Is It Time to Replace Your Bookkeeper with AI?

Your business is growing fast. But your bookkeeping is not keeping up.

Reports are late and disjointed. Mistakes are increasing. You’re working too hard to get basic financial data. Sound familiar?

Here’s what most business owners don’t realize: You may not need another bookkeeper anymore. AI can now handle many bookkeeping tasks.

Instead of posting job ads and training new hires, it may be time to explore a completely different solution to your bookkeeping problems.

The Hidden Cost of Manual Bookkeeping

These are some of the things that drive up the cost of bookkeeping:

• Overpaying someone to enter receipts
• Waiting days for basic financial reports
• Human errors in your books that cost you real money

Add it up and the true cost of your current bookkeeping may be costing you thousands of dollars a month. AI bookkeepers only cost around $50-500 per month. While far more affordable than human labor, there are some tradeoffs to consider which is covered later in this article.

Three AI Tools That Replace Your Bookkeeper

1. QuickBooks Online with Intuit Assist

Already using QuickBooks Online? They just launched Intuit Assist – generative AI that provides personalized recommendations for your accounts. It’s like having a CPA living inside your accounting software.

What this means for you:

• Ask questions in plain English: “How much did we spend on marketing last quarter?”
• Get instant answers instead of digging through reports
• Automatically chase late payments with personalized messages
• Turn any email or document into an invoice with one click
• Already included if you use QuickBooks Online

2. Booke AI

Booke.ai integrates GPT-4 and Robotic Process Automation, trained on 24 months of accounting data for precise bookkeeping. It leverages Optical Character Recognition (OCR) AI to extract data from documents like invoices, bills, and receipts in real time.

What this means for you:

• Every transaction gets categorized instantly using AI trained on real accounting data
• OCR technology reads and processes receipts automatically
• Integrates with QuickBooks Desktop and Xero
• Provides effortless resolution of uncategorized transactions and coding errors

3. Dext

Dext uses advanced AI to process receipts and invoices, automatically extracting data and categorizing expenses with seamless QuickBooks Online integration.

What this means for you:

• Snap photos of receipts with mobile app or email them directly
• AI automatically extracts data and categorizes expenses
• Seamlessly syncs with QuickBooks Online without manual data entry
• Bulk upload support for processing multiple documents at once
• Store all business documents securely in one place

All options above have this OCR technology. Are they 100% accurate? Of course not. But the point is it can save you 80% or more of the manual data entry. And if you’re not harnessing this into an opportunity, you may be absorbing it as a hidden cost.

The 48-Hour Implementation Plan

If you decide to go this route, you could be up and running in two days.

Day 1: Choose Your AI Bookkeeper

• Start with QuickBooks Online if you’re not already using it
• Enable Intuit Assist (included in your subscription)
• Sign up for free trials of Booke.ai or Dext

Day 2: Connect and Test

• Link your bank accounts to your chosen AI tool
• Upload your last month of receipts to test accuracy
• Set up automatic transaction categorization rules

Within 48 hours: Your books will be updating themselves.

Is an AI Bookkeeper Right for You?

AI bookkeepers excel at routine tasks but can’t replace everything. Here’s what you’ll lose:

No Personal Relationship

Your current bookkeeper knows your business quirks. They remember why you coded that weird expense in March. AI won’t call to ask if that large purchase was really for marketing.

Limited Complex Judgment Calls

When transaction categories aren’t clear, AI guesses. Your bookkeeper would ask questions first. Complex transactions still need human review.

No Strategic Advice

AI processes data but won’t tell you to set aside money for taxes. It won’t suggest better cash flow timing or warn about spending patterns.

Less Flexibility with Exceptions

Every business has unique situations. AI follows rules strictly. Your bookkeeper adapts to your specific needs and unusual circumstances.

The bottom line: AI handles 95% of bookkeeping tasks perfectly. Considering the efficiencies and cost savings that AI offers for routine tasks, adopting it might free up resources better directed towards business insights that help you grow your business.

Your Next Move

If you want to explore using AI for bookkeeping, start by picking one bookkeeping task you hate doing. Maybe it’s expense categorization. Maybe it’s managing receipts and bills.

Find an AI tool that handles just that one thing. Test it for a week.

If it saves you time and give you peace of mind – and you don’t miss what AI can’t do for you – then sign up for the service and implement it.

The future of your bookkeeping isn’t about finding better people. It’s about finding the best way to get your company’s foundational financial data accurate and timely. When you solve this problem you can confidently focus on what matters most – growing your company.