Design math is an indispensable parts of every business important contribution to the financial management of business activities. However, in the digital era, traditional accounting is gradually becoming obsolete by the complexity of financial data with the required high processing speed. Application AI in accounting emerged as an inevitable trend to help businesses improve the precision, optimize processes and reduce risks. So, AI technology is the application supports accounting how? Lac Viet Computing will the information detailed in this article.
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1. App AI in accounting what is it? Why the need for accounting work?
1.1 application AI in accounting what is it?
App AI in accounting is understood as the use of artificial intelligence (Artificial Intelligence – AI) to support or to replace humans in the accounting activity, from the stage of data entry, accounting, check vouchers, to analysis financial forecasting. In other words, instead of accounting must be done manually each professional, integrated systems AI can automatic data processing with fast speed, high precision.
If you look at the angle degrees of comparison, traditional accounting based primarily on the people. Each invoice, the voucher should be accounting staff entered into the software, collated, categorized and stored. This process is not only time consuming but also a potential risk of errors due to human factors. On the contrary, application AI in accounting allows enterprises to automate many repetitive steps. For example, the AI system can identify the classification bills through recognition technology, optical character (OCR), and cross-checked with existing data to detect anomalies.
An example easy to understand: in accounting, public debt, instead of staff to log and collate hundreds of invoices from suppliers, AI can automatic scanning data, identify the invoice number, date, value, then match with the contract or payment receipt available. This not only minimizes the risk of false but also help accountants have more time to focus on the tasks, analysis and advice for leaders.
Thus, application AI in the field of accounting not only are improvements on the technical side, but also the leap strategy to business, optimize resources, minimize costs, given the financial decisions more accurate. This is also fundamental to the accounting move from the role of “recording data” to role “strategic consulting” in the era of the switch number.
1.2 why the need for the application AI work in management accounting?
Thanks to AI, the work as big data analytics (Big Data), forecast financial and identity fraud can be done fast, accurate. For example, AI has the ability to predict the cost or revenue in the future based on historical data, which helps businesses take out the strategy, business efficiency, improve cash flow management.
The development of AI raises questions about why businesses should switch from pattern traditional accounting to the application AI analysis of data. Here are a number of reasons:
- Traditional accounting depends much on the process, craft, easy to cause error, wasting time. Tasks such as data entry, collation of data or internal audit can take up to 60% of the working time of the accounting department. AI not only freeing up human resources from the boring job, but also increase the accuracy in data processing.
- According to a report by Deloitte (2023), about 64% of businesses in the U.s. have applied AI in accounting, primarily to automate the task to repeat, save costs, improve efficiency. A study by PwC also shows that 85% of business leaders believe that AI will be important tools to help them achieve financial goals in the next 5 years.
- According to the report of the auditing company KPMG (2023), AI in accounting can help businesses reduce to 40% of the time for the manual work, increase the accuracy of accounting data to 95%. With the continuous development of technology, AI not only bring the efficiency in the audit, financial management, but also support small retail businesses in the forecast revenues, optimize costs, reduce errors.
2. 4 Applications AI in accounting LATEST X5 PERFORMANCE
4 Applications AI in accounting LATEST X5 PERFORMANCE
2.1. App AI automatic data entry and processing financial transactions
Data entry is one of the easy to cause errors in accounting. Previously, the accounting staff must spend hours to input the invoices, receipts, vouchers and other financial but AI has completely changed this process. Thanks to technology, Recognition Optical character (OCR – Optical Character Recognition) Processing, natural language (NLP – Natural Language Processing), AI can read the paper documents or image files, then convert them into digital text and input directly into the system helps to reduce errors, but also save time and resources.
A study of company Accenture shows, businesses use AI to automatically import materials can save up to 75% of the processing time, reduce errors to 98%. Even with the combination of NLP, AI has the ability to handle complex transactions, automatically records the income and expenditure account and collation of data quickly, which helps accountants to focus on the work analysis more advanced.
2.2. App AI management, data analysis, finance
Management and data analysis is one of the important functions of AI in accounting, especially when businesses have to handle the volume of data is increasing. AI can analyze financial data to speed quickly to put out the accurate forecasts based on historical data. For example, AI can forecast the revenue or cost is based on market trends, helping the financial managers take strategic decisions in a timely manner.
