Bots are starting to gain a lot of attention and for good reasons. Bots are computer programs that perform repetitive tasks accurately and at a very high rate of speed. As a result, these bots can do the work of humans faster, more accurately and less expensively. We all interact with bots (or chatbots) as consumers daily and this type of technology is now making its way into the world of accounting.
As these bots continue to be integrated into financial management applications, the lives of owners and financial managers of SMB’s start to change. Tasks like entering bills can be done electronically by a bot that can recognize the vendor, bill date, amount and even determine which account to book the expense to. This can reduce a lot of time and expense, which in turn makes your business more efficient and profitable.
The question that naturally comes up with this discussion is how will this affect bookkeepers. This simple answer is that it opens a significant opportunity to add value to the services that bookkeepers offer. Bookkeepers will continue to work with clients on financial planning, performance reviews, best practices and other advisory services, thereby adding significant value to the relationships they have with their clients.
The advent of bots will be a dramatic change the way accounting is performed for SMB’s and will enable growth and add value to both SMB’s and their bookkeepers’.