The accounting services industry includes bookkeeping, the preparation of financial statements, preparation of tax returns, auditing, assurance, and advisory services. EHLAI will focus on the (1) bookkeeping, (2) preparation of financial statements, (3) document aggregation and retrieval, and (4) preparation of tax returns.
Cloud computing has helped automate many of the time-consuming tasks involved in preparing financial statements and tax returns. While cloud-based accounting software is more accessible, they are not easier to use.
They will provide real-time information, but small business owner needs to invest the time and must have the knowledge to take full advantage of the software. The saying goes, ‘garbage in, garbage out.’ Most small businesses in the US do not have this skill set.
Some really large firms are making large-scale investments in technologies that enable them to extract value through data mining, analytics. The investment includes machine learning/artificial intelligence, robotic process automation, and blockchain data structures.
I don’t work at a large firm, but I do understand the data and my clients. I am going to test the intelligent system in my firm (Alpha).