We’re entering a new era of efficiency and innovation with artificial intelligence, and the early adopters will have the greatest competitive edge. Fortunately, Gravity’s multi-company accounting software users can take advantage of AI in accounting right away with new features we’re excited to release.
See how you can achieve new levels of efficiency and have more time to focus on strategic priorities for your organization.
Benefits of Artificial Intelligence in accounting
There’s no question AI and machine learning will disrupt the future of accounting just as it will for almost every industry. However, it’s more likely to replace tasks than entire jobs. A recent report by Goldman Sachs estimates that while AI could automate about a fourth of current work tasks (including about 35% in the accounting and finance industry) only 7% of jobs will be completely replaced by AI.
AI will reduce or eliminate repetitive tasks like data entry and data analysis, payroll processing, and other areas, leaving more time for strategic planning, problem solving, and consulting with business leaders.
Accounting professionals who understand the technology and how to use it well will become much more valuable to their organizations.
That’s why we have invested heavily in developing features that use automation and machine learning to increase productivity. Here are five ways Gravity’s multi-company accounting software users can benefit from them.
Use AI in accounts payable
Paying the bills is a largely manual and time-consuming process for many accounting teams, but it doesn’t have to be with AI-powered invoice processing.
Gravity’s new AP automation feature uses Microsoft Cognitive Services’ Azure Form Recognizer to extract key data from invoices so you can review and process them quickly.
Traditional form readers needed to be trained by accounting teams and could only read forms in a specific format. This eliminates that learning curve so your team can process dozens of invoices quickly, regardless of how they’re formatted.
Detect fraud and check records more efficiently with automated bank reconciliation
Bank reconciliation is an essential part of fraud detection and accurate recordkeeping, but matching each bank transaction to your company’s internal records is a tedious process. Our new bank book integration with Plaid connects to more banks and automatically matches checks processed in Gravity with bank records that have the same amount.
The ability to reconcile multiple transactions at once can save companies hours each week.
Get paid faster with a customer payment portal
Customers are accustomed to convenience when they make purchases today, and most expect the same experience when paying a doctor, chiropractor, or massage therapist. Gravity's payment portal is ideal for providers who offer recurring services. Customers can log in to a secure payment portal, enter their preferred payment method, view invoices and easily make payments or schedule them for later. These payments are reflected in your accounting software in real time, ensuring you always have the most up-to-date financial records.
Build smarter forecasts with multi-dimensional budgeting
Your organization likely has many expenses that fall under specific categories, such as capital improvements. With Gravity’s new budgeting feature, you can tag each expense or revenue stream according with a category labeled accordingly. Now, in addition to viewing expenses or creating budgets by entity, you can add these new dimensions to help you better understand how much you spent across your organization in each category and how much you should forecast for the future. You can also track and forecast revenue for different categories, such as monthly recurring revenue from subscription-based software users, revenue from specific projects, and revenue from consulting services.
Level up accounting automation with the Microsoft Power Platform
Microsoft is investing heavily in automation and artificial intelligence, including AI-powered accounting solutions. It recently introduced Power Virtual Agents to answer customer questions and the AI Builder, a generative AI model that allows your team to create its own apps without significant coding. Because Gravity Software is built natively on the Microsoft Power Platform, its users benefit from its investments in the most advanced technology.
They can stay ahead of the competition by using the latest features and automation tools released by Microsoft before anyone else has access to them.
See for yourself how Gravity’s multi-company accounting software on the Microsoft Power Platform can help you work smarter with automated accounting processes. Schedule a demo today.
Gravity Software.
Better. Smarter. Accounting.
