In the world of bookkeeping, machine learning is here to stay

In the world of bookkeeping, machine learning is here to stay

When you think of a bookkeeper, you might picture someone sitting in an office, an adding machine to their left, and a stack of paper to their right. While this may still ring true for some, there has been a shift in the industry to move towards digitization and the cloud.


Some bookkeeping software solutions have even gone as far as using machine learning (ML) to provide insights based on a company’s financial inputs. This shift has unlocked two invaluable things for business owners: the ability to make business decisions quickly, and the empowerment that comes with developing a real-time bird’s-eye-view of a business.


How does machine learning and digitization make bookkeeping easier?
Whether you’re a business owner or a bookkeeper, adding a bookkeeping service enabled with machine learning technology has immediate benefits:


  • Data consistency and record-keeping.
    By manually entering important details like expenses and payments, you risk introducing errors with one wrong keystroke. Most cloud accounting platforms employ OCR (optical character recognition) technology that inputs data directly from a document (like a receipt) into your books with just one click — no more errors!


  • Reconciling accounts against financial statements.
    To reconcile an account means to ensure two sets of records are in agreement. Normally a painstaking task when done manually, ML has helped speed up the process through automated data matching and anomaly detection. The time spent reconciling is cut down significantly because the bookkeeper only spends time reviewing transactions that the ML model has flagged. This is one of the many reasons that bookkeepers at huumans reconcile all their books weekly.


  • Real-time business insights without the help of an accountant.
    Gone are the days when business owners would have to wait for a meeting with their accountant or business manager to see if they were making money. Machine learning has helped democratize financial insight, so business owners can see important details in real time, and ultimately make financial decisions faster. Of course it’s always important to have a trusted advisor, which is why huumans provides unlimited support, and even on-demand CPA access for enterprise-level accounts that might need a bit more counsel.



I already see cash flow, profit margins, and expenses—what else could I possibly need?
Like any modern business, data is a necessity that helps people make informed financial decisions. Most cloud accounting solutions include built-in reports that go beyond basic information like cash flow and expenses, which are helpful, but the value that a bookkeeping professional brings is immeasurable.

A business lacking financial insights is like driving without headlights—you’ll probably get to your destination, but in what shape? You might be putting yourself at risk of missing important details or future obstacles.


I’d like to switch to a cloud accounting service; where do I start?
Moving your books from a desktop solution (like Excel) to the cloud might have a bit of a learning curve at the beginning, but there are payoffs to investing the time into making the transition. In fact, the government of Canada has announced funding as part of the Canada Digital Adoption Program where you may receive financial assistance to help move your books to the cloud.

If you begin using a cloud accounting solution and quickly realize you’re not cut out for DIY-cloud bookkeeping, you can always move to a serviced model where actual—human—bookkeepers can manage your payroll, weekly reconciling, and yearly tax returns, so you can get back to running your business.


Your bookkeeper shouldn’t be a robot—but they should have the accuracy of one!
ML-enhanced bookkeeping is a combination of art and science. Bookkeeping requires unwavering attention to detail—or “a human touch”, but it’s hard to scale when you’re dependent on manual data entry. While machine learning won’t replace actual bookkeepers anytime soon, working with a bookkeeper that uses industry-leading technology is the best way to get the gift of time: more time running your business, and less time staring at a balance sheet.


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What is huumans?
A smart, cost-effective bookkeeping service designed specifically for small business owners, huumans provides same or next business day support, guaranteed weekly reconciliation and fixed, transparent monthly pricing. Your business numbers, directly calculated from your constantly reconciled accounts, are presented in a free, easy-to-understand, on-demand, shareable dashboard - and like your billing, it can be managed online whenever you find it convenient. Offering the most cost effective small business managed payroll services in Canada, we also provide specialized discounts for startups and new businesses, along with dedicated solutions for franchises.

Does your company need fast, accurate bookkeeping with a human touch? You might be eligible for our Start-Up or New Business Programme which would save you 50% in your first year.