With AI making headlines everywhere, it's hard to escape the buzz. But are we really in danger of being overrun by robots? Last year, I stumbled upon a few articles in the Bookkeeping Space that painted AI in a negative light, which struck me as odd considering AI has been quietly working its magic in Accounting Software for quite some time.
The bookkeeping industry has embraced online software for years, so could it be that people are already using AI without even realising it? So I thought I'd take a closer look at some examples of how AI is already benefiting bookkeepers and business owners, and see if I can ease any fears you might have.
Here are some real-world examples of AI embedded in your favourite software:
Xero:
Xero, a beloved accounting software in Australia, uses AI for automated data entry. It's the AI that helps match transactions on the bank feed with your rules, a feature most Xero users adore. Small business owners have seen a reduction in data entry, while Bookkeepers and Accountants have been able to add more value to their practices by moving away from transactional-based work and fee structures.
MYOB:
MYOB employs AI for receipt scanning, expense management, and its bank feed, similar to Xero. Through machine learning, MYOB's software extracts relevant information from receipts and invoices, automatically categorizing expenses. This streamlines the reconciliation process, improves accuracy, and ensures compliance with tax regulations.
QBO:
You guessed it – QBO's bank feed and snap to receipt features also use AI, which learns as you use these features more and more. QBO now even has a Cashflow Analyzer on your dashboard that is based on past transactions in your data file – all thanks to AI.
Reckon One:
While I haven't personally used Reckon One in over 10 years, a quick Google search tells me that it uses AI for invoice processing and automation, tracking payment cycles, and predicting cash flow patterns. Reckon One aims to help business owners automate these processes, saving time and resources while maintaining a healthy cash position.
Sage Business Cloud Accounting:
I may not have used Sage since it went cloud-based, but its website says it utilizes AI-driven fraud detection. The software's algorithms analyze financial transactions, flagging irregular patterns that may indicate potential fraud. This proactive approach helps businesses identify and address security risks promptly.
These examples are just a glimpse of how AI in Australian accounting software has already benefited businesses, including accounting professionals. Businesses that embrace these technological innovations gain efficiency, accuracy, and strategic insights that were once challenging to achieve manually.
The AI revolution in accounting isn't just streamlining processes; it's empowering businesses in Australia to navigate financial complexities with confidence, paving the way for sustained growth in the digital age.
So, if you're running a business in Australia, make sure you align yourself with professionals who not only understand that AI is already here but also want it to work in your business's favour.
