In times when digitization has become the new order of the world, manual operations are diminishing while converting into online systematic functions. COVID-19 mainly played a considerable part in urging business entities to find remote solutions that have now adopted a new norm. Even in digitization, multiple technologies, particularly Artificial Intelligence (AI) and Machine Learning (ML) are bringing about a revolution while automating digital tasks.
The recording and tracking of financial transactions in a business is known as bookkeeping, which is thought to be the most important department of any organization. Due to its vitality, data scientists are working tirelessly to find innovative bookkeeping solutions while automating the whole sector through AI bots. Business owners are swiftly adopting the latest bookkeeping technologies, and the cordial relationship between automation and bookkeepers seems utterly unavoidable.
What are Bookkeeping Bots?
In reality, bots are not robots but unique applications that interpret and process information fast, which is generally not possible for humans. The fact is that bots are a blend of human intelligence and modern technology and have the ability to learn over time, which ultimately makes them an ideal option for automating bookkeeping tasks. Without a doubt, managing and tracking finances are one of the most critical tasks for any company, and rapid innovation has lessened human involvement in manual data collection.
AI-powered bookkeeping bots are efficient enough to record and process financial data in a matter of a few seconds. Not only keeping records of all the information, but automation has also transformed the way of processing it by applying solid algorithms. This application of bots in bookkeeping is picking up pace, and recent data shows that 73% of businesses have reported that they have saved a lot of time by automating manual tasks.
The Need for Automation in Bookkeeping
With emerging technologies and rapid digital transformation, online operations are getting automated, creating swift and efficient options for processing data. As bookkeeping is crucial for all businesses, it is in the sector’s best interest to get automated while minimizing manual operations. The AI-powered apps are efficient enough to keep accounting records like bills, bank statements, documents, and other receipts, which can be used at any time for any purpose without any need for manual search. The incorporation of bots will empower the customers themselves, and the tasks usually performed by the company’s management will have to be completed by the users. Most of the common AI-backed bookkeeping applications allow customers to upload images of their bills and other financial transactions, letting the management get the whole record and maintain it for future use.
By looking at statistics, it becomes quite evident that companies are opting for AI solutions for their bookkeeping tasks. The accounting software market was valued at $12.01 billion in 2020 and is expected to reach $19.59 billion by 2026, which means that business entities have found the perfect solution in the form of digital automation. It is estimated that the use of bots has not only sped up the whole accounting process but has also helped companies overcome fraudulent activities prevailing in manual data entry. Incorporating artificial intelligence in bookkeeping will ultimately reduce the need for vast human resources and encourage the remote working style.
How To Use Bot Technology In Business Accounting
Bot technology in bookkeeping not only yields exceptional results but, in a similar way, is also quite convenient to incorporate. A large number of applications and software products available on the market provide easy solutions for automating accounting tasks. The companies just have to share the application details with their customers, where; they can easily upload all of their documents by taking images or scanning them through their cellphones. As soon as the users complete this process, the digital documents and connected data become available to the bookkeeper within a few seconds.
This process of automation is generally carried out by individuals with exceptional coding skills or by using the Robotic Process Automation (RPA) system. RPA is a software system that uses human intelligence to automate computer applications using advanced technologies. Once the system is ready, it is incorporated into various sectors where it helps the workforce carry out daily tasks. The best part about automation is that it can learn, which means that it keeps updating itself as per the changing circumstances and provides the most relevant solutions. Bookkeeping has a large number of different operations involved, which makes it an ideal place for automation.
Benefits of Implying Automation in Bookkeeping
Artificial intelligence and machine learning have proven to be the landmark achievements of the current century. A large number of digital tasks have already been automated, including bookkeeping, which has not only simplified the nature of operations but also ensured better security in the sector. The implications of AI bots can generate a lot of benefits for bookkeeping, and let’s have a look at some of the more prominent ones:
Efficient Data Recording
As discussed earlier, bots help companies provide their users with advanced applications where they upload all of their financial documents. In this way, the company does not have to chase the customers for their files and missing records. The applications/software provide customers with all the options of uploading documents by taking images or scanning them.
Enhancing Processing Speed
The manual collection of documents is a gruesome task that requires a lot of effort and time. AI bots are ideal for all companies to manage their finances in a matter of seconds without going through any troublesome processes. The users simply upload their details regarding finances, and the system efficiently processes them in no time and sends the report to the companies.
How RecordMe can help you Digitally Transform your Business?
The bookkeeping department has a lot of importance in all companies, without which the system cannot run smoothly. AI-powered bots are the most modern solution to enhance the efficiency of bookkeeping tasks while providing enormous benefits to companies and individuals. While improving the overall efficiency of operations, automation in bookkeeping can also ensure better security for businesses.
Want to know more about how you can simplify your financial operations with RecordMe?