Tally Automation
Feb 29, 2024

The Impact of Artificial Intelligence on Cloud Accounting Services

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Ankit Virani

CEO

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Accounting is one of the oldest and most essential professions in the world. It involves recording, analyzing, and reporting financial transactions and information for various purposes, such as taxation, auditing, management, decision-making, etc. Accounting is also one of the most dynamic and evolving professions, as it adapts to the changing needs and demands of the business environment.

One of the most significant changes in the accounting profession in recent years is the adoption of cloud computing. Cloud computing is a technology that allows users to access and use software, data, and services over the internet, without having to install or maintain them on their own devices or servers. Cloud computing offers many benefits for accounting, such as:

  • Cost savings: Cloud computing reduces the need for investing in expensive hardware, software, and maintenance. Users only pay for what they use and can scale up or down as per their needs.

  • Accessibility: Cloud computing enables users to access and use accounting software, data, and services from anywhere, anytime, and from any device, as long as they have an internet connection.

  • Security: Cloud computing provides high levels of security and privacy for accounting data and transactions, as they are stored and processed in encrypted and protected servers, and backed up regularly.

  • Collaboration: Cloud computing facilitates collaboration and communication among accounting professionals, clients, and stakeholders, as they can share and access accounting data and reports in real-time, and work on the same platform.

Another major change in the accounting profession in recent years is the emergence of artificial intelligence (AI). AI is a branch of computer science that aims to create machines and systems that can perform tasks that normally require human intelligence, such as learning, reasoning, problem-solving, etc.

AI offers many benefits for accounting, such as:
  • Efficiency: AI can automate and streamline various accounting tasks, such as data entry, data validation, data reconciliation, invoice generation, tax calculation, tax filing, report generation, etc. AI can also perform these tasks faster, more accurately, and more consistently than humans.

  • Intelligence: AI can look at big and complicated accounting data and give suggestions, predictions, and insights to accountants, clients, and others involved. It can also find and stop mistakes, fraud, and unusual things in accounting data and transactions.

  • Innovation: AI can create and enhance accounting products, services, and solutions, making them better. It also helps accountants provide new and tailored services like business analysis, tax planning, and financial advice.

When two dramatic technologies of the accounting industry – AI and cloud computing come together, then they leave a very positive and modern impact on the accounting industry. Wondering how? Let’s see the parts of cloud accounting where artificial intelligence can leave its impact.

How AI Influences Cloud Accounting Services

AI and cloud computing are complementary technologies that can work together to enhance the performance and potential of cloud accounting services. Some of the ways AI influences cloud accounting services are:

  • Data management: AI can support cloud accounting services in handling and sorting through big and varied accounting data. It makes sure that the data is good quality, stays the same, and can be trusted. Additionally, AI helps these services combine and match up accounting data from various places and programs, like Tally and other accounting software, tax portals, and more.

  • Tax compliance: AI can assist cloud accounting services in obeying different tax rules and laws to prevent any fines or fees. It helps calculate and submit taxes accurately and on time, as well as keep precise records of tax-related tasks. AI also helps these services stay updated with the latest tax changes and advancements.

  • Decision support: AI, or artificial intelligence, can make cloud accounting services better by helping accounting professionals, clients, and others make smarter decisions. It does this by analyzing accounting data and giving suggestions, predictions, and insights. It can also help with things like figuring out risks, analyzing how well things are going, and planning for the future. Additionally, AI can add extra helpful services like analyzing business trends, finding ways to save on taxes, and making financial plans.

Is there any such tool available in the market?

Yes, one such tool is available. But, first, you should know that AI and cloud computing are not threats, but allies for the accounting profession, and can help accounting professionals to achieve more with less.

One such tool that is driven by AI and also offers cloud computing is Suvit. Suvit lets you do accounting from anywhere and anytime. It has practical features for not only accounting but auditing as well. They are as follows:

  • Data Entry Automation: To send accurate data to your accounting software directly from Excel, PDF or scanned PDF!

  • Document Management: To keep all your client's documents in one place, create favorites and organize them well.

  • Client Management: To create roles and assign companies to clients to manage things finely.

  • GST Reconciliation: To map GST data and reconcile them on time with an overview of GST health data.

  • Reports & Analytics: To get business insights anytime and to track operations whenever you require!

You can experience all the features for free by taking a 7-day free trial of Suvit. All you have to do is sign up and you will see the magic then!

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