What are the practical uses of AI in a bookkeeping business - other than blogs and social media posts?
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The AI tool gives us a list of potential areas where should be detailed audit going up to the transaction level. The Audit finding data is interfaced with AI tool and the tools runs an analysis to shortlist a list of specific audits out of a database that runs into hundreds of thousands of lines.
In a bookkeeping business you might have:
1/ Customers to manage
2/ Timesheets to manage?
2/ Periodic activities to perform
I'm not an advocate of sending AI generated e-mails to customers. But if you have templated e-mails for updates etc, this could be a use case.
If you're tracking your time on each client, you could use an AI tool to automatically track your time, although unsure whether it would be advanced enough to know what work you're doing for what customer.
If you're wanting to automate admin, AI can be used to generate documentation templates, powerpoint presentations, and even perform data analysis if that's part of your service to your customers.
Is this useful?
Can you give some more examples of activities you might perform on a daily, weekly or monthly basis as part of your business?
Adam - <br>Thanks for the examples. I was thinking more of reconciling accounts and categorizing bank feed and wondered how AI could be used there
Due to use of AI more productive strategic decisions are taken and eliminating manual data entries and invoice processing.
Thanks for this Sahil, what sort of manual data entry tasks are you talking about?
How do you use AI for invoicing and manual data entry? Maybe I am not clear on what AI really is
There are a few areas in accounting / finance where I can see the immediate benefits of using generative AI: (1) crafting instructional memos, (2) summarizing new accounting pronouncements, (3) create short tutorials on system applications, help with the onboarding process.