AI Bookkeeping: The Future Of Accounting For Business
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Artificial intelligence is a branch of computer science that enables machines to complete tasks and make decisions in a way that mimics human actions. Some virtual bookkeeping services and accounting software programs use AI to automate repetitive tasks, including:
✔ Recording data in the correct accounting formats
✔ Sorting transactions into categories
✔ Reconciling accounts against bank statements
✔ Recognizing data from scanned receipts or invoices to identify the vendor and amount
✔ Matching the receipts or invoices to the relevant transactions
✔ Compare employee expense reports against a company’s expense management policy to ensure compliance
✔ Track changes in price amongst subscriptions, suppliers, contractors, and more
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