Have you ever wondered what your business would look like if accounting processes were faster, more accurate, and provided deeper insights into your company’s financial condition? This is a question we at Kulić & Sperk increasingly ask ourselves as we follow the exciting development of artificial intelligence (AI) that is slowly but surely transforming traditional accounting and auditing approaches.

As a team that has stood by Croatian entrepreneurs for 20 years, we consider it our responsibility not only to follow current trends but also to understand how these technologies could benefit you – our clients and partners.

How we see the future of accounting through the prism of AI technology

Looking at the accounting profession, we see that AI is opening doors beyond simply recording the past. We are excited about a new era of proactive financial management and more precise planning.

Through our many years of experience, we recognize several key areas where AI could bring value in the future, although many of these opportunities are still in development:

• Freeing up your time through the gradual automation of specific routine tasks such as document processing,
• Improved visibility into your finances as real-time data analysis capabilities develop over time,
• Smarter planning for the future through more accurate cash flow forecasting,
• Potentially increasing business security as systems for detecting irregularities develop, although we recognize that these systems are still in their early stages, and companies should maintain traditional security measures.

Interestingly, some studies show that companies that integrate AI into their financial operations can reduce the monthly time spent on repetitive administrative tasks by as much as 40%, with 30% fewer human errors. These numbers speak for themselves, don’t they?

How AI could change your daily business life

AI takes over administration, you take control

Imagine no longer having to manually enter data from invoices. AI systems with optical character recognition (OCR) technology could:

• Automatically “read” your documents
• Extract important information regardless of format
• Sort documents by type
• Alert you if something is missing or incorrect

For you as an entrepreneur, this means less administrative work and more time for what truly matters – leading and developing your business.

More reliable information for your decisions

Data quality is the foundation of good business decision-making. In the future, accounting systems supported by artificial intelligence could:

• Automatically identify potential errors in your financial data
• Continuously check if all information is aligned
• Ensure you always work with the freshest and most accurate data

This could give you greater confidence when making important business decisions, knowing you’re relying on credible information.

Faster access to information when you need it most

In a dynamic business environment, speed is often crucial. We believe AI technologies could revolutionize how you access your financial data.

In a constantly changing business world, understanding your finances is no longer just a formality; it’s a tool that allows you to anticipate changes and react in a timely manner. We see artificial intelligence as an assistant that transforms numbers into clear guidelines for your business moves.

Artificial Intelligence in auditing: A new level of reliability

Auditing is an area where we expect particularly interesting changes. Traditional sampling methods could give way to comprehensive analysis, which could significantly increase the reliability of audit procedures.

How might this look in practice?

• Continuous monitoring instead of periodic checks

Imagine a system that can track your financial operations in real-time, warning of potential problems before they become serious.

• More precise risk identification

AI could analyze historical data and recognize patterns indicating possible problems that traditional methods might not detect.

• More thorough insight

Instead of analyzing samples, AI could review all your transactions, providing a more complete picture of your financial condition.

AI in the context of the Croatian Accounting System

Applying artificial intelligence in the specific environment of Croatian accounting and tax systems could bring unique advantages for you as an entrepreneur. We see particular potential in:

• Easier navigation through frequent changes in tax regulations
• Automation of VAT form preparation and submission
• Alignment with Croatian Financial Reporting Standards (HSFI)
• Simplification of preparing various regulatory reports

As your advisors who are well-acquainted with local specifics, we believe that the combination of our expertise and new technologies could significantly facilitate your business operations in Croatia.

How we see the role of accountants and auditors in the AI era

The role of accountants and auditors doesn’t disappear with the arrival of AI; it evolves. We believe that new technologies will enable us to provide even greater value to our clients. We see several key changes:

• More consulting, less paperwork

With the automation of routine tasks, we’ll have more time for deeper understanding of your business and strategic consulting.

• New skills for new challenges

As your accounting partners, we continuously develop our knowledge to help you interpret the results brought by new technologies.

• Ethics and regulations

We monitor the development of standards related to AI in financial reporting to ensure your business remains fully compliant with current regulations.

What to keep in mind?

While we look optimistically toward the future with AI technologies, we are also aware of the challenges these changes bring:

• Data quality is key

AI systems deliver good results only if they have quality data to work with.

• Confidentiality of your information

The sensitivity of financial data requires special attention when implementing new technologies.

• Understanding results

It’s important to always know how AI reaches certain conclusions.

• The human factor remains irreplaceable

We believe that expert assessment and counseling will always be at the heart of our services.

Together toward the future of the financial profession

At Kulić & Sperk, with over 20 years of experience in the Croatian market, we actively follow the development of new technologies and consider how they can create real value for our clients.

We believe that companies that successfully integrate AI into their financial processes will achieve clear advantages through:

• Deeper and higher quality insights into operations,
• Greater operational efficiency,
• Proactive risk management,
• Faster and more reliable data-driven decision making.

How do you see the role of artificial intelligence in the financial management of your company? Contact us for a no-obligation conversation about how we could work together to leverage the benefits of new technologies to improve your business.