Artificial intelligence (A.I.) is the most high-profile technological advancement of 2023. Looking forward to 2024, BHP will continue to embrace technological advancements across the accounting field to free up the time of our clients to focus on growing their businesses. It will also allow us at BHP to focus more and more on adding value to our clients’ businesses.
A.I. powered tools
A.I. has been around since before the emergence of ChatGPT. A key area where A.I. has markedly improved processes is in automating regular time-consuming tasks, such as data entry. Within the BHP Digital Finance team, we have been utilising A.I. powered tools, such as Dext Prepare, which reads receipts and invoices and allows for more efficient data entry. Dext has transformed data capture to make this process far more efficient.
Xero is our most used software package and Xero utilises A.I. to improve bank matching and speed up bank reconciliation processes. There are further software packages that integrate with Xero that cover various areas, such as stock, debtor management, management reporting and cashflow modelling. We utilise these pieces of software to enhance efficiency for our clients and to assist for reporting purposes.
Dedicated team
We are also following the emergence of ChatGPT and other A.I. powered products hitting the market. We have a firm-wide team covering a variety of departments who are keeping up to date with the latest advancements in A.I., and continually assessing the value of new products. Keeping our finger on the pulse, our aim is to be aware of the developing market and how we can harness emerging technologies to add more value to our client base.
At BHP, we utilise software to improve accounting tasks, and we will continue to do so as we head into 2024. We want to use A.I. and software to make the accounting systems more efficient, to allow our clients to spend more of their time focusing on growing their businesses. If you would like to discuss anything around accounting software and the solutions it can provide, please contact me at william.wright@bhp.co.uk or call me on 01904 628551.
