There are mainly 2 different views to accounting, one being the accuracy of information kept in the right order and second being the usefulness of the information organized in a manner that business owner could comprehend and make better decisions.
However, most of the time, the second view is often omitted and accounting is mainly done to fulfil statutory responsibility. The hard work that accountants and financial personnel put into preparing the information ended up in the shelf collecting dust and not fulfilling its full potential.
This ironic phenomenon is mainly due to the overwhelming workload that accounting personnel have to attend to, to bookkeep properly that leaves them little to no attention span to perform further analysis on the numbers they produced that the business owners would appreciate. Slowly, accounting turns into a dire task that people value little. Only large enterprises with CFO or financial controller role get to reap the benefit from the numbers they produced.
From the survey that we have done on the customers we served, most of them spent at least 70-80% of their time managing the bookkeeping task and audit. Little to no time is spent to produce useful analysis that can help to improve the business operation efficiency.
Accounting 2.0 introduces digital bookkeeping systems to the market helping accounting staffs to manage their entries better with pre-set reporting template in place to at least help saving time required to bookkeep and produce an auditable account. That’s when the accounting team is often split into several divisions especially for large corporation, namely AR team, AP team and general administration team. Having such split allows the corporation to process their documents in a more systematic manner more efficiently. To enable a more handy solution that offers high information availability, cloud accounting software was later introduced and made popular in the market with similar functions offered by the traditional desktop accounting solution.
With the advancement of computing power that our generation is enjoying, we have successfully developed an AI accounting solution to help accountants to handle their bookkeeping needs, empowering them more time to deal with matters that matter more! Our solutions allow accountants to simply scan and upload invoices and receipts into our system, our bot will be able to quickly learn about the posting requirements pre-set by the user and automatically post the information extracted from the scanned documents into ledgers, journal and finally posting them into financial statements. All that’s left that requires the accountants to do is reviewing the work done by bot and spend more time doing analysis that churns out insights that are more useful for business owners.
Besides that, our bot is also smart enough to perform cashflow analysis based on past data kept in our accounting solutions that incorporates market data to predict future sales volume and hence, cash positions.
AI solution is finally here to help makes accountant’s life better and business owner’s decision sharper.