AI is here. Say goodbye to accountants!

Not very far in the past, accountants were regularly – and in a somewhat derogatory way – alluded to as "paper pushers" due to the immeasurable amounts of paper records and receipts they dealt with.

Be that as it may, nowadays, everything is going digital. Indeed, a child born today may never need to deal with paper money in her life. To an ever increasing extent, it's not recently the money that has gone digital, but rather everything that accompanies it too: receipts, record-keeping, audits, taxes, and so on.

Today, many companies are thinking of ideas utilizing artificial intelligence to help small companies and medium-sized enterprises automate their accounting systems and financial reporting. One of them is Smacc, which utilizes AI to automate accounting and is supported Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity and business heavenly attendants.

Customers submit their receipts to Smacc, which transforms them into a machine-readable format, encrypts them, and after that allocates them to an account. The stage step by step likewise self-learns, tracking invoices, sales and costs, and also their liquidity.

Obviously, the primary dread is that these new technologies will erase jobs, however some supporters say it will be a job creator. The reasoning is that minimum in the short term is unlikely that companies and individuals will trust a computer to perform these complex — and essentially important — tasks totally all alone. Human oversight and course will be wanted and required for quite a while to come.