AI works best at automating repetitive tasks and boy, does bookkeeping have a lot of those!  This is where AI really shines and helps us to get our work done more efficiently.

Here at OMS we embrace our AI helpers so that we can do our jobs more efficiently and save you $$, but that doesn’t mean that our expertise isn’t needed to get the job done.  Quite the opposite, because although AI is good at automating tasks, someone with good knowledge of what is needed is important to be at the forefront to teach AI where is the right place to put your transactions.  Otherwise, you may end up with a huge mess at end of year and a rather large accounting bill.

Here are some key ways that AI is used in NZ bookkeeping:

• Data extraction and categorization:

  AI can automatically extract important information from invoices, receipts, and bank statements, coding them into appropriate expense categories, reducing manual data entry time.

• Bank statement reconciliation

  AI algorithms can match transactions between bank statements and accounting records, streamlining the reconciliation process and identifying discrepancies.

• Invoice processing

  AI can read and interpret invoices, automatically extract details like supplier information, invoice number, and amount due, allowing for faster invoice coding and payment processing.

• Predictive analysis

  By analysing historical data, AI can forecast future cash flow, identify potential risks, and provide insights to help businesses make informed decisions.

• Fraud detection

  AI can identify unusual patterns in transactions that may indicate fraudulent activity.  Banks utilize this function all the time.

Here is how your bookkeeper can make sure AI is utilized correctly:

• Data quality

  Accurate and well-structured data is crucial for AI to function effectively.  This is where your bookkeeper shines!

• Training and adaptation

  Bookkeepers know how to use AI tools effectively and monitor the system for accuracy.

• Compliance

  Bookkeepers ensure AI applications comply with relevant NZ accounting standards and privacy laws.

• Xero, MYOB, Quickbooks, FarmFocus and many other accounting software use these functions well, but they need to be trained and maintained for them to work correctly.

AI is here to stay and while it currently helps us to be super-efficient with our processing, it also allows your bookkeeper to focus on more strategic tasks to help keep your business humming!

If you would like help to utilize AI in your bookkeeping systems, give us a call, an hour of our time might be all you need. Kathy 0275347569

If your end of financial year is 31 March then you are less than a month away from getting your ducks in a row. 🦆🦆🦆  Here are some really simple tips to help you get ready:

1.      Reconcile your bank accounts: Make sure your bank accounts, visa cards and loan accounts in your accounting software match your bank statements.

2.      Check your Sales Invoices are paid.  Chase up overdue.  Write off any bad debts that are unlikely to be paid.

3.      Check all your Purchase Invoices are entered: even if not paid these expenses were incurred in this financial year and need to be recorded.

4.      Review your financial statements, make a list of questions: Take a closer look at your profit & loss report and balance sheet.  Ensure everything is accurate and up to date.  This gives you a clear picture of your financial health and help you identify any areas that need attention before the financial year ends.

A little preparation now can save you a lot of stress later.  If you’re unsure about anything, or just need a hand, please don’t hesitate to reach out to us.  We’re here to help you navigate your financial year end and can put strategies in place to make this and the next ones stress-free.

Your business besties ~ The Team at OMS