Artificial Intelligence: a bookkeeper's frontier
This year, I'm doing an undergraduate degree in Bachelor of Accounting and Finance, after 32 years, it's serving as a very interesting time.
When I was studying Bachelor of Business and Economics in 1987 I remember writing any report was a huge rigorous task. We had to ensure that the typewriter ribbon was new and our penmanship legible.
A few minutes ago I just read a blog from the Chartered Accountants Australia & New Zealand, titled 'Automation is transforming accounting, with or without you'. It reminded me of the report I read " DIGITAL INNOVATION: Australia's $315B Opportunity" by CSIRO, I am not a tech being, if anything my phone is only good for meditation apps, calls, texts and taking notes. I shouldn't forget Instagram.
However, both these reports opened my eyes to the future and allowed me to re-discover the link between accounting and finance. If AI can help make data entry easier, we have more time to assist our clients with the financial analysis end, these are the areas that help them most. Most micro business owners tend to be oblivious to their Return of Investment (ROI), areas to improve; the initiatives and strategies that are important in future-proofing their business.
This is the thing, most clients, we assist feel overwhelmed. I remember dealing with a business owner who is fully qualified, holding for some reason when it came to the finance end of the company she was managing, she felt lost, she felt anxious. I can only describe it like she was breaking out in hives. Imagine making it easier for her, assisting her to understand the financial side of her company better.
If automation can drive more efficiency from the menial tasks, 90% of our time with our clients can be used to pull analysis reports that can assist our clients to create a business and financial strategy.
Photo source: https://medium.com/@AngelaD58746808/will-artificial-intelligence-replace-or-empower-bookkeepers-and-accountants-d07264d044da