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CARBS Business Review

Revolutionizing the field of Accounting and Finance with the invasion of Artificial Intelligence

Abubkar Saddique

28 September, 2023

We are living in a fast paced and data-driven world nowadays. Everything revolves around computers, software, and data. Advancements all around the world are breath taking and unbelievable to some extent which brings us to the hot topics of the year by the writers of futuristic Sci-Fi movies and now exists as Artificial Intelligence. It began with small algorithms on the back-ends of our social media applications but now it exists and used vastly all around the world in every field of life, either in businesses, home works or daily tasks and currently updated in Snapchat as your AI Friend.

 

Artificial Intelligence (AI) is officially being used in business sector all around the world. Businesses are constantly seeking innovative ways to streamline their operations and enhance decision making processes. It is not that commonly used in Pakistan yet but worldwide it has become a great part of businesses.

 

Talking about use of Artificial intelligence (AI) in Pakistan, only a few large-scale businesses are officially using that, mostly in the field of Marketing, HR and to some extent in Accounting and Finance. Projecting sales forecast based on previously available data, allocating best fit of Human resources, budgeting, evaluations, increments etc. can go on and on about the Artificial Intelligence (AI) involvement.

 

Let’s begin with the involvement of Artificial Intelligence (AI) in the field of accounting and finance as the topic states, it does revolutionize the said field. Artificial Intelligence (AI) is being used in the field of accounting and finance in generating financial statements, projecting incomes and profits, data analytics and many more.

 

A Company named Go for Customers (G4C) Private limited is security providing in United Kingdom. G4C is providing all the essential business running services to 360 Alert security including Human Resources, Accounting and Finance, Control Room, Operational Management as well as Administrational. We (G4C) are using a software named Smart Task for our administrational and financial tasks. This used to be a pretty manual all along until recently, when it got updated and now it provide Artificial Intelligence (AI) in many tasks which we used to do manually including following.

  • Income Projections
  • Profit calculations
  • Employee pay summary

Income Projection-previously we can only calculate employee’s previous income data but now it can automatically schedule them in future and is able to calculate future incomes on the basis of shifts they will be doing.

 

Profit Calculations– this option is for company obviously, as we have a decided charge rate for our client and pay rate for our employees. This option now can calculate the profits with the difference of both rates. This way we knew before time that what could be the profit margins for that working month.

 

Lastly, Employee pay Summary– in this particular advancement we can have the pay summary of employees on a click, after all deduction’s additions, extras and bonuses, the total payment we owe our officers for working. All this was mostly done manually before this Artificial Intelligence (AI) update, but now it’s only a command away.

 

Another Software we use for Client end is named as Sage. It majorly deal with invoices, bank information’s, credit and debit, and different financial statements generation. Data entry on this is still have to be done manually although the rest of it is majorly automated now. In this can add client profiles which includes all their personal data. Afterwards, invoicing can be done on selected time span basis.

 

 

Artificial Intelligence (AI) in Sage have allowed us to project different financial statements and all kind of data analytics just by a click.

 

 

In conclusion, we would like to say that it does seems scary sometimes that how much Artificial Intelligence (AI) have become part of our lives and what the future might beholds. In reality, it is a big help. It has eaten up many jobs and yet it provides the authentic and best solutions to our problems and helps us in the best way forward. If more advancements would come, we should have an open mind to accept it, in order to cope with the current world.

 

Abubkar Saddique

Abubkar saddique is an active professional in finance. He is currently doing his MBA from CARBS, Superior University, Lahore, Pakistan. His contribution in financial services is unarguable.

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Disclaimer

Please note that all opinions, views, statements, and facts conveyed in the article are solely those of the author and do not necessarily represent the official policy or position of Chaudhry Abdul Rehman Business School (CARBS). CARBS assumes no liability or responsibility for any errors or omissions in the content. When interpreting and applying the information provided in the article, readers are advised to use their own discretion and judgement.

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