In the latter half of the 20th century, the vision of independent machines running human society was considered science-fiction. But over the last 20 years, Artificial Intelligence (AI) has become a reality- and it can assist you in managing your money.
The AI Revolution is Real
AI is at work everywhere – from your cell phones and GPS to flight bookings and even surgery. While this is almost taken for granted, it is only the start of AI’s capabilities. This type of AI employs machine learning, a form of intelligence that using routine patterns and consistent algorithms to learn responses and predict behaviour.
The AI Future of Business: Risks, Benefits, and Big Dreams
In 2016 the global AI market was worth only $1.6 billion. In 2025 it will be around $60 billion; the world’s GDP will rise by $15 trillion before 2030 because of AI.
On a smaller scale, a 2019 Deloitte Insights study found that 70% of all participating financial services firms use machine learning in production environments today, and 49% of frontrunners have a comprehensive, detailed, companywide strategy in place for AI adoption to give them immediate scale and speed over rival firms.
The implications for accounting and finance are huge. Here is a quick summary of some key changes and challenges:
- Digi-credit: Digital banks and loan-issuing apps have become more and more independent in their ability to evaluate loan eligibility and provide personalised options.
- Cyber fraud detection: Fraud detection systems use machine learning to analyse clients’ behaviour, locations, and buying habits and then trigger an appropriate security mechanism. This can be applied to tax tracking systems in the future to track and manage business compliance.
- Robo-advisors: From intuitive chatbots, automated sales programs, and virtual CRM consultants, to self-reliant bookkeeping, procurement, accounts, and audit robots, robo-advisors are helping firms automate a variety of processes. Many financial and accounting tasks are routine, if complex, and machine learning algorithms are already proving their ability to perform these tasks more efficiently than humans. But in the end, there is as yet no substitute for the insight and advice of a business advisor or CFO who can analyse your specific business personally and carefully.
AI in the Here and Now
Progress with AI is happening fast, and its implications remain unpredictable. What does this mean for your business and finances today?
How can you stay ahead of the software curve? Automation in accounting is already here and is saving small businesses and accountants countless hours and dollars. Payroll, tax, monthly bookkeeping, receipts, rostering: the list of software innovations is growing almost monthly. It’s important to spend some time investigating how you can employ current machine learning technology to make your business as efficient as it can be.
One way to do this is by using Receipt Bank. At Calibre Business Advisory, we can help you leverage the power of AI with our Receipt Bank service.
Some of benefits of using our Receipt Bank service include:
- Convenient, real-time document submission – Receipt Bank’s user-friendly online submission system means receipts and invoices can be uploaded as they are received for month-end reporting.
- Secure storage – Receipts and invoices are securely and automatically stored in the cloud for seven years, meaning all uploaded documentation is audit-protected.
- Efficient and cost-saving – AI-powered bank feed integration allows for tax and amount recognition from multiple transactions at once, significantly reducing bookkeeping time.
- Instant expense reports – View real-time expense reports by project or employee.
At Calibre Business Advisory, we are always looking for innovative, efficient ways to help our clients achieve their full potential. For more information or to request a meeting to discuss our Receipt Bank service, call 9261 2177.
Calibre Business Advisory invests more time than most firms into finding solutions for our clients. Contact our business advisors and tax accountants to discover new options for your business in Australia and beyond.
Important Disclaimer: Readers should not act solely on the basis of the material on this page. Items herein are general comments only and do not constitute or convey advice. Legislation and proposals of legislation are also subject to constant change. We therefore recommend that formal advice be sought before acting in any of the areas. This news article is issued as a guide to the readers. Calibre Business Advisory Pty Ltd and its associated entities disclaims any losses that may be incurred as a result of the reader undertaking any action based on this article.