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With bookkeeping tech tools shifting job roles toward business advisory services, Aussie practice management system, XBert, has developed AI capability to pinpoint financial patterns so bookkeepers can more easily offer these services.
The rollout of the new feature will allow bookkeepers to make all kinds of requests about their clients’ financial data to spot imminent issues or opportunities to adjust activity.
XBert General Manager of Customer, Cameron Anderson, says that this charts a course for bookkeepers to build stronger client relationships through improved service and secure new business advisory revenue.
“In my view, with so much talk about AI it’s hard to know where to start,” said Cameron. “This creates an opportunity for bookkeepers to dip their toe in the water and see actionable insights quickly to improve their clients’ experience of their service.
“This opens up a whole new world to leverage technology to customise at scale,” continued Cameron. “Previously bookkeepers would have to analyse data client by client, but now they can create practice-wide alerts to take their most relevant risks or opportunities straight to the top of the pile.”
The kinds of queries bookkeepers have been making of the XBert system have been varied, including, ‘Detect all expense accounts that have a variance greater than 25% in the last period?’, ‘Show me any invoices over $1000 that are late by 30 days’ or ‘Alert me when sales drop 30% for the same period last year’.
Cameron says that answers to these types of questions then prompt bookkeepers to have more proactive conversations with clients about addressing things like debtor collection processes or adjusting purchasing behaviour.
“This will dramatically help bookkeepers position themselves as business partners to their clients and provide a competitive edge in how they add value to clients beyond more traditional services,” said Cameron.
“There’s no limit to the types of questions to ask XBert about the patterns in the financials. XBert makes suggestions on the most commonly used queries but these can all be tailored to suit the types of clients and their needs.”
The ABN invites members to experience XBert with a free trial, combined with a one-on-demo with the XBert team.
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