The software as AccNet ERP, LV-DX Accounting has applied AI technologies in financial analysis, cash flow forecasting help business plan details more active
According to research by McKinsey (2022), businesses use AI to manage data analysis, finance has to improve predictability, increase the accuracy up to 90%, help optimize the efficiency of business operations.
ACCOUNTING SOLUTIONS ACCNET ERP INTEGRATED AI AUTOMATE ALL BUSINESS
AccNet ERP is a software solution financial accounting integrated in the management system, comprehensive enterprise, which is developed by Lac Viet corporation. Difference highlights of AccNet ERP is the app artificial intelligence (AI) in many accounting process to help businesses:
- Automation of accounting and classified documents.
- Improving the accuracy in data control.
- Shorten processing time business accounting – financial.
Thanks to that, AccNet ERP not only is support tool but also a “smart assistant” with the business in financial management transparent effect.
Feature highlights:
✔️ Automatic accounting vouchers, collate public debt thanks to AI.
✔️ Manage your finance – accounting multi-branch, multi-subsidiary.
✔️ Financial statements consolidated standards of Vietnam & international (VAS, IFRS).
✔️ Cash flow management, budgeting, forecasting the exact cost.
✔️ Connect with the manure management system, hr, production, sales to sync data.
✔️ Integrated AI technology in data analysis, risk warning and proposed optimal scheme.
TYPICAL CUSTOMERS ARE DEPLOYING ACCNET ERP
Nitto Denko – control production costs thanks to the application of accounting costing: Nitto Denko has chosen solution AccNet ERP to deploy the system accounting calculating cost ofhelp business control costs more effectively in the production process. After a period of use, company, highly effective, practical system that brings, as well as the degree of stability superior to other software in the market.
• ANTESCO – restructuring process works with management accounting operation: At ANTESCO, our team of consultants and deployment of AccNetERP has collaborated closely with the business in the first phase, reset the standard process and construction work-flow related departments throughout. The solution has helped ANTESCO significantly improve management capabilities, operating in a synchronized way and versatile
• Khatoco – expansion pack solution AccNetC after the successful implementation of original: Vietnam has successfully deployed package solution AccNetC for trade co., LTD Khatoco in Nha Trang, according to the agreement signed on 29/07/2014. After the system is first put into operation efficiency, Khatoco intends to continue cooperation and expand the distribution finance – accounting and retail management with AccNetC, expressing the deep trust in implementation capacity and quality of service from Vietnam.
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INTEGRATED AI ACCELERATION CONVERTER OF ACCOUNTING
AI in AccNet ERP't just stop at automate data entry, but also:
- Identification & classification certificate from smart: AI scan, read & sort invoice, voucher, receipt, limit errors due to input manually.
- Financial forecasting & budget: the system uses algorithms machine learning to forecast cost, revenue, business support decision fast.
- Warning risk accounting: AI to detect abnormalities in the book, from which timely warning of false or fraud risks.
- Reports assistant smart: AI suggested report template, automatic data aggregation support, leadership, financial analysis instant.
BUSINESS IS WHAT WHEN IMPLEMENTING ACCOUNTING SOFTWARE VIETNAM?
- Experience more than 30 years develop software solutions business management in Vietnam.
- Ecosystem of comprehensive: AccNet ERP easily connect with other solutions of Vietnam (HRM, Workflow, Portal...).
- Advanced technology: Integrated AI support, cloud & on-premise flexible.
- Services dedicated support: A team of knowledgeable professionals with accounting – finance in Vietnam, companion throughout the deployment.
- Trust from thousands of customers in many areas: finance, banking, manufacturing, trade, services.
See details, feature & get FREE Demo
CONTACT INFORMATION:
- Hotline: 0901 555 063
- Email: accnet@lacviet.com.vn | Website: https://accnet.vn/
- Office address: 23 Nguyen Thi Huynh, Phu Nhuan, ho chi minh CITY.CITY
2.3. Application AI process optimization audit
AI has the ability to optimize processes, internal audit through analysis, automatic detection of anomalies in financial data. Instead of depending on the prototype, traditional, AI allows auditors perform comprehensive tests on the entire data set. This helps to detect deviations that people overlook, especially in the complex process.
