Why do we need to know now how to overturn the accounting?

Hong Kong's accounting and business departments face multiple challenges:

• Shortage of talent, high labour costs
  
• Taxes and regulatory requirements are becoming more stringent.
  
• Management needs faster and more accurate data analysis to make business decisions.
  

In the past, even with digital accounting software, many processes still require a large number of manual operations, matching and communication. But AI is rewriting all of this. AI, which combines natural language processing, mode recognition and machine learning, upgrades traditional processes, frees the finance department from the complexity of its work and focuses on what really brings value to the company.

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1. From Pure Input to Smart Insight: Auto-classification and Situation Analysis

Previously:
The financial team needs to issue the tickets, receive the receipts manually and enter them into the system.

Now:
AI automatically extracts data (e.g., date of issue, amount of money, provider) and immediately determines which subject, e.g., "office rent" "supplier" is in place, making it more immediate than last month or the same month last year, with the initiative to indicate whether costs are abnormally high.

Actual image:
As soon as the accountant opens his report, he will see "a 35 per cent increase in the cost of the promotion from the previous month" and no more document-by-document matching.

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2. OCR-AI, easy processing of complex document formats

Previously:
Paper-ticketing, scanning of PDF or images often have to be done by line, in a format that is prone to error and takes time to check.

Now:
Through OCR technology, AI can read and even mix documents in Chinese, English and instantaneously capture transaction data and automatically bring them to the accounting system.

Actual image:
Scan a monthly PDF bank statement, and the system lists all transactions in a few seconds, indicating items that are suspected to be misaligned or require further clarification.

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3. Automatic tax compliance checks to reduce the risk of account checks

Previously:
It is only on a case-by-case basis that tax deductions are checked in the reporting quarter, and are easily missed, in case the IRS has to check the data on time.

Now:
AI will regularly review all transactions and initiate a reminder that "This may belong to a non-taxable project" or "shall be considered as capital expenditure".
This has reduced the pressure of surprise checks.

Actual image:
"99% of the expenditure meets local tax requirements."

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4. Forecasting of cash flows, and enhancement of financial management

Previously:
To predict future cash flows will depend on experience-based estimates by financial agents, or on an additional Excel test, which can easily be ignored.

Now:
AI automatically predicts the next 6 to 12 months of cash surplus, or even simulates unsympathetic situations, depending on the rate of collection and payment in the past.

Actual image:
The management can see on the dashboard that "if the revenue is even, a short cash shortfall is expected in September" and can pre-position loans or negotiate payment terms.

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5. AI addresses the shortage of personnel and becomes a necessity for the Ministry of Finance

Previously:
A large number of people are required to deal with duplicate input, reconciliation, and validation, which can easily lead to errors due to fatigue.

Now:
In the case of AI, which automatically executes bank reconciliations on a 24/7 basis and double-records, the few exceptions that will be required for manual verification will result in a significant reduction in manual burden.

Actual image:
An accountant only needs to look at five special transactions, as indicated in the AI report, instead of checking 500 by hand.

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6. Automatically generate management reports to streamline decisions

Previously:
The Department of Accounting is required to export data from multiple systems every month, manually map and report on changes.

Now:
AI directly generates a profit statement, an asset debt statement, an analysis of departmental costs and a list of causes of movement in natural languages.

Actual image:
The paper will show that "a 40 per cent increase in sales this month compared to last month's, mainly due to new product promotions" and the boss will see that.

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7. AI Dialogue Assistant, Front Line Query Immediate Response

Previously:
"What was the last month's publicity fee?" "Did this issue pass? "The accounting system needs to be asked again and again.

Now:
The AI interview assistant can answer these frequently asked questions directly from the latest database, and the accounting department focuses on more important work.Actual image:
"What's the rent in March?" "HK" immediately answered by AI$85,000."

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Hey Ben, how can I help you right away?

In Hong Kong, HeyBen has helped many accounting firms and financial teams to operate AI in a rapid transformation. The functions that we currently offer include:

• Bank statements, issue of tickets, receipt of receipts, and sorting
  
• According to your company's own schedule, run automatic double-entry.
  
• Bank accounts are done automatically, with very few exceptions.
  
• Multi-entity accounts are managed in one way, generating separate or combined reports
  
• One key to output of general accounts, profit statements, asset debt statements, trial balances and unknown bank transactions
  

In addition, the Ministry of Finance has been asked to place time on budget planning, risk analysis and strategic advice instead of daily data input and comparison.

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Let's do this right now and explore how AI can strengthen your financial team.

If you would like to know how HeyBen can help your company to ease its heavy work, strengthen its data integration and financial insight, you are invited to offer a free product demonstration. We will show how AI can save you time and resources immediately, based on your actual accounting process.

ImmediatelyContact Us, open your AI chapter.