Effective May 21, 2023, P&N has joined EisnerAmper. Read the full announcement here.
The development of smart technology in business software applications may be considered the most profound improvement in business technology. Smart technology is considered the future of accounting, and it utilizes artificial intelligence and machine learning to aid in the efficiency of an organization’s business processes and tasks.
In the past, finance professionals expected manual work, but now the expectation is that automation will shape the future. This future is closer than you may realize. Financial management systems today, powered by the cloud, provide smart technology designed to increase staff productivity and mitigate the risk of errors. Data entry efforts are now simplified through visual recognition of documents, and the creation of recurring entries is made possible by learned system rules.
While these developments in technology are only the beginning of a bigger movement, they are already facilitating the identification of patterns, the recognition of potential errors, and the provision of correction recommendations. As this technology becomes more available and affordable in the marketplace, small and medium sized businesses (SMBs) can capitalize on the utilization of smart business applications. Evidence suggests that its use has a positive impact on both financial management teams and organizational performance. With this, it is not a question of if, but when, this smart technology will find its place in all SMBs in the future.