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How AI is impacting Small and Medium Size Businesses Financial Management

How AI Is Impacting Small And Medium Size Businesses Financial Management

Artificial Intelligence (AI) is actively maneuvering from the consumer marketplace to the world of finance, banking and accounting. Many businesses are looking to streamline processes and utilize AI to become more efficient and profitable. Expex is pleased to be featured in The Saratoga County Prosperity Partnership online newsletter, Next Wave Ideas. The article, How AI is impacting small & medium sized businesses discusses the availability of services that are accessible to small and medium sized business.

“Not long ago, Artificial Intelligence (AI) was thought of as a sophisticated and expensive technology that only large companies could afford and use. As consumers, we’ve seen applications of AI in self-driving cars, voice recognition and various aspects of Facebook (Facebook has a division called “FAIR” – Facebook Artificial Intelligence Research to perform R&D for new apps and products). But what about small and medium size companies? Are there solutions that can help them become more efficient or even more profitable?

The answer is a definitive YES. Many of the applications being developed today for the SMB marketplace are using AI to create tools that make running a business more efficient, smarter and more profitable. In the fintech space these apps are starting to not only perform tasks, but to augment decision making by learning behaviors of the business, its vendors and its clientele. This requires algorithms that can access, review and assess what actions owners and manager should take. It also requires that these algorithms learn and change the results based on the behaviors of the business, vendors and clients.”

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Expex is a SaaS application that automates accounting and bookkeeping tasks, improves cash flow, lowers business expenses, and reduces the time required to review financial data and transactions. The app has smart alerts that notify users of critical issues requiring their attention and is integrated with QuickBooks and 11,000 financial institutions. www.expexinc.com.

 Anthony Lombardo is the President and founder of Expex, Inc in the Capital District of New York. As a small business owner, he saw that he needed to understand his finances and cash-flow. When he went to look for these tools, he couldn’t find a system that would provide him with the information he needed, so he built his own platform.

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