And also how DOKKA is approaching the problem. The idea of this article is to try give you clarity on what the different choices are. To make matters more complicated, some companies are using really basic technology together with people in the background, and some companies are using technology. Really confusing, isn’t it! Even thought artificial intelligence, machine learning and other technology is being marketed in more accounting and bookkeeping technology solutions, it’s still highly confusing, as people are not sure of the differences between the different technology or how it can help them automate their accounting. If you do a couple of google searches, you’ll find articles such as: There is so much information and misinformation around data extraction using AI. Artificial Intelligence around data extraction is a confusing term So you can either do this process of data extraction manually or you can use a variety of technology that is available to help you with this. Then work out the bookkeeping entry from each of these documents. (And sometimes you first need to reconcile groups of documents). However, if you are doing accrual based accounting, then you need to look at each document. It means you don’t have a huge amount of documentation which you need to process bookkeeping entries from. If you’re doing cash based accounting, then you’re primarily creating the bookkeeping entries from either the bank statements or the credit card statements. What does matter is if you’re doing cash based or accrual accounting. You are a bookkeeper or accountant, and you can be working in a company that offers outsourced bookkeeping or accounting services, or in an internal finance team in a business.
The question most bookkeepers and accountants are asking is how can you extract data with artificial intelligence or machine learning, and not just using data extraction / OCR techniques.
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