AI also has the ability to continuously monitor, alert upon detection of unusual transactions, help business risk prevention in a timely manner. According to the report of EY (2023), the organization to apply AI in auditing have the ability to detect unusual transactions fast folded 3 times compared with the traditional methods, thanks to the ability to analyze fast and automatic of this technology.
In addition, AI also helps to increase the reliability of the data by comparing the income and expenditure accounts, guarantee the accuracy of the figures financial statements. The result is that the financial reporting is not only fast but also more accurately meet the increasing requirements on financial transparency from the management agencies.
2.4. Application AI to detect financial fraud
One of the most important benefits of AI is the ability to detect, prevent financial fraud. AI has the ability to detect the suspicious behavior by analyzing the signs of abnormalities in behavioral finance. For example, AI can automatically detect when a transaction exceeds the permissible level, or when a transaction has unusual properties occur.
According to a study by PwC (2022), the application AI in fraud detection financial has helped businesses reduce losses due to fraud cause up to 30%, thanks to the ability of early warning, timely prevent the fraud. AI technology helps to detect the behavior patterns unusual that people ignore thanks to power machine learning (Machine Learning) capabilities and extensive analysis on the big data.
A number of tools AI stand out as software to detect fraud based on AI of IBM, currently can track thousands of transactions at the same time, automatic analysis, give a warning when it detects high-risk. This not only protects your business, but also enhance the trust in the financial system business.
3. X5 PERFORMANCE with application AI chatbot on software, LV-DX Accounting from Vietnam
With the booming development of technology, software solutions, constantly updated, improved, given the optimal version, more effective. No exception to that trend, accounting software, LV-DX Accounting develop more new features. In which the LV-DX Accounting integrated AI in accounting has support for businesses in the optimization of accounting processes, minimize errors, and enhance work efficiency.
3.1. Read about management software, financial accounting LV-DX Accounting
LV-DX Accounting is a management software, financial accounting developed by the company shares Information, Lac Viet. By using accounting software, businesses can minimize errors caused by human factors causes. The software automatically check and collate the data to help ensure accuracy and reliability of financial information.
LV-DX Accounting, business support full range of professional accounting from the recording of daily transactions to financial reporting. Automate the storage, processing invoices, vouchers and help save time. Provide the financial statements in detail and ability to analyze data and assist in taking out the strategic decisions.
With LV-DX Accounting business easily access financial management in anywhere when connected to the internet using cloud computing technology. Software use data encryption system, automatic backups to ensure information security for business.
Moreover, the software always updated to the most advanced technology to support the organization in the management of finance, accounting. In that application, the AI in accounting helps businesses make decisions accurately through the ability to track, analyze, predict the trend of the financial.
>>> View details about 8 App AI in finance outstanding 2024
3.2. App AI in accounting LV-DX Accounting
LV-DX Accounting integrated with many modern features of artificial intelligence (AI)to help automate and optimize processes accounting. Below are the striking features when the application AI in accounting software, LV-DX Accounting:
Automate data entry, invoice input
App OCR technology and artificial intelligence AI, the system has the ability to read, dissection, handling, automatic data entry, invoice information input correctly. Thanks to OCR technology and AI, data entry becomes more quickly, reduce errors, minimize the time, effort than entering data manually.
Accounting assistant smart LV AI
AI Chatbot Lac Viet integrated in LV-DX Accounting help answer all queries in real-time. Through it, users are provided with the query results right in functions, statistical reports, helping leadership decisions quickly. This helps to minimize the time to process and report, at the same time enhance the ability to react to emergency situations.
Analysis and financial alerts
Accounting assistant Chatbot AI Lac Viet continuously monitor the financial indicators of the enterprise, given the warnings about the fluctuations instant. This feature helps enterprises manage risk in a proactive and timely adjust financial strategy.
Besides, AI analyze historical data of the business to predict trends, which helps financial planning efficiency. Business can rely on these forecasts to prepare and adjust business strategy.
