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July 11, 2019
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. On the other hand, ‘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. ‘Siri’ from Apple or ‘Google Assistant’ from Google may be taken as an example of 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. In every sector, AIs are being used as the chances of errors decline by great extent. And the chances of fraud is nil as it is not designed and programmed in their behavior, which is somewhat definite in the case of humans.

How Can Chatbots Help In Accounting Queries?

Chatbots basically works on keywords. There is 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. The same question are being asked by different users again and again. Appointing a human executive to answer those questions would be inefficient and waste of human resource.

Chatbots can not only answer the user’s query but are also capable of indulging in a conversation with them in order to completely satisfy their confusion regarding all the aspects. It is not possible that a human would know everything that is being asked, but it is possible for a machine.

Disadvantages Of Chatbots

It is said that every coin has two faces. The same goes for the chatbots. It may provide several tempting features and benefits but at the same time is not very reliable. It is still not very much popular in the field of 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. Chatbots regularly needs to be provided with the journals and if they are not updated periodically, the chatbots won’t complain. They will only work on the information that is on the system.
  2. Backlog in accounting: Backlog in accounting is both illegal and unethical. However, chatbots may be given the command to do so by any unauthorized source. It will lead to frauds and inaccurate financial statements. It will affect the goodwill of the company.
  3. Errors in analysis: Chatbots works on pre-loaded information. It may be equipped with the types of 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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