How can we prepare financial statements cheaper?
Reverting to external advice and training whenever an application problem appears is a natural response of an accountant or a financial officer to standards’ complexity. In some situations, professional assistance is certainly inevitable in order to avoid financial reporting risk.
We believe however, that low-cost cognitive services and artificial intelligence may provide quality answer for most of generic questions and problems relating to accounting and reporting.
Even if not replacing advisors completely, they may be helpful at least in putting questions in proper context and narrowing the problem scope before asking for advice, reducing thus advisor’s workload and fees.