1. Auditing & Assurance
AI helps automate repetitive audit tasks and improves accuracy.
- Data Analytics: AI tools analyze 100% of transaction data instead of just samples.
- Anomaly Detection: Identifies unusual entries or fraud patterns in financial statements.
- Continuous Auditing: Real-time monitoring of transactions using AI algorithms.
- Tools used: MindBridge AI, CaseWare IDEA, ACL Robotics, Deloitte’s Argus, KPMG Clara.
🔹 2. Accounting & Bookkeeping
AI automates data entry, classification, and reconciliation.
- Automated Data Capture: Extracts data from invoices, receipts, and bank statements using OCR and NLP.
- Smart Categorization: AI classifies transactions automatically.
- Reconciliation: Tools match entries with bank records instantly.
- Tools used: QuickBooks Online (AI-powered), Xero, Zoho Books, Tally Prime with AI add-ons.
🔹 3. Taxation
AI assists in tax compliance, advisory, and error reduction.
- Return Preparation: Auto-fills data from ledgers and bank accounts.
- Error & Risk Detection: AI flags inconsistencies before filing.
- Predictive Tax Planning: Suggests best tax-saving strategies using client data.
- Chatbots: Help clients with basic GST/Income Tax queries.
- Tools used: ClearTax AI, TaxBuddy, Thomson Reuters ONESOURCE.
🔹 4. Financial Advisory & Planning
AI enhances decision-making and portfolio management.
- Predictive Analysis: Forecasts revenues, cash flows, and market risks.
- Valuation Models: AI-driven valuation of companies and assets.
- Investment Advisory: Robo-advisors provide tax-efficient investment recommendations.
- Tools used: IBM Watson Analytics, Tableau with AI insights, Power BI Copilot.
🔹 5. Forensic Accounting
AI helps in fraud detection and investigation.
- Pattern Recognition: Detects irregular cash flows or fake invoices.
- Text Mining: Analyses email or documents for fraud indicators.
- Network Analysis: Finds hidden relationships among entities or employees.
🔹 6. Client Relationship Management
AI enhances client service efficiency.
- Chatbots & Virtual Assistants: Provide instant answers to FAQs or document requests.
- Client Data Analysis: Helps personalize advice and identify cross-selling opportunities.
- Tools used: Zoho CRM with AI, Salesforce Einstein.
🔹 7. Internal Controls & Risk Management
AI continuously monitors risk factors and compliance breaches.
- Predictive Alerts: Warns before control failures occur.
- Compliance Automation: Ensures adherence to statutory deadlines and audit trails.
🔹 8. Workflow & Practice Automation
AI reduces manual effort in back-office tasks.
- Document Management: Auto-sorting, summarization, and version tracking.
- Scheduling & Reminders: AI-based systems plan filing dates, client follow-ups, etc.
- Tools used: Karbon AI, Canopy, Jetpack Workflow.