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Xero’s financial report reveals BIG loss but share price pop. - eepurl.com/isNmKQ
The one thing I’ve found fascinating in accounting and bookkeeping is watching technology companies try to win clients. I’m not just talking about the special offers, features and pricing but how they use technology to make bookkeeping seamless – to replace some of the bookkeeping tasks!
The most recent event I’ve witnessed is NAB bookkeeper service that has a six month free trial and is $20 per month thereafter.
When you read the fine print it is revealed that Thriday is the technology behind NAB bookkeeper. After a bit more research I discovered that they want to capture a massive part of the micro and small business market by reducing the business administration tasks.
I’ve written in the past about how NAB use Slyp for for smart repeats and this is another example of a technology investment aimed at helping small business owners replace the cost of accounting software and even having to have a bookkeeper.
Friday is a service that uses technology to combine data entry from transactions with your actual bank account. One of the biggest challenges for small businesses it’s all the data entry involved to reconcile their accounting software like MYOB and Xero to the actual bank statement.
This represents the majority of bookkeeping jobs and can be learnt in our Beginners Certificate in MYOB and Xero.
We are a long way from the majority of businesses using Thriday, Hnry and services like Slyp but with their laser focus to help to eliminate the data entry and time wasting admin tasks and inaccuracies it is good to be aware of these companies and their technology.
The big question now for companies like Xero is can they continue to increase the monthly cost of their subscriptions when services like NAB bookkeeper a targeting the time costs inaccuracies of doing your bookkeeping.
Perhaps in the future bookkeepers will have to focus on customer service, sales and more of office administration type tasks as well as simply reviewing the data and financial reports and information that are created automatically by services like NAB Bookkeeper.
Is this how artificial intelligence will replace manual labour by Australian bookkeepers
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