Automation remind the public debt
Artificial intelligence AI in accounting software, LV-DX Accounting features automatically schedule and email reminder about the term public debt payments. This feature not only enhances customer experience but also help with business debt management efficiency.
24/7 support
Accounting assistant LV integrated AI platform ChatGPT and Gemini, to help answer any questions about the policy and regulation of financial accounting. Thanks to that, the business can access information accurate and timely, regardless of time, place.
With these outstanding features of artificial intelligence, LV-DX Accounting not only help businesses optimize accounting process, but also improve the efficiency of financial management, to bring competitive advantage in the business environment is increasingly fierce.
Lac Viet Financial AI Agent to solve the “anxieties” of the business
For the accounting department:
- Reduce workload and handle end report states such as summarizing, tax settlement, budgeting.
- Automatically generate reports, cash flow, debt collection, financial statements, details in short time.
For leaders:
- Provide financial picture comprehensive, real-time, to help a decision quickly.
- Support troubleshooting instant on the financial indicators, providing forecast financial strategy without waiting from the related department.
- Warning of financial risks, suggesting solutions to optimize resources.
Financial AI Agent of Lac Viet is not only a tool of financial analysis that is also a smart assistant, help businesses understand management “health” finance in a comprehensive manner. With the possibility of automation, in-depth analysis, update real-time, this is the ideal solution to the Vietnam business process optimization, financial management, strengthen competitive advantage in the market.
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3.3. Benefits of the application of AI in LV-DX Accounting
The integration of artificial intelligence (AI) into accounting software, LV-DX Accounting brings many practical benefits, help businesses improve performance and financial management in a more efficient manner.
- Enhanced accuracy: AI helps to reduce errors during data entry and calculations
- Save time: automatically turns the accounting process complexity, reduce manual work
- Improve financial management: Provides the detailed reports and in-depth analysis of the financial situation enterprise
- Advanced security: AI detect, prevent fraud, data protection, financial
Application AI in accounting LV-DX Accounting help business process optimization, accounting, minimize errors, and enhance work efficiency. With the new feature to be updated, developed from artificial intelligence AI software to enhance the ability to analyze financial data, boost productivity work for the accounting department as well as the general performance of the organization.
4. Challenges that need to be noted when implementing AI in accounting
4.1. The initial investment is high
Although AI bring significant benefits, but the initial investment to deploy the AI system is a huge barrier for many businesses, especially the small and medium enterprises. The shopping software, system hardware, staff training, use AI require an investment is not small. According to a survey by Gartner (2023), the cost of investment into AI system accounting can range from 10,000 to $ 100,000 depending on the size of the business, the level of automation desired.
To solve this problem, businesses need to have a strategy specific financial, reviews clear to the actual needs. For the small business, hiring or use of the service, AI according to the SaaS model (Software as a Service) can be selected in accordance to save the initial cost.
4.2. Risk of data security
AI requires access to large amount of financial data of the business, increase the risk of leakage, attack data. If no security measures suitable, the business may face the risk of loss or stolen financial information is important, causing serious consequences on the reputation and financial.
To ensure the safety information, businesses should choose the supplier AI is reputable, integrated security measures such as data encryption, authentication, layered security tracking continuously. A number of solutions AI is now also provides tools to detect, prevent network attacks in real-time to help businesses protect the financial system of more effective.
4.3. Requires skill, change corporate culture
The deployment of AI success requires not only technical knowledge but also ask the staff accountant must learn to work with the tool new AI. This may require training courses, long-term cultural change work in the business. To efficiently exploit AI, accountants need to understand the process automation, how to interact with the AI system to ensure that the outputs match exactly.
Businesses need to invest in training, build a work environment that encourages flexibility, learn and adapt to new technology. According to the Harvard Business Review (2023), the business investment in skills training AI for staff has increased the working efficiency up to 35%, reducing the errors in the accounting process.
4.4. Compatibility with existing systems
AI often requires integration with the accounting system currently available, thus compatibility issues between the old system and the new is a big challenge. To minimize difficulties in the integration, businesses need to thoroughly evaluate the solution AI before deployment, choose the easy solution to integrate or have the ability to customize flexible.
