Are AI Bookkeeping Bots Taking Over Businesses’ Financial Processes?
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Manual bookkeeping creates many problems like repetitive tasks, fraud, and theft of money. A large group of employees states that accounts payable is the most difficult task. Keeping a record of every financial transaction and preparing tax audit reports is hefty and time-consuming. So, automated bookkeeping software is the only way to overcome these issues.
79% of business executives state that it is a secret to enhance efficiency after analyzing the results of automated bookkeeping systems. More companies are inclined towards automation to enhance the productivity and efficiency of every department. Almost 67% of CEOs prefer cloud accounting as they state that their accountants know nothing. Automation plays an excellent role in accounts payable, accounts receivables and invoices.
It saves employees from being overburdened with work and gives them space to utilize the energy in more operational tasks.
How do AI bots Take over the Business Financial Process?
Artificial intelligence leverages companies to keep records of every financial transaction within seconds. Eventually, the company can attain a competitive edge by using automated bookkeeping services. From manual to automated payrolls, enough time and money can be saved while financial data can be saved from fraud, theft, or loss.
AI Bookkeeping – Its Advantages
Automation improves the accuracy and reliability of financial statements so that owners can make instant & accurate decisions. AI bots are not physical robots but web-based apps that help in increasing the productivity of employees.
With the increasing demand for swift and efficient processing of finance tasks, the inevitable demand for automated bookkeeping software is rising. The company utilizes the following aspects of bookkeeping to create harmony among different departments of the company.
Recording financial transactions in hard copies is a burden for some employees. In offices, 45% of printed paper ends up in the trash at the end of the day. Automation transforms the finance world by documenting all the data in online software. Firms recognise the power of AI and hence move their concern towards it.
The OCR scanner facility of RecordMe scans all the necessary information from the document. It directs all the essential details to the specified columns and rows.
Enhances Efficiency of Employees
Employees usually don’t get enough time to concentrate on strategic tasks. Automated bookkeeping software automatically fetches all the necessary information from the documents within seconds. Reduction in employee workload allows them to work on higher-level tasks. Employees can gain time to focus on more operational and strategic tasks. Automation is boosting sales by 14.5% every year.
‘Time’ is the asset of every company if employees know how to use it wisely. Automation leverages excess time for employees to focus on any other startup or project. Automation permits executives to forecast the future as financial reports are available with one click. 16% of employees state that automation has increased their productivity.
Eliminates Manual Data Entry
Employees spend more time recording financial entries in hard copies. Automation diminishes manual data and reduces the workload of employees. RecordMe facilitates OCR-optical character recognition to upload documents, text, handwritten documents, or images. Employees find it the most convenient and appropriate way to record and reconcile transactions.
Automated Invoice Data Capture
OCR reads data before uploading to the web-based software and reduces human errors and manual data entry by 80%. To further increase the accuracy of accounts receivable and payables, employers are making strategies to collect invoices from suppliers through email. It eliminates duplicate receipts, product distribution and circulation with the help of end-to-end encryption.
After analysis of automation benefits, manual data entry has lost its value. The reports extracted from manual data have lots of human errors and mistakes. Automation excludes all errors and provides accurate and reliable financial reports. Based on the accuracy, 89% of companies have adopted cloud-computing apps.
The storage capacity of automated bookkeeping provides enough space to store files for a long time. Authentic users can fetch data anywhere at any time by adding their credentials. Cloud based software is preferred by accounting firms that increase the ability to edit and access data through the internet. It helps in reducing costs and enhances security concerns associated with financial transactions.
Utilize Less Time to Prepare Audit Reports
Auditing is a tedious and expensive process. Traditional auditing of all companies, from nonprofits to the government is obligatory. Accounting firms utilize automated bookkeeping services to eliminate manual labour tasks that include payroll, tax, and audits. Employees can focus on higher-valued activities and there is no need to hire more staff for audit purposes. Automation leverages companies to improve compliance with external and internal procedures and greater data accuracy.
How RecordMe Leverages Business Financial Process?
To stay agile and competitive, accountants and businesses must recognise the implications of machine learning and AI in the finance world. RecordMe saves time, establishes a secure collaboration of financial reports and offers real-time insights and access from any location.
Automated bookkeeping software quickly recognises and analyzes irregularities in financial data. Due to this, auditors can easily spot inaccuracies and suspicious activities. Automated bookkeeping reduces future expenses and boosts the productivity of employees.
To address the complicated challenges of today’s finance industry, let RecordMe be your credible partner. It aims to solve all your queries and help to achieve financial security.