Maximize Your Accounting Efficiency with Artificial Intelligence Solutions

Thursday, 26 September 2024, 10:00

Artificial Intelligence is transforming accounting practices, offering efficiency and speed in various tasks. From using AI Copilot in Excel to employing solutions like Spellbook Associate for contract summarization, accountants can streamline operations and improve productivity. Learn how innovations like Stampli and Black Ore are changing the landscape of accounting with AI.
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Maximize Your Accounting Efficiency with Artificial Intelligence Solutions

Summarize Contracts with AI

If the party of the third part has a headache, you can use an AI to summarize contracts and other tedious documents. You can do this with the AI built into systems like Google or Microsoft Word, but legal documents might require a more specialist approach like Spellbook Associate, a legal-trained AI system that works within Word.

Analyze and Project With AI In Excel

The latest version of Excel has gotten a lot smarter because Microsoft has added their Copilot AI system to it. By organizing your data into a table, you can request Copilot to handle tasks such as merging columns and creating formulae in natural language.

Automate in Excel

Copilot can also write VBA scripts to automate various tasks, such as importing data and filtering. Limitations exist, but integrating with programming languages like Python can enhance these capabilities.

Copilot Is Only The Beginning

Large language models are now applied to spreadsheets, with Microsoft's new SpreadsheetLLM framework enabling AI to summarize epic spreadsheets without using complex formulas.

PO Matching Made Easy

Every accountant has faced a pile of purchase orders. Tools like Stampli utilize AI to automate matching and even understand complex discount structures.

Keep Up With Tax Law Changes

Tax law is complicated, but AI services like Thompson Reuters CoCounsel use AI to manage inquiries effectively, allowing accountants to ask questions in natural language.

Handle Tax Returns Efficiently

Black Ore aims to use AI for the entire tax process, while services like TaxGPT provide tailored responses to specific tax queries.

Practice for Your Exams with AI

If you're studying for the ISC CPA exams, ChatCPA offers unlimited mock exams with automated grading to prepare you effectively.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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