Accounting & Artificial Intelligence: The Growth of AI in ERP Systems

The evolution of Enterprise Resource Planning (ERP) systems has been nothing short of transformative, especially in recent years, as technological advancements have reshaped how businesses operate. Artificial Intelligence (AI) plays a crucial role in shaping the future of these systems, pushing the boundaries of what is possible within organizational management.  

As businesses increasingly adopt automation and embrace data-driven decision-making, AI is vital to ERP solutions that seamlessly integrate core business processes such as accounting, inventory management, customer relationship management, supply chain management, and human resources. This integration streamlines operations and boosts efficiency across various departments by reducing manual tasks and minimizing errors.  

Furthermore, AI-enhanced ERP systems provide opportunities for deeper insights through advanced analytics and predictive modeling, enabling organizations to make informed strategic decisions based on real-time data. These capabilities empower businesses to respond more swiftly to market changes and consumer demands, fostering a more agile operational environment. 

Check out how AI influences the latest developments in ERP systems and explore the AI tools you might already utilize! 

The Role of AI in Accounting 

AI technology in accounting focuses on automating repetitive tasks and analyzing large amounts of financial data to provide insights for decision-making. This includes tasks like expense categorization, invoice processing, bank reconciliations, and fraud detection. By automating these tasks, companies can reduce errors while freeing up their employees’ time to focus on more strategic and analytical work. 

Benefits of AI in ERP Systems 

The integration of AI technology in ERP systems brings several benefits for companies, including: 

• Increased Efficiency: With AI automating repetitive tasks, accounting processes can be completed faster and with fewer errors. 

• Better Decision-Making: AI’s ability to analyze large amounts of financial data helps companies make informed and data-driven decisions. 

• Cost Savings: Automating tasks can save companies money by reducing the time and resources required for manual work. 

• Improved Compliance: With strict regulations surrounding financial reporting, AI-powered ERP systems can help ensure compliance with accuracy and consistency. 

Does My ERP Use AI? 

Many ERP systems are now integrating AI technology into their solutions—especially ERP systems built and maintained in the cloud. Some examples of AI features available in an ERP include: 

Acumatica 

Acumatica offers a variety of AI features, including: 

• AP Document Recognition – Import PDF documents from files or directly from email attachments and transform them into AP documents.  

• (Expense) Receipt Recognition – Cover tracking and recording expenses automatically.  

• GL Anomaly Detection – Review posted transactions and surface potential mistakes. Validate dates on financial forms, processes, and projects and reject dates that do not match a financial period on the master calendar.  

• Auto-Predict Text While Typing – The AI-powered algorithm predicts text strings and allows fields to be auto-populated with a click as users enter information. Over time, the system improves in anticipating what the user intends to type.  

Sage Intacct 

Sage Intacct also has a plethora of AI options, including: 

• AP Bill Automation – Import PDF documents from files or directly from email attachments and transform them into AP documents.  

• Intelligent Time – AI-powered time tracking software. Track productivity, attendance, unplanned activities, and more. Reconstruct the work week and recapture forgotten billable time. Get accurate project costing to improve estimates of future projects.  

• Intelligent GL – GL anomaly detection scans thousands of transactions to identify and flag anomalies for corrective action, enabling a continuous audit.  

NetSuite 

Another notable ERP, NetSuite, also incorporates AI into their platforms, including: 

• AI Assistant – By using AI, you can automate well-defined tasks.  

• Focused Insights – NetSuite stores, secures, and structures your business’s data while leveraging AI to perform tasks, suggest actions, generate unique business insights, and analyze data.  

• AI Advisory – Advanced AI technologies within NetSuite can advise and guide leaders, improve future outcomes, and support decision-making.  

Ready for AI-Powered Accounting? 

Integrating AI in ERP systems significantly advances how organizations approach accounting and broader business management. By automating routine tasks and providing insightful analytics, AI-enhanced solutions boost efficiency and empower companies to make faster, more informed decisions.  

As technology evolves, businesses that leverage AI tools will likely maintain a competitive edge in an increasingly dynamic market. Embracing these innovations streamlines operations and lays the groundwork for strategic growth in the future.  

Want to ensure you’re ready for AI? Reach out to BrainSell to take an AI Readiness test and see where your business stands!