may be particularly useful in automatic tagging and transactional allocation. You may save a whole lot of time by categorizing the transactions and organizing them in a ledger using AI- enabled tools. Use of accounting software, which can tag and organize all transactions depending on prior labeling, will help save time. Occasionally there are deals that are a little complicated and tagging them might be challenging. With the use of AI tools, these can be quickly tagged, and the computer can then evaluate the transactions either naturally or through additional tools.

Receipt Processing: Processing invoices is undoubtedly one of the most tedious accounting tasks. Any accountant who has to do it by hand gets annoyed. Efficiency starts to decline after a a certain point, and mistakes begin to happen. The current situation is that processing invoices has gotten more straightforward and quicker as a result of digital transformation by AI. The accountant can handle invoices with the use of AI management solutions. More data may be processed in this fashion, and vendor relationships benefit from zero mistakes.

Oversight of Expenses: It is challenging to manually track and tabulate an organization’s spending. The financial team must become used to an AI-based system that allows them to examine both daily and monthly spending. Every business must manage spending within a set range to avoid a future cash flow problem. AI can speed up the process and provide error-free, fully digital spending management.

Job Roles in Artificial Intelligence Field:

• Big Data Engineer
• Business Intelligence Developer
• Data Scientist
• Machine Learning Engineer
• Research Scientist
• Python Developer

AI as a technology is complex, of course, but the capabilities and benefits of AI aren’t hard to understand.

About the FutureSkills PRIME Programme:

FutureSkills PRIME Programme, a joint venture between MEITY and NASSCOM. Various C-DAC centers are involved as the Lead Resource centers for institutionalizing blended learning mechanisms in specific emerging technologies. C-DAC Pune has been entrusted with the responsibility of a Lead Resource Centre for Artificial Intelligence Technology.

Courses run under FS Prime Programme are as below:

1. Bridge course

The course is specifically designed to create awareness of Data Science, Machine Learning, and Deep Learning tools & techniques among participants so that they can recommend and apply these technologies in real life and at their workplaces. The course is meant for graduates, entrepreneurs, interns, fresh recruits, IT professionals, non-IT professionals working in the IT industry, ex- employees, and faculties.

Enroll now for the Bridge Course

2. Training of Government officials (GOT)

Under this program Government Officials will be trained on emerging technologies of AI, which will help them to learn about cutting-edge technologies and upskill to make them work differently like creating new methods for documentation.

3. Training of Trainers (TTT)

Provides an overview of AI principles, and approaches with which faculty can enhance their knowledge in the area of AI, Machine Learning, Deep Learning, NLP, Computer Vision, and its application.

For inquiry w.r.t. TTT & GOT

email:inquiry.fsp.pune@cdac.in

Contact:020-25503114

Written by CDAC Pune