Can I use AI to replace my bookkeeper?

The list of things that AI can tackle is growing every day, and I’ll be honest—it’s impressive! A lot of people are amazed at how ChatGPT can categorize 80% of their bank transactions automatically. 

Can I let you in on a little secret? 

QuickBooks has been categorizing 80% of transactions automatically for years. They're called bank rules. It's not the 80% business owners need to be worried about. It's the remaining 20% of transactions that AI can't get right that owners need keep an eye on. That 20% is where we live, and it makes all the difference. 

It’s that question of whether a one-off bank deposit was an owner’s contribution or a revenue transfer. It’s that retirement contribution that needs to be split across three different expense accounts. It’s keeping track of invoices that were only partially paid by customers, and knowing who to follow up with for payment. It’s those complex 20% of transactions that can make or break your financial reports—and determine whether or not you’re overpaying in taxes.

Don’t get me wrong, I hope AI will become everything it is cracked up to be, but the fact is AI is a great assistant. It’s just not ready to be the accountant. 

At Edgemont Accounting, we are implementing AI into our processes to make use of its strengths. But we are also holding fast to the most important factor in having clean books—the human element, which is critical to ensuring reports are accurate and books stay clean.

When you’re ready to have a real person in your corner, we’re here!