AI can draft an email, gather research or even plan a menu. As AI becomes more prominent in everyday life, businesses also have a mandate to see where it best fits into their tech stack.
AI tools for multi-entity accounting can help finance teams handle the added complexity that comes with running an enterprise with multiple companies by increasing efficiency, reducing errors and better utilizing employees’ expertise.
A former Forbes contributor describes AI as bringing about a “seismic shift” in the accounting field.
“The integration of AI in accounting is not merely an enhancement; it's a radical reinvention that is shaping the future of the industry,” said speaker and business advisor Neil Sahota.
But while a 2023 Goldman Sachs report stirred debate by predicting the equivalent of up to 300 million jobs replaced by AI in the coming years, experts are quick to emphasize that in most cases AI will enhance, not replace, human employees.
Where finance leaders and teams often struggle to work beyond the requirements of daily business operations, AI accounting software and accounting automation will be responsible for “liberating accountants from the shackles of routine tasks,” Sahota said, so they can focus on more strategic, value-added activities.
There are several tools, spanning a variety of task types, that can complement finance professionals in their roles.
Accounting professionals in an April 2024 Journal of Accountancy article shared their experiences with Microsoft Copilot accounting. They used the AI assistant to create audit document templates, extract details from Excel spreadsheets, identify trends and analyze data in Excel, and more.
One user called Copilot a “game-changer” while another predicted there would be no aspect of his firm’s work that wouldn’t be impacted by the technology “in the very best way.”
In early 2024, Microsoft introduced a version of Copilot designed specifically for finance teams. Built into Microsoft 365 and Dynamics 365, Copilot for Finance uses natural language, deploys role-specific automated workflows, can pull and reconcile data with a simple prompt and can easily detect variances to make financial reporting easier and more accurate.
Part of Microsoft Azure Cognitive Services, Azure Form Recognizer is the technology that powers Gravity Software’s AP automation. Unlike less-advanced invoice processing AI technologies, Form Recognizer is format agnostic, working with all types of documents including phone-scanned images, PDFs and documents that are not laid out in a conventional fashion.
There’s a reason experts consider data extraction one of the top use cases for AI: in the case of AP, it can increase the efficiency and output of high-volume teams while reducing manual touchpoints that can open the door for error. This is especially true with Azure Form Recognizer, as its advanced capabilities mean far fewer invoices must be manually processed.
Many businesses already know how useful Microsoft Power Automate can be for streamlining the approvals process – Gravity Software users at the British Institute of Innkeeping leveraged it to eliminate scores of back-and-forth email chains that were bogging down operations – as well as other common business tasks such as billing reminders or vendor management.
Power Automate is now equipped with Copilot functionality, which can walk users through creating customized workflows to streamline tasks specific to their unique business.
When performed manually, bank reconciliation is a necessary but tedious task that can delay month-end close times. Gravity Software uses AI to automatically match large swaths of transactions across multiple bank accounts. It can also assist in detecting discrepancies so the cause can be identified and rectified before any catastrophic damage occurs.
Artificial intelligence tools can vary vastly in their quality. But Gravity Software users can have the utmost confidence in the solution’s AI tools for multi-entity accounting because of the quality of the software overall.
Because it is natively built on the Microsoft Power Platform, Power Automate and Azure AI tools, along with a host of other applications like Power BI, operate seamlessly within Gravity.
Gravity Software was designed from its inception with multi-entity accounting in mind. Financials for all companies within an organization are housed in a single database, allowing for shared vendors and customers as well as automated intercompany journal entries. This also means any invoice processing AI tools or Power Platform automations organically operate across entities.
Owing to its seamless integration with Power BI, Gravity users have access to consolidated, individualized dashboards that update in real time, allowing for fast-paced decision-making based on the most current information.
As part of the Microsoft ecosystem, Gravity users enjoy the peace of mind that comes with Microsoft’s data security, encryption and HIPAA compliance measures. Multi-factor authentication, role-based user access and audit trails for every transaction are baked into the solution, as are automatic security updates based on the latest best practices.
It’s safe to say AI and accounting automation aren’t just passing trends. Instead, they can be a long-term competitive advantage for a company incorporating them mindfully into its tech stack. AI tools for multi-entity accounting can mean less time spent on burdensome tasks that simply keep the business afloat and more time spent on analyzing trends, negotiating deals and other activities that promote strategic growth and long-lived success – not just stagnant existence.
Microsoft, on whose Power Platform Gravity Software is natively built, continues to expand its AI offerings with applications such as Copilot, Power Virtual Agents and AI Builder. Gravity will continue integrating these advances into its product roadmap as they prove themselves in the marketplace.
Want to continue exploring AI-driven multi-entity accounting? Schedule a demo with Gravity Software today.
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