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Artificial Intelligence is changing the way we run our businesses

14.01.2021

Business

Embracing technology

 

Technology has transformed our world over the last decade and is continuing to do so at an ever-increasing pace.

 

Running a business is not immune to the advancement of artificial intelligence (AI) and machine learning; especially with regards to business compliance activities, such as bookkeeping and accounting functions.

 

Computers are so much better at compiling and computing data than humans. And, let's face it, who really wants to spend valuable time on tedious and tiresome accounting tasks when you could be spending more of it running your business and enjoying valuable time with your family?

 

Access to transparent and accurate real-time financial data about your business is more important now than ever in the current climate; helping you look ahead and plan more effectively for the future.

 

Cloud accounting

 

Artificial intelligence (AI) and cloud-based accounting software, such as Xero, are automating many of the repetitive tasks and processes associated with accounting resulting in reduced costs, increased efficiency and extreme accuracy.

 

Accounting systems that take transactions direct from bank accounts, with the advance of open banking, at source are now routine - as are other automated systems for the capture and processing of data.

 

For many small businesses, cloud-based accounting systems are the way forward.

 

They open up new opportunities for the business owner to work closer with their accountants and advisers.  Enabling your accountant to understand your business better, so they can give you proactive advice and help you focus on business strategy instead of getting bogged down with detailed processes.

 

Cloud based systems also make mobile accounting much easier and there are many apps dedicated to accounting functions which allow you to send invoices to customers and capture expenses in real-time using inbuilt cameras with just a few swipes on a screen.

 

For help and guidance about how to make the best of the ever-improving digital resources available, call Alex or Chloe at CKLG on 01223 810100.

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