The era of small businesses being at a disadvantage by not having access to technology or affordability is long gone! In fact, small and medium businesses (SMBs) are often considered to be target customers for many AI-powered accounting software companies. From bookkeeping to tax preparation, AI-powered software quickly performs a variety of SMB accounting tasks that were once done manually, which was time intensive, and expensive. SMB business owners can now spend less time reviewing large data sets or managing administrative tasks and dedicate more time to developing strategies to grow the business.
The top 5 SMB accounting tasks you can outsource to AI
- Automated Bookkeeping – AI bookkeeping solutions manage the bulk of your accounting process. From tracking spend to maintaining accurate records of your transactions, AI-powered software like Docyt gives you better financial visibility and accuracy of your transactions by automatically generating financial reports which is typically a very manual thing to perform.
- Revenue Reconciliation – AI-based accounting software provides automated reconciliation so you can always see what you are earning and what revenue is outstanding. Imagine not having to manually track and post daily sales from your POS system to the ledger.
- Tax Document Preparation – Preparing 1099 filings for your vendors and contractors is faster and easier since accounting software already has expenses tracked and categorized by vendor making it easily accessible to export at year-end.
- Automated Reporting – AI-based accounting software provides real-time financial reports to help SMBs see their business performance anytime, rather than waiting 15 days after month-end to see their revenue and expenses.
- Fraud Prevention – AI can help protect businesses from fraud and theft by monitoring credit card and bank data to identify any duplicate or suspicious transactions.
- Automated Bookkeeping – AI bookkeeping solutions manage the bulk of your accounting process. From tracking spend to maintaining accurate records of your transactions, AI-powered software like Docyt gives you better financial visibility and accuracy of your transactions by automatically generating financial reports which is typically a very manual thing to perform.
AI-based accounting technology has revolutionized the way SMBs work by taking on the mundane and time-intensive accounting tasks.
The reality of artificial intelligence tends to make people think about futuristic concepts and what the world will look like when AI technology is as normal as the invention of cell phones.
The fact is, AI is already very much ingrained in our personal lives from using facial recognition built into our cell phones and devices to using voice commands using Siri and Alexa to perform a particular task. The popularity of AI technology among businesses as well as the average person has increased tenfold over the past 5 years. AI-powered accounting software has cleared the path for small business owners to manage their companies effectively while having more time back to focus on strategic activities to grow their businesses.
If you’d like to learn more about incorporating AI-powered accounting technology into your accounting process and how these tools will benefit your business, contact Docyt today!
