Three Ways To Use M-Files' Aino For Accounting

Accounting firms are facing new data security challenges from platforms like ChatGPT, Google Gemini, and Microsoft Copilot. Some knowledge workers are sharing client data with public GenAI platforms despite firm instruction. They use these platforms for a wide range of tasks such as accounting research, reviewing workpapers, client communications, and more.

Firms need to identify how to incorporate AI into their tech stack safely and securely. The best path forward is to provide their staff with firm-approved resources.

In this blog, we will explore how accountants can use Aino in their daily work with examples directly from the system.

Gain Time With AI-Powered Accounting

As someone that has previously worked in public accounting, I am familiar with juggling hundreds of documents across multiple clients and deadlines all within a couple of months. Reviewing these documents to familiarize myself with the client's unique approach and understanding if this is even what I asked for was a regular occurrence. We were always looking for a better way!

Powered by M-Files generative artificial intelligence (AI) technology, Aino takes knowledge work to the next level by placing your firm's information base at your fingertips. M-Files Aino organizes information, understands the context of documents, and allows users to interact with their content easily. Aino saves users time through automating necessary administrative tasks such as content summarization, accounting research, data entry and more!

Aino's natural language model makes it simple for users to interact with their content and the platform.

The Natural Language Processing (NLP) Advantage

NLP techniques allow computers to understand human language. They bridge the gap between what humans speak and write and what computers can process. According to Gartner, "NLP provides intuitive forms of communication between humans and systems. NLP includes computational linguistic techniques (symbolic and subsymbolic) aimed at recognizing, parsing, interpreting, automatically tagging, translating, and generating (or summarizing) natural languages."*

M-Files Aino is an example of how human users can interact with NLP technology. Aino has the capability to translate and generate text based on from partners to staff. Additionally, Aino can tag documents with metadata generated by Aino.

Aino Saves Time

According to the Work Trend Index Annual Report, 70% of people would delegate work to AI to lessen their workloads. Business leaders are twice as likely to say AI will provide value by boosting productivity versus cutting headcounts.

In the next section, we will focus on the following types of documents accountants frequently work on or receive from clients:

• Engagement Letters/ Contracts
• Leases
• Client Provided Support

Confirming Completeness

When it comes to engagement letters and contracts, first accountants will identify if it is fully executed by the authorized signers. Secondly, they will ensure the time period and fees for covered services are stated correctly. Aino can quickly identify who signed your document and when. It can also identify the total cost for the engagement.

In the below example, we query Aino with three prompts. The provided answers will save us time reviewing each page manually.

Query: Who is the signor on this document?

Aino: Kyle Gillette

Query: When was this engagement letter executed?

Aino: 04/01/24

Query: How much do the services cost?

Aino: $50,000

To confirm this understanding, users can review the document either through the "preview" tab or opening the document. Users can verify that the Aino responses match the content of the document. Once they know what they are looking for, they can do this quickly.

Summarizing Content

Clients will often provide leases that are dozens of pages long. They may also be in a different language depending on the location of the leased item or asset. This increases the time the accountant needs to spend reviewing the document; to find the information they are looking for to support their findings.

With M-Files Aino, you can request a summary of the document in your language. This will allow accountants to understand if they have the correct documentation that aligns with their request. Secondly, they can ask Aino about rent cost, rent escalations, the lessor and lessee, and more. Once the accountant understands what they are looking for they can easily open the document and confirm Aino provided the correct information.

In the below example, we ask Aino more than one question at a time. Aino responds to each question accordingly.

Query: Who are the lessor and lessee in this lease?

Aino: Lessor: Real Estate Inc. Lessee: Acme

Query: How much does year 1 rent cost?

Aino: Year 1 rent cost: $60,000.00

Query: How much does rent increase annually between year 1 and year 2?

Aino: Rent increase annually between year 1 and year 2: $10,000.00

Query: Are there any other rent escalations in this lease?

Aino: There are other rent escalations in this lease, with the rent increasing by $10,000.00 annually.

Managing Client Provided Support

Clients provide data sets in various formats such as Microsoft Excel and PDF. To save accountants time formatting these documents, they can ask Aino specific questions about client schedules or listings. In the example below, we ask Aino to calculate the total expenses across multiple transactions.

Query: What are the total advertising expenses?

Aino: $125,000

Query: What period does this schedule cover?

Aino: For the year ended 12/31/23.

After reviewing the expense schedule, we can see that $125,000 out of $228,000 in total marketing expenses were attributed to advertising expenses for the period ended on 12/31/23.

FAQ

Q: Our firm manages a lot of sensitive information. How does M-Files Aino ensure the security and confidentiality of my client's information?

A: Aino follows the security and access rights already established in your M-Files vault. Users will only be able to query or prompt documents they have access to. Unlike public GenAI platforms, information and queries stored in M-Files remain within the firm's security environment overall reducing risk of security breach.

Q: M-Files Aino utilizes Natural Language Processing (NLP). Is there a learning curve for using this technology effectively?

M-Files Aino can be used right away as M-Files platform uses metadata and Optical character recognition (OCR) technology to understand the content in the document. The database from which Aino summarizes or provides information already exists in your vault. Due to M-Files' ability to maintain a single-source-of-truth and organize documents based on what they are not where they are stored, Aino can easily and quickly get to work assisting its users.

*Source: https://www.gartner.com/en/topics/artificial-intelligence#q6

BIO:

Courtney Kunzig, CPA Industry Solutions Manager, Accounting M-Files

Courtney Kunzig, a seasoned accountant with diverse experience spanning various roles and industries, currently serves as the Industry Solutions Manager for Accounting at M-Files. Her expertise lies in leveraging technology to enhance employee experiences, streamline manual processes, and optimize time management within the accounting domain.

Thought Leadership and Appearances

Published Articles:

• "Q&A on Automation in Accounting"
  • Kunzig explores the critical role of artificial intelligence and automation for accounting firms. The article delves into practical applications and strategies for reducing manual tasks and embarking on a digital transformation.
• "Plugging accounting skills gaps through retention and automation"

• Kunzig discusses innovative strategies for addressing skills gaps in the accounting industry. She emphasizes the importance of retention and automation in nurturing talent and maintaining competitiveness.

• “AI’s Critical Role in Enhancing Cybersecurity for Accounting Firms”

• Kunzig sheds light on the pivotal role of artificial intelligence in bolstering cybersecurity within accounting firms. Her article explores practical applications and proactive measures to safeguard sensitive data.

Courtney Kunzig’s thought leadership and contributions underscore her commitment to advancing the field of accounting through technology-driven solutions. Her expertise resonates with professionals seeking to optimize workflows, ensure compliance, and elevate client experiences.