Practical applications of artificial intelligence and robotisation

We talk about this a lot, but what financial areas can they be used in?


A few weeks ago we published our latest article on the role of artificial intelligence in tax consultancy, and not long before we covered the constantly improving intelligence of software robots. Now, we’re back with more. Why? Because we cannot emphasise enough that artificial intelligence and robotisation are perhaps the most exciting and most promising area of the business world today. The strategic focus of our financial advisory services company is also increasingly on technological development, automation and robotisation, and the use of solutions driven by artificial intelligence. So in the following article we will illustrate their applications in practice by means of our own example.

Transformation in accounting

There is no denying that as one of the leading firms on the accounting services market, we (also) need to be at the forefront of digitalisation and robotisation, whilst being guided by prudence, awareness and proportionality. This is because it is not clear what is worth investing in with regard to technological development and robotisation.  For example, it recently transpired that OCR technology (text recognition) has become almost obsolete in the accounting profession thanks to online developments by the Hungarian tax authority (NAV) for processing domestic invoices. So global and local trends and paths need to be monitored, but delaying decisions can also have serious consequences, with the risk of falling permanently behind.

Our profession is undoubtedly undergoing a major transformation. The accountant of the future (and almost of the present) will no longer record data since bank transactions and client invoices are entered automatically, the data content of supplier invoices is downloaded from the NAV online database, and general ledger accounting items (salaries, depreciation, foreign currency revaluations, accruals and deferrals, taxes, etc.) can largely be entered and run in the accounting software.

At the same time, clients legitimately expect us not to lose our focus on personalisation and personal attention.

Robotisation in back-office systems

So how can we keep the personal touch, but also meet the demands of the times in using artificial intelligence, robotisation and the deployment of technology?

The answer is simple: we don’t put AI and robots on the front line, we let them operate more widely and under tight control in our back-office systems.

Today, most of our business divisions are already using, or have the potential to use, some form of artificial intelligence.

What specific development paths are emerging for WTS Klient Hungary?

  • In addition to Excel macros, Power Pivot and Power Query, our outsourcing, financial advisory and controlling services have for years been backed by artificial intelligence-driven BI software (business intelligence), which can be integrated with both our in-house accounting systems and our clients’ ERP (enterprise resource planning) systems. In up-to-date accounting, the accounting dimensions employed alongside general ledger figures provide the basis – thanks to intelligent database use – for a dynamic dashboard interface that replaces the use of Excel-based controlling reports. Of course, in addition to financial information, structured information from other database-generating areas of the company, such as production or HR, can also be displayed on this interface to provide the client’s management with the comprehensive information they need to make decisions.
  • One of the in-house software solutions used by our accounting division provides a complex document workflow and invoice approval system for complete, integrated and digital processing of supplier invoices. The solution, which also employs artificial intelligence, downloads our clients’ domestic invoice data from the NAV’s online system, and matches the data with the invoice or e-invoice data uploaded in scanned format to the client portal. The software automatically transfers the invoice image and data content to the invoice filing and authorisation system, from where it is sent to the accounting module in a pre-recorded format after digital client approval.
  • In our tax advisory division, we are also considering the potential of robotisation and artificial intelligence in an increasing number of areas. These solutions can help in the area of compliance services, pre-screening certain financial comparables, tracking changes in legislation or monitoring tax liabilities. (For more information on these solutions please read the article by András Szadai.)
  • In our own recruitment activity, artificial intelligence integrated into our HRM (human resource management) software supports our preboarding process by ranking candidates. The built-in artificial intelligence is trained with keywords and uses parameters to process and evaluate the information in incoming CVs. This kind of robotisation is of huge assistance to our HR department when processing large amounts of data.
Internal or external developments

As mentioned in one of our previous articles, today there are ready-made software solutions – so-called off-the-shelf solutions – for almost any need. But you can also choose to have your own solutions designed by external developers or by your own development team. There is no one-size-fits all solution, it is up to the company leaders and IT managers to figure out what best fits the means and objectives of the company. Mixed solutions are often viable too.

WTS Klient Hungary currently uses the above AI-enabled solutions not as part of in-house developments but by purchasing or leasing off-the-shelf software. That said, we are taking the necessary steps with technological improvements, efficiency gains and business automation through internally-driven RPA (robotic process automation, robotisation) and digitalisation year on year.

WTS Klient Hungary has been supporting the accounting and taxation managers of international companies for more than 25 years. Our professionals experienced in the areas of taxation, process design and IT solutions and well-versed in the world of automation and robotisation can assist you with harmonising diverse needs and designing digital systems affording you an advantage over your competitors. Our IT / Business Automation staff look forward to hearing from you if you need IT solutions to optimise your company’s processes.

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