It is growing increasingly difficult to avoid AI in business and everyday life. It is important to embrace these new developments especially in the fast-moving accounting world, where there is an abundance of powerful and practical software that can help businesses and firms alike to prosper.
It would come as no surprise to hear that these software are integrating AI to optimise how their products run. The most recent development comes from the cloud accounting sphere, where there is an increasing amount of AI usage with each and every product release. Previously, AI was predominantly being used for access to real-time information. It has begun to evolve past this point where the leading platforms are now offering AI features that provide in-depth analytics on your business’s results and even predictions based on your previous trading history.
This can be useful for a vast number of reasons, namely:
- businesses can gain data-driven insights that can help to inform important strategic decisions
- automation can save time and resources, aiding businesses to run more efficiently
- access to predictions and forecasts can help guide businesses to making proactive decisions, be one step ahead of their market, and anticipate trends.
Xero's Analytics Plus add-on
One of the best examples of the above has been the Analytics Plus tool that Xero has rolled out which utilises AI tools to offer their customers a snapshot of their business summary at any given point along with projections on cash-flow and repeat customers. As usual with Xero, this software add-on is completely customisable allowing their users to chop and change this information to streamline seeing the results that they want to see.
More information can be found regarding Analytics Plus on Xero's website.
How we can help
UHY has a wide collection of software and cloud accounting experts that can help aid our clients to incorporate more of these pioneering software into their day-to-day activities, and reporting packages. Taking the above example into account we are a Xero Platinum Partner which highlights how familiar our teams are with the software.
If you would like to make the jump to adopting modern cloud accounting software into your business, then please reach out to Jack Northover on j.northover@uhy-uk.com, or your usual UHY adviser.
