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HOW TO MEASURE THE ROI OF AI IN ACCOUNTING

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HOW TO MEASURE THE ROI OF AI IN ACCOUNTING

Naveen Joshi 25/11/2021
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02:41 Listen to this article


AI possesses the qualities that make it a perfect fit for automation in
financial accounting.

It is important to quantify the results achieved by these qualities to get an
accurate ROI estimate for AI in accounting.

Accounting is a function that demands extreme diligence, accuracy and analytical
ability, all of which AI possesses in spades. While AI’s massive data processing
capability has always been an asset to accounting teams in organizations, its
newer subsets like natural language generation and computer vision have
completely reshaped the field of financial accounting and reporting. However,
accurately gauging the ROI of AI in accounting is a task that can challenge even
the most accomplished accounting AI tools. That’s because it involves a
combination of a lot of real as well as hypothetical components, as follows:




NUMBER OF MAN-HOURS SAVED

The most obvious benefit of using AI in accounting is the number of man-hours it
saves for the accounting team. Accounting involves a lot of activities that
require tedious data entry and analysis. Using tools like computer vision and
Optical Character Recognition (OCR), AI-driven accounting tools ensure that data
from different sources are instantly gathered and filed in the required places.
The number of man-hours that would be otherwise used to file and reconcile
accounting records by an organization’s accounting team can be logged in as an
ROI component. This is the most straightforward component of ROI calculation for
AI in accounting.


COST OF NON-COMPLIANCE

The primary reason for organizations having specialized accounting teams is so
that they can comply with financial regulations. A team of qualified accountants
aided by modern AI tools helps companies avoid heavy financial penalties,
reputational damage and loss of goodwill. Calculating the ROI for AI in
accounting should, therefore, include the cost that the company would have paid
for non-compliance. However, this can get a little complicated as the penalties
for different types of non-compliance can differ and may not follow a standard
model. Moreover, the cost of non-compliance can not be accurately assessed until
it is actually imposed, and so the money saved through compliance is a purely
hypothetical estimate.


GAINS FROM ACCURATE PREDICTIONS

Companies use historical financial data to make forecasts and plans. To do so,
the finance and accounting teams perform analyses on financial data using AI
algorithms to optimize financial planning. However, just like the savings made
through compliance, the financial gains made through accurate AI predictions are
hard to quantify. As a result, the cost of accurate predictions cannot be made
with absolute certainty.

These components of ROI for AI in accounting can be calculated by applying a
variety of approximation and extrapolation techniques. In order to gain a
reasonably close ROI estimate, businesses should consider both historical
company data and industry benchmarks.


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NAVEEN JOSHI

TECH EXPERT

Naveen is the Founder and CEO of Allerin, a software solutions provider that
delivers innovative and agile solutions that enable to automate, inspire and
impress. He is a seasoned professional with more than 20 years of experience,
with extensive experience in customizing open source products for cost
optimizations of large scale IT deployment. He is currently working on Internet
of Things solutions with Big Data Analytics. Naveen completed his programming
qualifications in various Indian institutes.

Naveen is the Founder and CEO of Allerin, a software solutions provider that
delivers innovative and agile solutions that enable to automate, inspire and
impress. He is a seasoned...

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