Artificial Intelligence (AI) and automation in Accounting are changing the way Small Businesses and Freelancer are doing their bookkeeping. It has never been easier to do your books yourself.
It takes 10 minutes to sign-up with cloud-based bookkeeping software (saas) and after another 10 minutes of set-up you are your own bookkeeper.
Many of these services already use some level of artificial intelligence or at least automation to help DIY Bookkeeper managing their business finances.
They prepare reports, remind you of due payments or even automatically send out reminder emails as soon as an outstanding debts is overdue.
In the next 5-10 years these systems will become even leaner, more sophisticated, easier to use and with a generation of digital natives working remotely as freelancer or contractor SAAS products, they will become more accepted and widespread.
So does that mean that accounting will lose the “personal touch”? Or better, will the profession of an Accountant vanish over the next few years?
Accountants offer services that no software can deliver, not today and not in 10 years. Where recurring task will be done by a bot or software, personal services that require creative thinking or one-on-one interaction will still need to be done by a human being.
Artificial Intelligence can be trained to know all rules and regulations and to put them into context and AI might even be able to draw conclusions based on existing cases and previous solutions.
However, the success of a bot taking over personal interactions such as chasing a debtor, negotiating a payment plan and discount or requesting credit card details for immediate payment, is more than questionable.
It will be interesting to see how Accounts Receivable and Debt Collection will change.
Optimise your Cashflow and Book a Chase today