Traditional bookkeeping has two major disadvantages: human errors and time-devouring. It diminishes the productivity of companies and ceases them from achieving their goals.
Obligated to Automated bookkeeping software that they have improved the working conditions and environment for employees. Many companies are embracing AI as CAGR will reach 15.3$ Billion by 2025.
Saving money and time with less workforce is now achievable with automated bookkeeping solutions. Many employees think that AI has reduced their job opportunities. On the contrary, AI is furnishing jobs from a different perspective.
What is Automated Bookkeeping?
Administrating the financial statements within minutes by just scanning the receipts, invoices or any handwritten documents.
Advanced forms of AI can also read text from images. Automation reduces the workload of employees and provides them with free time. This time can be utilized in any strategic and operational tasks to enhance productivity.
Captivating Facts about Automated Bookkeeping
- The AI market will grow by 38% from 2021 to 2030
- 35% of businesses have adopted AI for growth
- AI enhances productivity by more than 40%
Benefits of Automation
A remarkable outcome of automation pushes many businesses to adopt this technology. Its importance can not be ignored as 83% of SMEs use automation in their financial strategy planning process.
- Saves Cost
Automation preserves many assets of the company. OCR is improving company efficiency by scanning and uploading pictures.
The software automatically retrieves data from handwritten documents, texts or images within seconds. Many employees seem satisfied after the implementation of AI in the company.
- Saves Time
Long-term goals are only achievable with time management. Algorithms of AI can assemble unstructured data from diverse sources and present it systematically.
Financial bots are designed in this way their algorithm identifies when to send reminders to suppliers to pay invoices.
- Automated Accounts Payable
Automation in accounts payable furnishes the most reliable and accurate results. It automatically sends reminders to hundreds of customers within one minute. This is not possible in traditional bookkeeping methods where all work has to be done by humans.
- Less Human Errors
A lot of human error occurred due to overwriting and the wrong addition of financial transactions in hard copies. Moreover, it’s not convenient to search for any financial entry in hard copies over and over again.
AI advancements have reduced this error by introducing the OCR facility. OCR scans and uploads a lot of customer data within minutes. Many SMEs are shifting towards these advancements and enhanced customer service.
Web-based software warns users about wrong or double-added financial entries. Users can remove or discard this entry based on the facts and figures.
- Enhanced Customer Service
With AI, customer service has been enhanced. This is rational as employees have more time to concentrate on operational and strategic tasks.
Almost 40% of business productivity can increase with AI. These stats show the significance of how automation is enhancing customer service.
- 24*7 Accessibility
Humans need rest from work to balance their personal life as well. AI can work without any break as these are robots. Moreover, owners can access financial statements anytime without the help of a bookkeeper.
AI thinking process is much faster than humans. They can perform multiple tasks within a minute.
- Less Risks
Risk is considered to be the most important factor of any business. Higher the chances of success in conditions of higher risk. So, it proves that automation lets employees work in a very smooth environment.
Many employees think that AI is reducing job opportunities but it is furnishing jobs of different nature.
- Less Repetitive Tasks
Financial bots have reduced the workload of employees. Employees got free time to accomplish much-needed tasks. Many SMEs are acquiring AI bots to reduce money and time.
The saved money can be utilized to invest in other startups. The major advantage that AI software provides is that it can perform multiple tasks at the same time.
Many small businesses are spending on AI software and saving their time and money. Then utilize this time on strategic and operational tasks that are more necessary to achieve. Many employees say that AI has improved the accuracy and reliability of financial statements.
It omits the need for human personnel which reduces errors. Owners can access any tax report 24/7. The growth of many companies relies on this automated bookkeeping software.