Artificial Intelligence (AI) has the potential to revolutionize the way real estate accounting is managed. With the help of AI-powered tools, real estate accounting processes can be streamlined, making them more efficient and accurate. Applications of AI in accounting include the automation of routine tasks such as rent and lease tracking, identification of fraudulent activities, and improving the overall integrity of financial data. By leveraging AI, property managers and accountants can save time, reduce costs, and make more informed decisions based on accurate and real-time financial data.
Would you believe it if I told you that above paragraph was written by an Artificial Intelligence? AI has been a topic everywhere lately, including in the media, in classrooms, and in board rooms across the world. And while it may be hard to believe, we are starting to live in the future they told us about in the movies. While AI is not what we saw in The Terminator, it has evolved exponentially and now impacts how we work, learn, and play. And of course, the benefits of utilizing AI in real estate accounting or other areas of your business look great, but there are also disadvantages that have to be considered.
A major drawback to consider is the cost of implementing an AI system. While there are some “free” options that can write a quick paragraph for you or do some high-level research, the cost to implement and train a custom AI system to automate specific tasks is incredible. This creates a barrier for many smaller firms with limited resources. Another concern to be considered is the fact that the AI system is only as good as the data they are trained to analyze. Any inaccurate data points will lead to flaws in the AI analysis and decision-making.
While AI is changing the world in which we live and creating beneficial efficiencies, there is no replacement for a well-trained accountant for your real estate accounting needs. If you are looking for well-trained, kind accountants to assist with your property accounting needs, Finch & Daisy would love to speak with you further about our team and our services.
Get to Know F&D
This month we sat down with Margaret Lynch, one of our Controllers. Learn a little bit about Margaret below:
How Long Have You Been With F&D: Two years
Favorite Movie: For those that know me, this will be a shocker – Rudy.
Favorite Book: SOOOO many favorites! But the one I have to read over and over – just because it’s set where I grew up – is Blind Your Ponies by Stanley Gordon West (a MN author!).
Favorite Band: It depends on my mood, but I’m partial to anything in the 90’s – Nirvana, Pearl Jam, Smashing Pumpkins, The Cranberries, Stone Temple Pilots, Oasis, etc..
If you could have any job in the world, what would you do? Besides being an Accountant (which I knew I was going to do in the sixth grade)? I would have to say something with history – like an archeologist, museum curator, or archivist.
Where is the most breathtaking place you’ve ever travelled? I haven’t been many places, but …. Glacier National Park was phenomenal.
Fun Fact About You: I grew up in a very musical family – both my parents were music teachers – so music was very important. I can play the clarinet, alto sax, barry sax, oboe, flute, trumpet, and piano. However, probably not very well nowadays since it’s been a while since I’ve played anything!
Pictured is Margaret and her family at one of her favorite places - Notre Dame Stadium of course - where they attended the ND vs. Clemson game last November. Thank you for sharing Margaret! Look for the next F&D team member featured in this space next month.