Remember the days when accountants were buried under piles of papers, wielding calculators like warriors, battling through endless columns of numbers? Fast forward to 2024, and the accounting game has changed. Thanks to AI and automation, today’s accountants are more likely to analyse data patterns than punching numbers into a calculator.
Curious much? Let’s dive into how technology is transforming accounting with cutting edge tools like Finalyzer, Emerge, and Leazeon!
The old school accountant vs the AI powered accountant
Picture this – it’s 1995. Your accountant, Mr. Sharma, has had his 5 cups of coffee and on his desk lies a stack of receipts taller than a skyscraper. Fast forward to today: your accountant, Mr Sharma Jr. sips his green tea while AI software categorises expenses, automates tax filings, and identifies potential errors within minutes.
But how did it get to this? AI, Machine Learning, and Automation are taking over the grunt work, allowing accountants to focus on what really matters – strategic decision making. These advanced technology handles tasks like data entry, invoice processing, reconciliation and financial forecasting much accurately and quickly, especially beneficial for technical accounting and GAAP accounting advisory tasks.
Let’s explore some of the game changing tools:
- Finalyzer –
Who’s it for:
Finance managers and accountants seeking deeper analysis of company performance.
What it does:
Imagine having a tool that not only tracks your financial but also predicts future financial trends. This cloud-based AI power packed tool does just that. It pulls financial data, performs predictive analysis and provides easy-to-understand insights on profitability and cash flow. Now accountants can deliver strategic value, not just balance sheets.
Real life benefit:
Let’s say you want to know how a 10% increase in cost might affect your net profit in six months – You will have it in the palm of your hands in minutes through Finalyzer.
- Emerge –
Who’s it for:
Businesses looking to automate tax compliance and invoicing processes.
What it does:
If compliance paperwork is your worst nightmare, then Emerge is your new bestfriend! This AI enabled tool ensures you never miss a deadline filing your taxes. It tracks and generates invoices, calculates taxes and even files your GST returns for you. For business owners, this means fewer hours spent on mind-numbing papers and more time focusing on scaling your business. And the cherry on top? It reduces human error and the penalties that come with mis-filings.
Real-life benefit:
Let’s say a business sells across multiple states in India, each with its own GST rules. Emerge simplifies the entire process by automatically calculating the right GST for each invoice, filing returns and generating comprehensive tax reports – zero manual effort on your end.
- Leazeon –
Who’s it for:
Companies with large leasing portfolios or multiple assets to manage.
What it does:
Leazeon is a lifesaver for accountants managing multiple leased assets. It tracks lease agreements, schedules payments, and ensures compliance with the latest accounting standards, like IFRS 16. This makes end to end financial reporting much easier due to the organization and automating capabilities of Leazeon.
Real-life benefit:
Instead of managing an Excel Sheet of rent payments for 20 stores, Leazeon does it for you and provides compliance reports, saving you hours of tedious admin work.
What’s Next?
Don’t worry, AI isn’t here to replace accountants’ jobs. Instead, it’s here to make their lives easier. With AI handling all the heavy lifting, accountants can shift their focus from transactional tasks to higher value work like financial planning, risk analysis and strategic advisory roles.
Want to bring your accounting to the 21st Century? Book a consultation call with us today. Contetra’s gaap accounting and technical accounting advisory services helps you automate your accounting! Because honestly, wouldn’t you rather focus on growing your business than balancing spreadsheets? Let’s make your finances future ready in a few clicks – Schedule a call now, and we’ll handle the rest!
