There has been a lot of talk recently in the bookkeeping industry about how AI and accounting/bookkeeping software may totally replace manual bookkeeping in a few years. This idea alone has sparked a lot of controversy in the bookkeeping services industry and there has been much talk as to what lies ahead for their businesses.
When we talk about AI bookkeeping, we are talking about software that can potentially extract information from bank-drafts and receipts. It is, therefore, highly doubtful that full automation of bookkeeping can ever be truly achieved talk more of in a few years.
However, there are a lot of positives that can come out of the introduction of a stronger AI.
First of all most businesses spend costly hours on data entry, and rightly so, because it is very important that the right data is entered, else it could be the bedrock for wrong analysis. But then, all that time can be channeled into something else that could be more productive and this is why AI Bookkeeping is here.
Aside making book keeping easier, it leaves accountants and bookkeepers with a lot of time on their hands to improve themselves and come up with innovative ways to keep account and records.
Instead of fretting over the introduction of AI, you can be glad that it’ll help you become a better accountant.