Data Entry Procrastination Ends
Accounting artificial intelligence is here and it is about to change the way you manage your business
If you are a business owner, you will want to take note. Life before AI (artificial intelligence) was considered cumbersome, error prone, and a time-consuming task, causing frustration. It is human nature to procrastinate the chores that you do not want to do, and data entry is one of those chores. Even bookkeepers usually dread trudging through piles of receipts in order to get the accounting software system up to date. Regardless of the whether you have a bookkeeper to do the reporting or you are doing your own bookkeeping, data entry delays reporting. This is called retroactive reporting and usually is a sign that a business is not entering the data in a prompt fashion holding up reporting, sometimes for several months.
Neglecting the Backbone
Accounting is the backbone to any business, but all too often it is neglected in order to get the “real” work done. Is it possible to automate the accounting process? Is it possible to introduce machine learning software to automate your bookkeeping? We live in a very special time because the answer to those questions is YES!
“Machine Learning combined with AI will revolutionize the way bookkeeping is viewed.”
Professional bookkeepers take note, your job is going to be obsolete. Machines are faster, errorless, do not need to sleep, take vacations and retain knowledge at an exponential rate. AI is best defined as “a machines’ ability to learn and improve knowledge and task without human interaction.” This goes beyond a software’s ability to memorize transactions because over time AI can build algorithms and trends that can forecast and predict business outcomes. This is monumental for CEOs, COOs, and even CFOs because the business’s information can be compiled into meaningful reporting in order to make efficient management decisions.
Can a Business Easily Make the Transition to AI?
You likely but unknowingly already are. While there are several factors and variables that makes each business unique, there is also a significant number of AI software applications that can fit any business situation. If you answer yes to any of the following questions, AI is already an integral part of your bookkeeping.
· Do you currently use online banking?
Online banking is a tool that is provided for your convenience by your banking institution. In most cases, at a minimum, you should have the ability to download banking information into a CSV file. AI applications can take this data and integrate it with receipt and invoice date that is also being fed into the system to effortlessly create a business’s books.
· Is your accounting software web/cloud based or a desktop application?
Regardless of the software you currently use, converting to AI, expedites your reporting in more efficient manner than can be fathomed. Data entry becomes a simple task, human error element is eliminated, and bookkeeping expenses drastically reduced.
· Do you have the ability to scan receipts and invoices into PDF format?
If you have a smart phone than the answer is yes. Most AI applications have a smart phone app with the ability to take an photo of the receipt and the software can pull all the information from the document instantly! Data entry procrastination abolished.
· Are you technology savvy or do you consider technology a necessary evil?
No matter your answer, there are consultants that can help you through this process. You will be glad you made the change.
The Future is Here
The tedious chore of bookkeeping is obsolete, and business management teams will be inundated with meaningful, useful reports and resources unlike never before. The future is bright and opportunities for expanded profits has never been so optimistic. AI and machine learned accounting will revolutionize the way business will be done, and we are just on the cusp of what is possible with this technology. Transition your accounting department to AI effortlessly.