The application AI in accounting not only helps business automate the complex process but also enhance the ability to detect fraud, optimizing costs and increase accuracy in data processing. AI plays the role as a “right hand” in the decision support, financial help managers not only capture financial situation quickly, but also can predict prepared for situations upcoming business.
However, to achieve this benefit, businesses need to prepare thoroughly, from the financial investment, human resource training to security data system. By carefully considered, planned deployment accordingly, businesses can harness the maximum potential of AI, from which improve operational efficiency, competitiveness on the market.
5. Business should start the application AI work in accounting from?
To app AI in accounting efficiency, businesses can't deploy massively that needs a clear roadmap in accordance with the scale and business goals. Below is the step practices:
Step 1. Needs assessment scale business
First of all, businesses need to clearly define the problem you're facing. It could be a problem on the volume of stock from too large, time-consuming data entry, or difficulties in the analysis of data for decision-making.
For example, a commercial company to handle thousands of bills of sale each month will prioritize applications AI to stitch accounting, reconcile vouchers while a production company can focus on forecasting the cost of raw materials and cash flow management. Understanding the needs of helping businesses do not “investment” that focus on the point to bring the highest value.
Step 2. Choose accounting software with integrated AI
The market today there are many solutions accounting application AI from international as SAP, Oracle NetSuite to the software in the country. A typical example is LV-DX Accounting, AccNet ERP solutions financial accounting for business Vietnam. AccNet ERP supports not only manage the books and financial statements but also integrated the ability to automate many of the accounting profession. AI system can:
Automatic recognition classification of invoices and vouchers.
Alerts when there is a difference abnormalities in cost or revenue.
Support financial reporting, fast, accurate, significantly reducing the time compared to manual processing.
Businesses apply AI in the finance can reduce 30-40% of the cost of processing accounting data thanks to automation (source: Deloitte Insights – Finance in a digital world). With software such as AccNet ERP, enterprises can leverage the power AI remained consistent with accounting standards, legal regulations in the country.
Step 3. Advanced training human capacity
App AI in accounting is not meant to completely replace humans, which is the combination. Business need training accounting staff so they know how to exploit the software, read out data analysis by AI offer and metabolism of the proposed administration. This step is important to avoid the situation “have the technology but not the harness is value”.
Step 4. Implemented in small steps, avoid investment
A roadmap feasible is to start from the business to standardize such as automatic input vouchers, then expanded into data analysis, forecasting, cash flow, cost control. The deployment of phased help business proven effective, timely adjustment ensures a reasonable investment.
In summary, businesses to use AI in the field of accounting should approach route: identification of the needs, options software solution suitable as AccNet ERP, combined training, staffing, and deployment step by step. This not only saves costs, reduce risks but also open up opportunities transformed the role of accounting from the “recording data” to “strategic” with the business.
Finally, Application of AI in accounting not just a technology trend, which is a tool to change the game for businesses. Investing in AI is a strategic decision to help businesses optimize processes, reduce errors and improve productivity, while ensuring the sustainable development and meet the demand for increasingly demanding market.
Related questions
1. App AI in accounting what is it?
AI in accounting help automate processes, reduce errors and to improve performance, handling financial data. Common applications include:
- Automatic data entry, invoice processing: AI identification information from invoices, vouchers, automatically accounted for in the system.
- Reconcile transactions: AI compare data book with actual transactions, detect deviations quickly.
- Financial analysis, cash flow projections: AI predict trends in income and expenditure, supports enterprises to optimize cash flow.
- Support auditing, fraud detection: Machine Learning, data analysis, accounting to identify unusual transactions.
- Assistant AI supports accounting: Chatbot AI helps to answer queries about the process, accounting, regulatory, tax, financial statements.
2. AI has the replacement is not accountants?
AI can't completely replace accounting, but can strong support by the automation of repetitive tasks to help accountants focus on the task to be more strategic as financial analysis, tax planning, management consulting.
- AI skilled in the data processing, detect errors, optimize accounting process, but still need accountants to interpret results, ensure compliance with legal, financial decisions.
- Accountants need to combine AI to enhance performance, but the role of thinking, analysis, control risks of children who still can not replace.
AI does not remove accounting that help accountants work faster, more accurate and more valuable in the organization.
