AI technologies, including NLP and NLU, enable machines to process, interpret, and communicate using human language. In accounting, these technologies are applied to:
Extract semantic meaning from text.
Discern sentiment in documents.
Automate complex tasks such as lease contract data extraction, as demonstrated by KPMG's AI-enabled tools for lease compliance.
RPA leverages software bots to handle repetitive, high-volume tasks in accounting and finance, such as:
Preparing tax returns.
Managing accounts payable.
Allocating costs and account classifications.
Preparing financial statements.
RPA reduces costs and improves accuracy, enhancing the efficiency of accounting operations.
Machine learning enhances audit processes by analyzing structured and unstructured data for risk assessment, anomaly detection, and financial document analysis. Examples include:
PwC's GL.ai: Identifies potential errors or fraud by examining transactions in the general ledger.
Deloitte's Contract Review Tool: Extracts and analyzes key terms in contracts, allowing auditors to process larger data sets more efficiently.
EY's Helix GLAD: Detects anomalies in large databases.
KPMG's CLARA: Identifies potential risks using advanced machine learning capabilities.
These applications illustrate how AI is transforming the accounting profession by improving efficiency, reducing human error, and enabling more in-depth analysis.