Recently, the bookkeeper position has been placed on the endangered career list. The likelihood that this position will be around within the next decade is slim to none. Technology is changing the business landscape at a rapid pace. Jobs that were once the cornerstone of a business’s infrastructure are going to replaced via machine leaning and artificial intelligence (AI).
What does an employed bookkeeper do?
The definition of a bookkeeper is someone who documents the money ins and money outs of a business through keeping track of invoices, receipts, checks, deposits and everything in between. It’s a highly detailed job of organizing information and categorizing that information correctly, within an accounting system, in order for meaningful reports to be produced. A bookkeeper’s maximum output is pegged at 8 hours per day, additional hours result in additional errors.
What does Machine Learned and AI Accounting do?
The definition of Accounting AI is, a machine given a specific code that enables it to document the ins and out outs of money through the same channels as described above. AI assimilates the information and categorizes, helping it to memorize repeat transactions. The more information that is given to AI program, the more the program is ready to learn. AI has a maximum output of 24 hours per day, and there is no information overload. Errors are eliminated and triple available working hours, lead to a job done quicker with accurate reporting.
What does this mean for business owners?
Cost Savings - AI solutions cost up to 60% less, over an in-house bookkeeper. In most businesses that amounts to a $20,000 or more annual savings. That does not include reduced HR costs, benefits offered, PTO, sick or vacation days.
Timely Knowledge - Retrain your brain, by switching from a retroactive accounting mindset, into a proactive accounting mindset. Financial reports that are relevant in almost real time, instead of looking back at the month end. Be at the forefront of trends and economic changes that allow your business to thrive.
Allocate Resources – Invest in positions within the business (Sales and Customer Service) that improve your revenue and strengthen your product and service with the cost savings switching to AI awards you.