Artificial intelligence (AI) and machine learning offer limitless opportunities to not only continue the evolution of the accounting industry, but completely revolutionize it all over again. The rate of technological innovation will mean that the sector is likely to see more innovation in the next two to three years than it has experienced in the past decade.
At Xero, we have a machine learning system that learns what accountants change in the system and what it relates to – an invoice for time spent on site should be recorded against Sales – Labor, not Sales – Materials, for instance. The machine learning automation evolves with the processes used by the business and their advisor – when the small business comes to create their next invoice, Xero automatically suggests the account code so they don’t inadvertently make a mistake.
