KPMG Spark Blog

If You Have a Business, You Need Artificial Intelligence

Artificial intelligence can help virtually any business step up its game to improve productivity and efficiency. Let's take a closer look at what artificial intelligence is and how it can help your business.

Artificial intelligence can help virtually any business step up its game to improve productivity and efficiency. It is one of the most beneficial advancements to our modern society that will see effects for years to come. Businesses around the world have been fast to adopt this because of the unique development opportunities it provides. Before we get into how it can help your growing business, let’s discuss what artificial intelligence is.

What is Artificial Intelligence?

Artificial intelligence, or AI, is a combination of multiple technologies that allow a machine to learn, sense, adapt, and develop human-like capabilities. AI is very efficient in that it can handle large amounts of information all at once. After some time of handling this data, it can start to utilize machine learning and predict potential outcomes and future projections. These expert systems can help you make decisions for your company that can greatly influence its success.

Artificial intelligence can help your employees

One of the biggest misconceptions about artificial intelligence is that it replaces employees and diminishes your workforce. Rather than replace employees, this helpful work of engineering frees up space for employees to be more productive and more creative in the workplace. For example, by transitioning some routine customer service tasks to automated processes (such as customer support calls), you are then able to have your employees work on more impactful tasks. These more complicated tasks can include escalating customer issues, conversations about the dialogue that should be used, or fixing customer complaints before they even make a call.

Business data to make better decisions

Insightful data is important for any business to make smart decisions. Obtaining this information in an efficient manner and being able to interpret it quickly is invaluable for managers to make smart decisions for their company’s health and to compete with the competition.

AI machines are fast to learn the answers to customer questions as well as those from business executives. The machine learning algorithms are able to predict the necessities of your customer’s needs and your potential business financial demands.

In our blog, Automating your business tax system, we outline how automated tax systems can greatly increase your productivity while reducing errors and stress. Tools such as these help your business reach impactful decisions in a fraction of the time it would take for your human employees to reach them by themselves. Frankly, humans stand little chance in catching up to the predictive analytics that machine learning offers.

Challenges of AI

Most artificial intelligence technologies are compatible with the platforms that businesses already employ. These systems allow for businesses to access large amounts of information at minimal cost, and many are simple to use so executives feel secure in their use of these new technologies. While AI may seem daunting to implement by yourself, with KPMG Spark we simplify the process of managed accounting.

At KPMG Spark, we have created an innovative system that uses machine learning and AI to record and categorize transactions so you get vital reports in real-time for your business. Our proprietary and automated technology platform runs in the background so you can spend less time on administrative and accounting tasks. This gives you the freedom to work on important business activities that focus on increasing revenue and attracting new customers. Give us a call at 1-855-777-7696 to schedule a free consult and see how our online accounting software can help your business.



The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

Ben AsplundApril 22, 2021Posted In: Business Tips


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

KPMG Spark is an online accounting service that saves you time so you can focus on what’s most important for your business.

Planning to Pay Taxes Helps Build a Strong Financial Foundation

In order to run a successful business, you need to have a solid financial foundation. Planning to pay taxes is an important part of building this foundation. Join us as we discuss tax planning strategies to help your business plan for tax season.

KPMG SparkOctober 26, 2021Posted In: Tax Tips

How You Know it's Time to Hire a Bookkeeper

When you first open your business, you might be able to run everything by yourself. Eventually, hiring a bookkeeper will become a vital step to help ensure continual growth for your business. Continue reading for 5 signs that indicate it’s time to hire a bookkeeper for your business.

Alexandra OjalvoOctober 19, 2021Posted In: Business Tips

How Managing Cash Flow Can Help You Build a Strong Financial Foundation

Maintaining a healthy business cash flow is one of the most important building blocks for any business to be able to build a strong financial foundation. Continue reading for a few best practices for ensuring your organization has enough cash on hand.

KPMG SparkOctober 13, 2021Posted In: Business Tips

Why your bookkeeping may be holding you back from business success

Join us to learn how your bookkeeping may be holding back your business from functioning at its peak performance.

Aubry BlackOctober 5, 2021Posted In: Business Tips

Building a Strong Financial Foundation: Stay on Top of Bookkeeping

KPMG Spark works with many business owners and executives to simplify their bookkeeping. Continue reading to learn how keeping up with your bookkeeping will help you build a solid financial foundation for your business.

KPMG SparkSeptember 29, 2021Posted In: Business Tips

Hiring Help: How To Know Whether To Hire an Employee or Contractor?

There are many important differences between an employee and an independent contractor that can affect the financial foundation of your business. Continue reading to learn some of the financial impacts you should consider when making this decision.

KPMG SparkSeptember 22, 2021Posted In: Business Tips

Selecting an Entity Structure Helps Build a Strong Financial Foundation for Your Business

Running a successful business depends on a solid financial foundation. You can have the most sought-after products or services, a killer marketing strategy, and loyal customers, but if you don’t have a solid financial foundation to manage cash flow and support other business decisions, it can all come crumbling down. Continue reading to learn how selecting an entity structure can help build your financial foundation.

KPMG SparkSeptember 1, 2021Posted In: Business Tips

Real-Time Bookkeeping: 5 Valuable Insights You Can Gain From Real-Time Bookkeeping

Real-time bookkeeping uses live data to give you visibility into your current income and expenses, balances, and more. The visibility that real-time bookkeeping provides allows business owners to gain valuable insight into both their finances and businesses. Continue reading for 5 valuable insights you can gain from real-time bookkeeping.

Alexandra OjalvoAugust 24, 2021Posted In: Tax Tips

The importance of having a personalized bookkeeper

Having a personalized bookkeeper can provide valuable benefits to any business owner. A personalized bookkeeper can monitor and organize your business’s daily transactions. Not only that, they can also give you the reassurance and security you want to have about your company’s finances. Join us to learn more about the importance of having a personalized bookkeeper.

Aubry BlackAugust 17, 2021Posted In: Business Tips