AI Empowered Transaction Interpretation for Ledger Reconciliation
Recent improvements in Cloud Accounting software have reduced the demand for data entry and challenging analysis. However, industry has not totally adopted these new resources and many still use traditional accounting and bookkeeping methods, which require a lot of manual efforts. Paperless system has seen improved accuracy and speed of delivery. With the advance of AI technologies, we are confident that machines will exceed human procedural performance with accounting and bookkeeping tasks.
The business problem WOWzer Technologies aims to solve is to automate the repetitive tasks and use inference to make decisions, specifically for Xero, (accounting system) and Hubdoc, (digital file cabinet and publisher). This Mitacs solution will achieve error reduction, speed of task completion, and delivering up to date financial information to small businesses, allowing them to compete with larger firms that can afford an accounting team.