Artificial intelligence is transforming the world from traditional methods to digital ones. According to a survey, the global business process automation(GPA) market size will grow from 9.8 billion USD in 2020 to 19.6 billion USD by 2026, at a (CAGR) Compound Annual Growth Rate of 12.2% in the duration of forecast period.
Almost all departments of organizations are transformed into Artificial intelligence. The marketing world is digitized now, so is the finance world. Finances need more security and confidentiality.
Let’s discuss in depth what online automated bookkeeping can bring towards the progress of the company. In order to understand the automation of Bookkeeping, we have to discuss what Bookkeeping actually is.
What is Bookkeeping?
Bookkeeping plays an important role in the finance sector. Bookkeeping is the record of day to day financial transactions. These transactions are sales, payments, purchase, receipts of an organization/business or individual. Single entry and double entry are two methods.
Purpose
The purpose of bookkeeping is to record the expenses and profits of the required time period. Bookkeeping helps us to manage the unique asset of your company “money”. It reveals the financial situation or affairs of the company. It is necessary for all businesses whether it is small, medium or large.
Traditional method
Bookkeeping involves the proper tracking of transactions of the company. It is done manually by small-scale companies. Due to this many entries got misplaced or it is also possible that these entries are not written from the very first day. This leads to poor management of finances and then can cause a loss in the company. The traditional way is time-consuming, and not reliable.
Why is the Traditional method not necessary?
If you don’t want to miss your revenue and expense transactions then you have to switch toward Artificial intelligence. A company that modernizes its finance department has more time to work and less time to worry about its expenses. When you are starting automated bookkeeping in your business make sure that you focus on basic things. Otherwise, it can disturb your dealings with customers.
Make business elastic with artificial intelligence
Online bookkeeping can save your time, money and increase productivity. It allows you to increase the productivity of your company. Automation can decrease the risk of human errors. Intelligent automation is not only helping businesses but customers also.
Reduce risk of data theft
Cyber-attacks are increasing so data theft is getting higher day by day, especially financial data. It is the main target of hackers. Conferring to an Inc. article 60% of a business flop due to cyber-attacks.
On-time reporting
As a business owner you want to access all of the company information like loss/profit, ROI, insurance, payroll, procurement data, insurance payments and personnel data. By switching towards automated bookkeeping you can save data more accurately.
Consistent Communication
Consistent communication does wonders in every department. What if you need data when your bookkeeper is not around? Your work capacity will be limited and you can not use your time wisely. By shifting towards online bookkeeping you can protect yourself from the hassle of 9 to 5 job, monday to friday timings as you can access data 24/7. As communication is a key, let’s say that you can communicate instantly with your online bookkeeper whether it’s day or night.
Execute any type of tasks
You can scale your tasks either short or long term with Automated Bookkeeping services. Almost 60% of every business will be able to save their 30% time by utilizing automation in their sector. The tasks that can save time are sales leads, and documents.
Risk assessment
Companies are using new algorithms to assess risk while giving loans. They can find whether this person is eligible or not. AI can not do favoritism and can quickly know who is eligible for the loan.
Credit decisions
AI can quickly assess a customer’s potential to know about its most confidential documents like smart card data.
Save money
“Saving money” or “cutting cost” are the top priority of every company. Artificial intelligence can save your most valuable two assets ‘time and money”. You don’t need any manpower now to write your revenue and expenses.
Fraud detection
By shifting toward modern algorithms finances can be secure and there is less chance of fraud. The fraud detection systems go through the buying power of customers and check if they have the capacity to purchase or is it aligned with the previous history.
Improves customer experience
AI also improves customer experience by providing quick responses, reliable products with higher quality in less time.
Conclusion
Automation is replacing manpower in every department of organization. It can boost sales and generates more revenue by replacing manpower with advanced technologies.
