Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises
Bookkeeping plays a vital role in dealing with records of day-to-day financial transactions from invoices until payment. It is also a method of documenting all company transactions in order to create a collection of accounting documents. Studies show that an evolution of bookkeeping management from...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Politeknik Negeri Padang
2021-09-01
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| Series: | JOIV: International Journal on Informatics Visualization |
| Subjects: | |
| Online Access: | https://joiv.org/index.php/joiv/article/view/669 |
| _version_ | 1811159842215165952 |
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| author | Nurul Akmar Azman Azlinah Mohamed Amsyar Mohmad Jamil |
| author_facet | Nurul Akmar Azman Azlinah Mohamed Amsyar Mohmad Jamil |
| author_sort | Nurul Akmar Azman |
| collection | DOAJ |
| description | Bookkeeping plays a vital role in dealing with records of day-to-day financial transactions from invoices until payment. It is also a method of documenting all company transactions in order to create a collection of accounting documents. Studies show that an evolution of bookkeeping management from manual record keeping to electronic record keeping had simplified most burden of bookkeepers as well as more reliable and accurate. Bookkeeping includes, in particular, classifying items correctly and entering financial details into an accounting system. However, with the rise of artificial intelligence, automated bookkeeping system is common to large businesses tasks at real time with hassle free. The system will function more than just journal management but also a decision-making tool to any businesses. Despite the benefits of the system, many small and medium enterprises especially in Malaysia still hesitate to implement the system. Artificial intelligence will further improve automated bookkeeping making it simpler and efficient for all levels of businesses. This paper presents an Artificial Intelligence perspective and methods used in automated bookkeeping focuses on invoices processes such as Optical Character Recognition (OCR), for document recognition, machine learning and auto journal record entries. Besides that, its challenges to be implemented in small and medium enterprise. The result of these studies highlighted benefits in the automated bookkeeping process to suit Malaysian small and medium enterprises. Future work will look at the suggested intelligence features to be implemented for a more efficient automated bookkeeping for small and medium enterprise. |
| first_indexed | 2024-04-10T05:47:45Z |
| format | Article |
| id | doaj.art-a0fdc2ac7bdb4e7ca84807b30a4d5bea |
| institution | Directory Open Access Journal |
| issn | 2549-9610 2549-9904 |
| language | English |
| last_indexed | 2024-04-10T05:47:45Z |
| publishDate | 2021-09-01 |
| publisher | Politeknik Negeri Padang |
| record_format | Article |
| series | JOIV: International Journal on Informatics Visualization |
| spelling | doaj.art-a0fdc2ac7bdb4e7ca84807b30a4d5bea2023-03-05T10:30:14ZengPoliteknik Negeri PadangJOIV: International Journal on Informatics Visualization2549-96102549-99042021-09-015322423010.30630/joiv.5.3.669272Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium EnterprisesNurul Akmar Azman0Azlinah Mohamed1Amsyar Mohmad Jamil2Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA (UiTM), Shah Alam, MalaysiaInstitute for Big Data Analytics and Artificial Intelligence (IBDAAI), Universiti Teknologi MARA (UiTM), Shah Alam, MalaysiaMVS Absolute Ent, Shah Alam, MalaysiaBookkeeping plays a vital role in dealing with records of day-to-day financial transactions from invoices until payment. It is also a method of documenting all company transactions in order to create a collection of accounting documents. Studies show that an evolution of bookkeeping management from manual record keeping to electronic record keeping had simplified most burden of bookkeepers as well as more reliable and accurate. Bookkeeping includes, in particular, classifying items correctly and entering financial details into an accounting system. However, with the rise of artificial intelligence, automated bookkeeping system is common to large businesses tasks at real time with hassle free. The system will function more than just journal management but also a decision-making tool to any businesses. Despite the benefits of the system, many small and medium enterprises especially in Malaysia still hesitate to implement the system. Artificial intelligence will further improve automated bookkeeping making it simpler and efficient for all levels of businesses. This paper presents an Artificial Intelligence perspective and methods used in automated bookkeeping focuses on invoices processes such as Optical Character Recognition (OCR), for document recognition, machine learning and auto journal record entries. Besides that, its challenges to be implemented in small and medium enterprise. The result of these studies highlighted benefits in the automated bookkeeping process to suit Malaysian small and medium enterprises. Future work will look at the suggested intelligence features to be implemented for a more efficient automated bookkeeping for small and medium enterprise.https://joiv.org/index.php/joiv/article/view/669automated bookkeepingautomated invoices recognitionartificial intelligenceoptical character recognition. |
| spellingShingle | Nurul Akmar Azman Azlinah Mohamed Amsyar Mohmad Jamil Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises JOIV: International Journal on Informatics Visualization automated bookkeeping automated invoices recognition artificial intelligence optical character recognition. |
| title | Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises |
| title_full | Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises |
| title_fullStr | Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises |
| title_full_unstemmed | Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises |
| title_short | Artificial Intelligence in Automated Bookkeeping: A Value-added Function for Small and Medium Enterprises |
| title_sort | artificial intelligence in automated bookkeeping a value added function for small and medium enterprises |
| topic | automated bookkeeping automated invoices recognition artificial intelligence optical character recognition. |
| url | https://joiv.org/index.php/joiv/article/view/669 |
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