The market for AI is increasing day by day. The use of chatbots in the industry for different purposes like customer service, solving various queries are booming in recent few years. The industry of bookkeeping and accounting is also not remain untouched.

But, what exactly chatbots are?

According to the definition of wikipedia, “A Chatbots is a computer program or an artificial intelligence which conducts a conversation via auditory or textual methods.”

They read the keywords entered, processes them and responds accordingly.

In the book-keeping and Accounting industry, the use to chatbots are catching a pace. They are basically used for solving queries regarding the audits, profit and loss, due bills or invoices or bad debts.

The main reason for the much popularity lies within their efficiency.They works as automated customer support, responding to queries in the real time, that saves time and efforts. It also works in the favour of the company, saving precious amount of money which would have been rather spent on paying customer support executives.

Let’s explore more about this emerging world of chatbots and their use in the accounting

1. Ask Real Time Questions: With the help of chatbots, any confusion or queries can be sorted out regarding net profit, sales, accounts payables and receivables, balance sheet etc. The manual search of the details will be eliminated, saving a lot of time and energy.

2. Use Chatbots To Track Work-Flow In Accounting: Chatbots can be equipped with every details like the quantity and price of raw materials, no. of units under procurement, target units, purchases and sales etc. With the help of these details, the department heads can track the work-flow and even take necessary measures if they are lagging behind on any way.

3. Update Accounts Using Chatbots: Chatbots can read receipts, update balances, stalk due payments and debtors, if authorised, can pay due payments to creditors through banks. Chatbots also increases the security towards the Accounting details. It will not reveal any data to unauthorised parties.

4. Get An Overview Of Accounts Using Chatbots: Any account or statement will be presented in front of you with one single command. Chatbots will not only update your recent account but also will compare them with the previous ones, present you report with the help of charts and graphics, that will make easy to understand the financial position of the business.