Where Artificial Intelligence Meets Accountancy
At the Quickbooks Connect event at the end of February 2018, there was a clear focus on Artificial Intelligence and how it can help businesses and accountants alike.
Two key areas:
1) Data input:
No longer is there a need to manually add in bank transactions or invoices. Quickbooks and other cloud software allows you to link your bank account so that you no longer have to enter into your accounting software every payment and receipt. Both the QuickBooks mobile App and the Self Employed mobile App allow you to take a picture of your expenses and purchase invoices and upload these into your accounting software.
In addition to this, 3rd party applications such as AutoEntry and Receipt Bank allow you to scan invoices into your system, saving hours of data processing. If you’re looking for efficiencies in your bookkeeping then these apps are well worth a look.
2) Quickbooks Assistant
Live in the Self Employed version of QuickBooks online and in testing on the Plus version, QB Assistant is a new and exciting way to interact with your finances. QB Assistant is like a “Siri” or “Alexa” of the accounting world. You can ask the mobile app to give you your latest sales, costs and profit figures as well as much more. This new function will continually develop as more and more people use it.