At this year’s Sage Intacct Advantage conference in Las Vegas, Sage Intacct announced Pacioli – Sage Intacct’s future in AI.
Luca Pacioli, a Franciscan friar and friend of Leonardo da Vinci, is credited as the creator of the double-entry accounting system. Now, Pacioli is the face of Sage Intacct’s future digital assistant to their users. Pacioli products or timeframes for release have not been announced, but we can rest assured, it is something to expect from Sage Intacct going forward.
In a digital world where AI (artificial intelligence) integrates into our daily lives, online, in our homes, and at work, we should expect nothing less than that our cloud accounting solutions will follow in stride.
We will keep on the lookout for Pacioli. What should we expect from a bot assistant and machine learning to make our financial processes faster, stronger and more secure?
Reporting and Compliance
In the future, for accounting firms, we can expect to see regulation and organizational policy compliance monitoring. This year we are seeing ASC 606 and IFRS 15 compliance guideline changes. Going forward, AI would be a welcome time-saving tool to ensure company data is being organized to meet compliance in a more automated way.
Risk Management
Because AI can catch anomalous events in your data and transactions, artificial intelligence is a great detection and support tool against fraud and human error. AI can sift through reams and reams of data to search for inconsistencies and errors to save the finance and IT departments time, effort and resources.
Trend Analytics
Machine learning and artificial intelligence have the capability to take complex data, like business metrics, in high volume to analyze and form predictions that support financial management in strategy and decision-making.
Auditing
Because AI can easily analyze large quantity contract documents and compile them into useful data, it is an ideal support tool for auditing. Having AI as a support assistant means auditors are free to focus on tasks requiring more judgment and expert analysis outside of data sorting and compiling.
When we consider artificial intelligence and how it can support financial management, we can begin to imagine more time and more specialized tasks in our grasp. AI is just one more offering that Sage Intacct will bring to their users to keep them at the forefront of innovation.
Best-in-class financial management solutions like Sage Intacct can help your teams find the support they need to work smarter for your company’s future.
Contact us to learn more about how innovation can move your company forward.