The reason why AI accounting is the ONLY solution

ezycount (30)in #cryptocurrency • 6 years ago

This week, I'm looking at why AI accounting is the ONLY solution to the accounting burden for self-employed.

Manual data input is the issue in accounting

Accounting is a manual, repetitive task. Each self-employed and small business owner need to do. It's required by law to file taxes. If the self-employed pays a fiduciary, he can outsource it. However, fiduciaries are highly qualified financial experts with a high hourly rate. They are better paid for advisory than manual data input.

Which event shows us the path to AI accounting

We know our customers are happy to use EZYcount. They see the benefits of EZYcount from the easy interface to the simplifications we put in place. However, after talking to a dozen of them, we realized that it was not enough. EZYcount needs to give a tremendous added value compared to Excel so that we can grow exponentially. The issue is the manual data input in the accounting system and the solution is automation. After careful review, the only way to automate data input (and we patented it in Switzerland) is to add a specific accounting AI for the data entry.

Current issues and advantages of EZYcount AI

a) Repetitive manual work disappear with EZYcount AI

Manual accounting data input is very repetitive, and where there is repetition, it's a case for machine learning. Machine learning is one of the tools available to EZYcount AI to automate accounting.

Manual data input is very repetitive because the transactions in accounting are very repetitive: someone buys something, someone buys something, someone buys something, the self-employed purchase supply, the self-employed pays the rent,...

We start by automating simple accounting. It is a lot easier to make EZYcount AI fully automate simple system than complex ones. This doesn't mean that we will not automate complex ones in the future. We just start with the simple ones.

b) Accounting data sources are poorly connected

There is a multitude of data sources for accounting data. The biggest ones are the bank account, followed by the e-commerce website for e-shops, then credit card reports, Point-of-Sales solutions, Document management systems such as Google Drive, Dropbox or Storj. Finally, there are many specific solutions for inventory management, payroll, etc...

One of the added value of EZYcount AI is its connectivity. EZYcount is already connected to one bank. EZYcount AI will connect to many new sources of accounting information in the upcoming months automating one source at a time.

c) Accounting data output are poorly connected

Many fiduciaries, banks, tax regulators and other stakeholders need access to the self-employed accounting data. Data output need to be generated so that these stakeholders can use their usual accounting system to read it. EZYcount AI can output full bookings also to other accounting solutions.