Application of AI in Vietnamese accounting services

AI is gradually becoming an indispensable part of our lives and work. The accounting industry is no exception to this trend. The application of Cloud-based accounting services has brought about positive changes, helping to automate processes, improve accuracy and work efficiency. Let’s join S4B Vietnam to learn more about how AI & automation in accounting applied to support accounting!

1. Why do businesses need to apply AI in accounting?

AI in accounting is the application of artificial intelligence (AI) to automate, optimize and improve the efficiency of accounting processes, including data entry, financial analysis, fraud detection, financial reporting and forecasting, helping to reduce errors and enhance strategic decision-making.

By using machine learning and natural language processing (NLP) algorithms, AI helps reduce human errors, speed up data processing, improve accuracy and support managers in making data-driven financial decisions. AI in accounting not only helps automate repetitive tasks but also improves in-depth analysis, creating optimal financial strategies and budgeting plans.

Thanks to AI, tasks such as big data analysis, financial forecasting and fraud detection can be performed quickly and accurately. For example, AI has the ability to predict future costs or revenue based on historical data, helping businesses develop effective business strategies and improve cash flow management.

AI & automation in accounting

2. Future trends in accounting services

2.1. Applying AI to automatically enter data and process financial transactions

Data entry is one of the most error-prone jobs in accounting. Previously, accountants had to spend hours entering invoices, receipts, and other financial documents, but AI has completely changed this process. Thanks to Optical Character Recognition (OCR) and Natural Language Processing (NLP), AI can read paper documents or image files, then convert them into digital text and enter data directly into the system, helping to minimize errors and save time and resources.

A study by Accenture shows that businesses using AI to automatically enter data can save up to 75% of processing time and reduce errors by up to 98%. Even with the combination of NLP, AI is capable of processing complex transactions, automatically recording revenues and expenditures and quickly reconciling data, helping accountants focus on more advanced analytical work.

2.2. Applying AI to manage financial data analysis

Company such as S4B Vietnam and Finance team has applied Cybersecurity & data protection in accounting in financial analysis, cash flow prediction, helping businesses make more proactive detailed plans.

According to McKinsey research (2022), businesses using AI to manage financial data analysis have improved forecasting capabilities, increasing accuracy up to 90%, helping to optimize business performance.

2.3. Applying AI to optimize the audit process

AI also has the ability to continuously monitor and warn when detecting unusual transactions, helping businesses prevent risks in time. According to EY’s report (2023), organizations applying Cybersecurity & data protection in accounting in auditing are able to detect unusual transactions 3 times faster than traditional methods, thanks to the technology’s fast and automatic analysis capabilities.

In addition, Cloud-based accounting services also helps increase the reliability of data through reconciling revenues and expenditures, ensuring the accuracy of financial reporting figures. As a result, financial reports are not only faster but also more accurate, meeting the increasing requirements for financial transparency from regulatory agencies.

Cloud-based accounting services

2.4. AI applications to detect financial fraud

One of the most important benefits of AI is its ability to detect and prevent financial fraud. AI has the ability to detect suspicious behavior by analyzing unusual signs in financial behavior. For example, AI can automatically detect when a transaction exceeds the allowed limit or when a transaction of an unusual nature occurs.

According to a study by PwC (2022), the application of AI in detecting financial fraud has helped businesses reduce losses caused by fraud by up to 30%, thanks to the ability to warn early and prevent fraudulent behavior in time. AI technology helps detect unusual behavioral patterns that humans easily overlook thanks to the ability of Machine Learning and the ability to analyze in-depth on big data.

Some prominent AI tools include IBM’s AI-based fraud detection software, which can now monitor thousands of transactions at once, automatically analyze them, and issue warnings when high risks are detected. This not only protects corporate assets but also increases the reliability of corporate financial systems.

Ultimately, applying AI is not just future trends in accounting services but a game-changer for businesses. Investing in AI is a strategic decision that helps businesses optimize processes, minimize errors, improve performance, while ensuring sustainable development and meeting increasingly demanding market demands. If your business is seeking for AI & automation in accounting service, please contact S4B Vietnam for quickest support.

S4B Vietnam

• Address: Unit 701B – 701C, Tower A, Handi Resco 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam.
• Tel: + 84 24 3974 4181
• Email: service@s4b.com.vn

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