AI for accountants: the smart, savvy (and silent) business partner
When we're talking efficiency, productivity, growth and the very best in service - AI for accountants is here to help. When you're on the wagon already or not, it's true the futures of accounting, bookkeeping, artificial intelligence and machine learning are inevitably linked.AI and machine learning can be used by accountants and bookkeepers in several ways:
- To automate repetitive manual tasks
- To streamline workflows and practice processes
- To identify anomalies such as unusual payments or activities that would not be caught by manual auditing
- To be alerted to errors, inconsistencies and anomalies in the data, as they happen (rather than manually trawling and checking the data)
- To make predictions about future risks and events by reviewing and analysing historical transaction data
Using AI and machine learning in your accounting firm also improves the quality of the audit process. You can reduce the hours on review and rework, knowing the margin for human error has been removed. This means you can focus more on high value activities in your business – like advisory, or onboarding new clients. There are three key benefits to introducing ai and machine learning into your accounting firm, in the form of an audit and practice management tool. But only if you implement the right one. Let’s take a look:
1. A safety net for data integrity
Brendan Lucas, CA and director at Hopscotch Accounting, says using an AI audit tool is a no-brainer for his practice and helped remove time spent on rework.
“No matter how awesome you are – human errors occur. Tech, including AI-audit, is a great way to mitigate that. Instead of having people check through the numbers to find things to review (and even then, they can miss things), we use XBert’s AI-audit to point us in the right direction to check things.”
The repetitive tasks of bookkeeping and auditing are the perfect place for AI solutions to be integrated. Smart AI and machine learning will even start to reduce manual tasks by flagging issues and inconsistencies in the data as they arise. This all but eliminates the headaches of discovering inconsistences and errors on BAS, TPAR or EOFY deadlines and allows you to work on what matters, now. You can work by exception, rather than manually trawling and auditing the data.
2. Standardised, scalable business practices.
AI and machine learning has revolutionized the task management space for bookkeepers and accountants. Long gone are the days of spreadsheets and desktop checklists as long as your arm. You can now automate your processes, tasks and the way they’re delivered in line with your different client schedules. This drastically reduces the margin for error or miscommunication, increases productivity, ensures a standardized offering of services for all your clients and gives accounting and bookkeeping businesses the ability to easily onboard new employees and clients.
Zander de Klerk, managing partner of Xeta.com.au says using AI and machine learning audit has removed the term “rework” from the firm’s vocabulary, and helped keep their headcount low. But coupling that with an integrated practice management system has been a game changer. Using XBert, they hold a simple 10-minute meeting each morning to go over the Work Dashboard, address any issues or questions, then move on for the day. Each person on the team can work with complete autonomy and knows exactly what is expected of them at any given time.
“I want it to be effective, of course, and it is; but correct task management means my team members are always doing the right activities at the right time, every day. We don’t have to do any managing…we know they’re doing the tasks that need doing.”
3. Reduced risk and liability.
Artificial intelligence and machine learning is being used in many ways to help accounting professionals reduce risk and liability not just for their clients, but their own businesses.As the volumes of online transactional data increases, so does the potential for fraud, manual accounting error and dishonest payments. This has made compliance a lot more complex – but AI can review the data at speed, in almost real time. Detecting anomalies like duplicate invoices or bills, unusual spending, billing or transactions, GST anomalies, coding errors, ABN checks – these all save a accountants and bookkeepers time and money.
AI for accountants: Embrace technology and all its benefits with XBert
XBert is the most comprehensive audit and productvity tool built for accountants and bookkeepers. The sophisticated AI Audit, coupled with clever task and workflow management tools will not only save you time, they'll help you create a smooth, streamline system that helps prepare your business to easily scale.But that's just the beginning. With XBert's extensive feature set, you will:
- Sleep better knowing your client files are clean and healthy.
- Have effortless visibility over the size and complexity of your client files.
- Stop stressing about client retention with White-labelled Client Consoles
- Free up time, and have the systems in place, to scale your business.
Start a free trial with XBert and discover why it’s the ultimate practice productivity tool for accountants and bookkeepers.