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ChatBots in Accounting

ChatBots in Accounting

World of ChatBots

The term ‘Bots’ are basically derived from the word ‘Robots’. Robots are more like a machine version of humans. ‘Bots’ are application software which is designed mainly for mundane tasks, but the tasks are equally important.

These days, ‘chatbots’ are very much prevalent in the market. It is gaining popularity in the market day-by-day. ‘Chatbots’ are software that is specifically designed to communicate with human users. We can take example of ‘Siri’ from Apple or ‘Google Assistant’ from Google as chatbots as they chat with humans. Although, the chatbots have the only sole job of communicating with the users whereas ‘Siri’ or ‘google assistant’ are high-end Artificial Intelligence programs that even perform tasks.

Artificial Intelligence (AIs) is conquering the world. Every sector uses AIs as the chances of errors decline by a great extent. And the chances of fraud is nil as developers do not design and programme it into their behaviour.

How Can Chatbots Help In Accounting Queries?

Chatbots works on keywords. There are a specified number of words that are pre-installed in the chatbots. Whenever a user enters a question, it conceives every word of the question individually. It combines the words of the question and answers it accordingly from the collection of its keywords.

Chatbots can be of great help in solving accounting queries. The ‘Frequently Asked Questions’(FAQs), many times, are very repetitive. Many times, different users ask the same question again and again. Appointing a human executive to answer those questions would be inefficient and waste of human resources.

Chatbots can not only answer the user’s query but can also indulge in a conversation with them. They have the potential to satisfy their confusion regarding all aspects. It is not possible that a human would know everything that customers ask, but it is possible for a machine.

Disadvantages Of Chatbots

There is a popular saying that says every coin has two faces. The same goes for the chatbots. It may provide several tempting features and benefits but is not very reliable. It is still not very popular in accounting. Let us know the reason for its unpopularity in this field:

  1. Slow Accounting: Depending on chatbots for accounting process way too much will eventually lead to slow accounting. You need to provide journals to the chatbots regularly. And, if we do not update them periodically, the chatbots won’t complain. They will only work on the information is on the system.
  2. Backlog in accounting: Backlog in accounting is both illegal and unethical. However, unauthorized sources can also give commands to the chatbots. It will lead to fraud and inaccurate financial statements. It will also affect the goodwill of the company.
  3. Errors in analysis: Chatbots works on pre-loaded information. They may equip it with the ratios, the basis of comparison or procedure of calculation. But a critical analysis of the market is beyond its reach. It works on factual data, whereas trend analysis needs vision.

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