Artificial intelligence is transforming the way many industries operate and do business. In the accounting world, artificial intelligence is helping business owners, accountants, and financial staff prioritizes their day-to-day tasks to focus on higher-impact responsibilities. As digital trends emerge across industries, small business owners should embrace artificial intelligence in their workforce, rather than fear it. Interested to learn how artificial intelligence can positively impact your bookkeeping processes? Today, we’re sharing a persona case study of someone who can benefit from artificial intelligence impacts on his bookkeeping process. Meet Adrian. The Background Adrian is a 36-year-old Carpenter who resides in Spokane, Washington. Having started out in the healthcare industry as a Systems Analyst, Adrian found himself wanting a career change when he started doing renovations every weekend and in his spare time. The Problem Adrian began his carpentry business locally and is starting to expand his services to other regions in Washington. As his clientele grows and profit increases, he is unsure of the financial health of his business. Adrian hired an accountant to do his books, but he wants to understand his finances so that he can make better, informed decisions. Adrian is already using accounting software, but he wants to invest in one that saves him more time. He wants to realize the benefits that he can gain from investing in bookkeeping software. He wants software that’s simple to use, easy to understand, and tailored to exactly what he needs. The Solution Adrian has heard about Kashoo and has looked into how machine learning can positively impact accounting software for small business owners—even those in trades. The following are 3 key impacts that artificial intelligence and machine learning can have to improve Adrian’s accounting and bookkeeping practices. 1. Accounting software that reduces manual entry & analysis Artificial intelligence helps small business owners stay on top of data entry and analysis. These every day laborious tasks can take up large amounts of unwanted time—time that could be spent elsewhere like designing a website for a client or networking within your industry. How Kashoo can help Adrian: Once Adrian’s business bank account is synced to Kashoo, the Smart Inbox allows him to review all his business transactions in one place. The use of machine learning—and tools such as Optical Character Recognition (OCR) receipt matching—saves him hours by learning the types of recurring transactions that he makes as a business owner. As Adrian continues to use Kashoo, the software gets smarter at reading and capturing his business-related transactions, resulting in bookkeeping time saved, and more time available for attending to his clients. 2. Accounting software that adds quality control to reduce human error Accounting software is created to help business owners manage their finances easily and efficiently—even if they have no previous financial background. Machine learning and automation can enable accounting software to benefit business owners even more, such as ensuring tax compliance. How Kashoo can help Adrian: Kashoo’s software uses machine learning to automatically ‘read’ and ‘analyze’ all of his data behind the scenes. Using intuitive invoicing and receipt matching, Kashoo adds an extra layer of quality control to all of Adrian’s transactions. This way, Adrian can run his carpentry business with peace of mind, knowing that his books are up-to-date and ready for tax season. 3. Accounting software that completes real-time reconciliation to save you countless hours Conducting bank reconciliations are time-consuming. As businesses grow, so does the volume of transactions. This comes with greater data complexities, which makes the reconciliation process that much more complicated. Whether it’s building healthy habits of reconciling daily, weekly or monthly, reconciling your books takes time that small business owners lack. Accounting software that uses artificial intelligence to streamline bank reconciliation can easily bring hours back into your week. How Kashoo can help Adrian: Kashoo only takes a few minutes to link to Adrian’s business bank account and to sync his entries. This time-saving feature takes away the administration side of accounting as well as having to review his general ledger and compare it to the movement of cash in his business. Kashoo 2.0 uses machine learning to improve the bookkeeping process and overall experience for small business owners such as Adrian. Whether you’re working in the trades, starting an eCommerce business, or working as a web developer, Kashoo’s latest software release takes advantage of artificial intelligence to streamline your bookkeeping processes. Try our free 14-day free trial today!
