AI in accounting boosts compliance and fraud detection

Accounting and corporate finance are notoriously document-intensive. From invoices to expense receipts, employee signatures and purchase orders, documents in print or electronic form are a mainstay of finance life. However, document-centric systems and processes are tedious, time-consuming and error-prone. AI-based systems aim to address these needs by applying natural language processing, content summarization, computer vision and other technologies that allow companies to automatically process a range of documents. The market is already starting to see many vendors offering products with machine learning that can handle inbound invoices, process purchase orders, handle expense reports and reimbursements, and route everything to the correct departments, saving organizations both time and money.