How will Artificial Intelligence impact Bookkeeping?

AI is a big question mark when it comes to many industries. Many people picture disaster scenarios and dystopian worlds that resemble the killer machines from iRobot – but that’s really not the case. It’s important to know the basic expectation of what AI will bring to your industry, but what about something that will affect all of our businesses: bookkeeping?

It could still be years before all businesses have access to affordable, competent software. Technology has come a long way but it still has a long way to go. Despite this, the topic is not insignificant to look at because preparing and understanding the possibilities of the future (especially as a business owner) can be vital in how we live today.

With the current available technology, such as MYOB and Xero, AI will ultimately streamline the bookkeeping experience for businesses and those they consult with their finances.

In particular, those business owners that persist managing their own books will see benefits from this, as technology will make bookkeeping easier for everyone. AI would also indicate absolute standardisation which is indeed a positive result for those reviewing numbers put together by bookkeepers…hopefully leading to reduced accounting expenses.

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