The new cognitive and computer science field, Artificial Intelligence (AI), is exploding across the startup community. As San Francisco-based accountants for AI startups we see that possibilities are infinite and many are very practical. The first example of this is virtual assistants or chatbots.
These are used to provide quick customer support and automate tasks. People have probably already used them when going to an online company page and seeing a sidebar with a friendly smile asking, “How can I help you today?” AI has also crept into our computer interaction with image recognition and object detection. New online security features use AI for facial recognition and to detect possible cyberattack characteristics in real-time.
And that is only a taste of what AI can do. The possibilities in business, science, medicine, and other communities seem endless. For instance, supply chain management uses technology to optimize transfer efficiency, such as monitoring product quality, balancing inventory, and identifying fuel-efficient delivery routes. New Generative AI technology is poised to improve supply chain efficiency by automating simple tasks and giving human workers opportunities to focus on higher-value work.
In the language use sector, startups are working on Natural Language Processing, or NLP, which will help more people translate language in seconds. NLP can broaden actual conversations as they occur. It can also extend the reading base for books in all different languages and online texts. The Healthcare field will benefit from artificial intelligence by assisting doctors in detecting anomalies in MRIs, C.T. scans, and X-rays. Drug design will be optimized to better serve individual patient needs. Artificial intelligence will analyze patient data to support more personalized treatment plans. These are just a few ways our healthcare system will improve patient care with AI.
There is a long list of A. uses, and a recent Forbes article explains the number of business sectors artificial intelligence will change (https://www.forbes.com/sites/bernardmarr/2023/05/10/15-amazing-real-world-applications-of-ai-everyone-should-know-about/). With all this fast-moving innovation, it’s no wonder budding business leaders are moving towards AI startups. Yet, all this digital work still requires a solid “human touch” to get a new business off the ground.
Virtual and Reality: AI Startups and Accountants Work Together
The financial service industry will be changed by AI as well. Algorithmic trading already helps to predict stock market trends and execute trades. AI models assess credit risks for loan approvals and help identify dubious transactions via fraud detection. So far, AI cannot do the work of an expert, and human, CPA. Our staff of top-rated accountants appreciates the new artificial intelligence tools because they save us time and allow us to focus on keeping startups moving toward success. We can use that extra time to help new companies with essential projects like audited financials (https://www.safeharborcpa.com/management-financial-advisory/) to show banks and new VCs they are worth investing in. We also continuously analyze tax law and business compliance to minimize losses and boost investments. It’s clear that IA startups and accountants can work together to make new businesses a reality.
For another example, consider the relationship between AI robots and surgeons when removing a cancerous tumor. The AI program helps detect every piece of cancerous tissue while also identifying and protecting healthy tissue. The surgeon evaluates the options and decides how to best serve the individual patient. AI robots can precisely carry out the removal of a tumor, leaving no threatening tissue behind. The surgeon directs the procedure, overseeing and managing it every step of the way.
Following this analogy, your accountant here at Safe Harbor CPAs is the surgeon, looking at the overall picture and deciding what’s best for an individual business. Because, in reality, AI is still just a robot. Growing tech firms need a human CPA to consider the real-life consequences of their financial decisions.
If you are interested in knowing the new AI startups currently making waves, in the Bay Area, here are a few;
- Scaled AI: A San Francisco company of 500 employees focused on accelerating robust AI development inside organizations.
- Checkr: Helps Human Resource departments provide faster and fairer applicant screenings. This can help lessen the resume pile a recruiter has to sort through.
- Mashgin: Creates self-checkout kiosks using computer vision to scan items without barcodes.
This is a short list of examples for what the Bay Area has in the pipeline. It’s important to remember that, like any other startups, new Artificial Intelligence companies will need solid account and financial advice from a professional CPA with startup management experience. Our San Francisco AI startup-friendly accountants are ready to help!
