From the adding machine to the pocket calculator and the personal computer, new technology has given accountants a variety of tools that have revolutionized the entire industry. As revolutionary as these technologies have been, few promise to be as disruptive as blockchain and AI, which may take on many of the tasks human accountants handle today. In the future, your business and investment finances might be almost fully automated, which can eliminate mistakes and oversights.
How AI & Blockchain Could Affect Accounting
Artificial intelligence already powers many ubiquitous technologies, from search recommendations to cell phone voice recognition. Unlike traditional programs, AI learns how to perform certain tasks, rather than simply following instructions in the code. This gives them the ability to quickly analyze vast reams of data, potentially revolutionizing the world of corporate accounting. For example, a thorough audit of a large business might take weeks, but a powerful AI could finish the project in a matter of hours. This technology will give even independent accountants the ability to provide a greater range of services and detect fraud a human might have missed.
What Is Blockchain?
Originally developed to track BitCoin transactions, blockchain stands to revolutionize day-to-day financial tracking for businesses in every industry. Essentially, blockchain is a ledge of transactions distributed across a network of computers, reconciling and closing transactions in real time. Once a transaction is closed, the ledge is completely updated, and all entries are permanent, increasing accountability and ensuring complete record-keeping. Because they’re software-based, blockchain will give even small businesses amazing capabilities without significant capital investments in hardware.
No matter the size of your business or the industry you’re in, the accountants at SDK CPAs in Minneapolis, MN, provide unique strategies and proven solutions powered by the latest innovations. Their team combines a broad range of services and personal attention with the cutting-edge tools designed to take the stress out of managing your company’s finances. Visit their website to learn more about their accounting services, follow their Facebook for news and updates, or call (612) 332-5500 to discuss your needs and make an appointment.