Minimising manual mistakes with Big Red PI
Human error can be costly for both accountants and their customers. Using a system that allows purchase invoices to be imported automatically by using artificial intelligence can go a long way towards eliminating expensive missteps.
It is tempting to assume that technology is always right, but accounting software is only as good as the information it is based on. When the task of transferring figures from a purchase invoice is done manually, there is always the possibility that numbers are entered incorrectly or decimal points placed in the wrong position.
In some cases this type of mistake will only make a difference of a few cents either way, but for larger invoices the error can run into hundreds or even thousands of euro. When individuals are faced with inputting figures from large numbers of invoices over a short period of time, the scope for error is even greater.
Many businesses processes have been improved in the digital age, but bookkeeping remains a largely manual process dependent on hours of laborious data entry. This is a huge drain on a business’s most valuable resource – time.
“Our purchase importer, Big Red PI, is a massive time saver for our customers by allowing them to pull data from purchase invoices automatically,” explains Paraic Nolan, Chief Technology Officer of Big Red Cloud. “For example, if a supplier sends in an invoice to one of our customers we can now look at that data, pull it from the invoice and import it into our system.”
The ability to extract the relevant data from every invoice that comes in as a PDF means no more manual inputting of purchase order details. If this process is repeated across hundreds of accountants processing invoices for thousands of SMEs, the potential cost and time savings are considerable.
This also allows accountants and business owners to spend more time on profitable work such as developing their business.
The Robert Half Finance and Accounting survey noted that the use of artificial intelligence can have a positive impact on individual job satisfaction and success. By automating routine tasks and enriching data analysis, employees are able to dedicate more time to strategic initiatives that can inspire insight into new areas of growth for the business. A real win-win outcome.