Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises

Nurul Akmar Azman - Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA (UiTM), Shah Alam, Malaysia
Azlinah Mohamed - Institute for Big Data Analytics and Artificial Intelligence (IBDAAI), Universiti Teknologi MARA (UiTM), Shah Alam, Malaysia
Amsyar Mohmad Jamil - MVS Absolute Ent, Shah Alam, Malaysia


Citation Format:



DOI: http://dx.doi.org/10.30630/joiv.5.3.669

Abstract


Bookkeeping plays a vital role in dealing with records of day-to-day financial transactions from invoices until payment. It is also a method of documenting all company transactions in order to create a collection of accounting documents. Studies show that an evolution of bookkeeping management from manual record keeping to electronic record keeping had simplified most burden of bookkeepers as well as more reliable and accurate. Bookkeeping includes, in particular, classifying items correctly and entering financial details into an accounting system. However, with the rise of artificial intelligence, automated bookkeeping system is common to large businesses tasks at real time with hassle free. The system will function more than just journal management but also a decision-making tool to any businesses. Despite the benefits of the system, many small and medium enterprises especially in Malaysia still hesitate to implement the system. Artificial intelligence will further improve automated bookkeeping making it simpler and efficient for all levels of businesses. This paper presents an Artificial Intelligence perspective and methods used in automated bookkeeping focuses on invoices processes such as Optical Character Recognition (OCR), for document recognition, machine learning and auto journal record entries. Besides that, its challenges to be implemented in small and medium enterprise. The result of these studies highlighted benefits in the automated bookkeeping process to suit Malaysian small and medium enterprises. Future work will look at the suggested intelligence features to be implemented for a more efficient automated bookkeeping for small and medium enterprise.

Keywords


Automated bookkeeping; automated invoices recognition; artificial intelligence; optical character recognition.

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